The rate of house price growth in Sunshine West has outstripped its neighbouring suburbs.
Real Estate Institute of Victoria figures reveal median house prices in Sunshine West have increased $681,000 – more than 27 per cent in the 12 months to September 30.
REIV chief executive Gil King said this rate of growth had outpaced Sunshine and Sunshine North, which were up 15.1 per cent and 16.7 per cent respectively.
Mr King said apartments in the suburb had also experienced double-digit capital growth over the year; up 20.8 per cent to a median price of $491,000.
“Strong price growth in Sunshine West is attributable to the bridesmaid effect, with buyers priced out of inner city areas now willing to consider new growth areas,” Mr King said.
Buyers advocate Frank Valentic agreed that Sunshine West was experiencing “a ripple effect”.
“There has been an increased demand from buyers because they have been pushed out of the suburbs they really want to buy in,” Mr Valentic said. “In the past, this wasn’t a popular suburb due to the housing commission stock, but the interest in the suburb has definitely increased substantially and will continue to do so as more people get priced out of the suburbs closer to the CBD.
“We had a client who bought a property in Sunshine West only a year ago for $485,000 and now that property would be worth around $650,000, so the growth has been phenomenal.”
Mr Valentic predicted Brimbank’s growth would continue, particularly because of its close proximity to Melbourne’s CBD.
“Sunshine West is only 15 kilometres from Melbourne’s CBD and will do really well as it’s below the Melbourne medium house price of $817,000,” Mr Valentic said.
He said Brimbank as a whole – particularly Ardeer, Albion, Sunshine, St Albans and Deer Park and Sunshine West – will continue to go “gangbusters”.
“There is nothing stopping these areas as they are now,” he said.
“You have good access with City Link and other freeways connecting it to other parts of Melbourne.”