Sunshine’s membership in the million-dollar real estate club has been cemented with two properties selling for more than $1 million last week.
A five-bedroom house on a corner block at 91 Monash Street sold for $1,075,000 on February 24, while a property at 14 Alfred Street broke the sales record for a Matthews Hill property by selling for $1,237,500 on the same day.
The sales continues a strong run of prices for the suburb, with the median house price in Sunshine rising from $478,000 at the end of 2014 to its current median of $786,000.
The Alfred Street sale was a direct result of skyrocketing prices in neighbouring suburbs according to Jas Stephens Real Estate managing director Craig Stephens.
“We were predicting $1.1 to $1.2 million for this property, so it was a very popular result and a young couple won out,” Mr Stephens said.
“We’re seeing a lot of young families who would previously have looked at places like Yarraville, Seddon and Footscray start to turn their sights towards Sunshine.
“This was a good-sized block, modern house, ready to go for a family … something similar to this in Seddon or Yarraville would probably cost $1.8 to $2 million.
“We’re predicting Sunshine to be one of our top three capital growth suburbs this year, with something like 12 to 15 per cent growth.”
Barry Plant Sunshine director Jason Allen, who sold the Monash Street property, said buyers could see the value in the area.
“This particular property was bought by an investor, but the two underbidders were home buyers, so there was a real mix at the auction,” Mr Allen said.
“The land size wasn’t huge, but it’s in a ripper spot and on Matthews Hill, which is probably the most expensive per square metre in the area. There were some pretty sad home buyers, but being a corner block made this very appealing for the developer.”