A record sale price for a residential property in Sunshine North capped off a bumper year of real estate growth in the west.
And Brimbank’s prospects for the year ahead continue to look good, according to local real estate agents.
A four-bedroom, four-bathroom brick house, at 11 Oxford Street, sold for $1.38 million on December 20, breaking the suburb’s record sale price.
The sale eclipsed the previous record of $1.205 million for Sunshine North, which was set by a four-bedroom house on Rice Flower Road last May.
Douglas Kay Real Estate agent Anthony Caccamo said the strong performance was a sign of things to come for the west.
“I think there’s a realisation that the time has come for the west,” Mr Caccamo said. “The sale at Oxford Street was significant for a residential property and is part of a wave effect.”
The property market has been tipped to slow this year, but Mr Caccamo said he didn’t expect that to be the case in the west.
“It might hold steady for a while, but there are enough results to show that the market isn’t slowing down,” he said. “We had a handful of sales exceed
$1 million last year and at this stage the demand outweighs supply.”
Mr Caccamo said recent investments in infrastructure in Brimbank has helped promote strong market growth.
“There’s been a flow-on effect from many of the upgrades around the area,” he said. “The new library and civic centre in Sunshine and the upgraded Sunshine station are prime examples of that.”
Further upgrades, including a rail link between Melbourne Airport and the city, with a stop in Sunshine, are slated for the coming years.
Mr Caccamo said Brimbank, with a close proximity to the Melbourne CBD, had started to shake the stigma attached to its name and was becoming an attractive area to buy in.
“I think the area is certainly starting to shake that stigma,” he said.
“I’ve been a native of the area my entire life and have always known it’s nothing like what you see portrayed. And I think buyers are starting to see that, too.”
Barry Plant real estate agent Phillip Nhu echoed Mr Caccamo’s sentiments, saying Sunshine is leading the way for growth in the west.
“Sunshine is certainly one of the fastest-growing suburbs in the west,” he said.
“Ardeer has also performed fairly strongly in recent times. January is always a bit of a slower time in the market, but I’d expect things to start rolling again come February.”