By ALESHA CAPONE
HOUSES in the small, ’sleepy’ suburb of Albanvale are shaping up to be the next potential property hot spot for first-home buyers and investors in Brimbank.
With a population of just over 5200 residents, the median home price in the area was $290,000 in the March quarter of this year, according to the Real Estate Institute of Victoria (REIV).
In Albanvale’s neighbouring suburbs of Kings Park, Burnside Heights, St Albans and Deer Park, the average house price varied between $310,000 and $415,000 during the quarter.
In addition, last week the REIV released their list of the top five ‘bargain’ residences recently sold in Melbourne.
Two Albanvale abodes were included on the list – 113 Opie Rd which sold for $279,000 and 6 Wildwood Crt which was purchased for $285,000.
Other homes on the list were located in Doveton, Broadmeadows and Roxburgh Park.
Agent and auctioneer Frank Barbakos, from Boran Real Estate in Sunshine, sold the Opie Rd home.
He said Albanvale, with the same postcode as St Albans, shared its sister suburb’s attractions of a choice of primary and secondary schools, shopping centres and transport.
“If you’re looking to get your foot in the door it is very well-located,” he said.
“I’d say it was a sleepy suburb which is just starting to be recognised, where you can get a decent house.
“It represents good value for money.
“In Albanvale I have noticed there’s been a turn-over of properties there and it’s nice for the area to get more notice as such.”
“Most of the people who buy in the area are fairly familiar with that location, whether they come from St Albans or Sunshine, whether they are currently renting in that area or buying an investment property.”
Sales consultant Alan Tran, from Westside Real Estate in St Albans, said Albanvale was “definitely is a bargain suburb for people looking for a first property now or as an investment in the future, as there will be capital growth there in the next few years”.
“I think it is an under-valued suburb and that is a shame, but it is good for first homebuyers and investors,” he said.
“Albanvale homes are priced about $20,000-$30,000 below Kings Park and about $50,000 below homes in St Albans.
“It is smack-bang between Cairnlea and Kings Park, Cairnlea is already up there in prices and Kings Park is on the way up.”
