Hi Guys
Here is a tip from an ex-realestateagent/investor of 8 years experience.Where else can you buy a period home on a large block of land offering development potential and only 12km from the CBD for $190000 to $230000?
Hence there is a 4 page review on Sunshine in this month’s Australia propety investor magazine.
Reservoir is the last suburb to the North of Melbourne to offer period homes hence the large demand.
Sunshine is the last suburb in the west to offer period homes but has not reached its potential. I believe its 20% undervalued. I remember the days people saying ” Northcote, Preston, Reservoir, I would never live there” I don’t hear these comments today. The same will happen in the West.
Prepare for a mini west boom soon.
Hi Stathism,
I’ve actually been looking into Sunshine recently. I think Sunshine is still relatively cheap given it’s proximity to the CBD (12km). Being the oldest suburb in the City of Brimbank, it has excellent infrastructure and the quality of housing is fairly good.
After doing a bit of research, I do have my doubts though. In the not so distant future, the council has plans for several new residential sub-divisions. From the council’s website, I found the following plans:
Sunshine:
* Wright Street – 90 dwellings (2008-2009
* Activity Centre intensification – 325 dwellings (2005-2031)Sunshine West-Ardeer:
*Sunshine Golf Course – 660 dwellings (2009-2016)
* Millennium Properties site – 200 dwellings (2010-2014)Sunshine North:
* River Valley/Solomon Heights (currently an industrial area) – 1,000 dwellings (2006-2014)Given the supply vs demand formula, I would expect that the newly created sub-divisions would affect future prices in the already established areas. With an influx of new properties hitting the market nearby, wouldn’t this devalue the properties in the established areas?
What do you think? Any comments or thoughts would be appreciated.
Regards,
OziNot at all, if anything look at Marybinong which has hundreds of new townhouses built and consequently increased in value and demand. This will surely increase prices in the area as buyers would rather purchase 12km from the CBD rather than go to Caroline Springs or Delahey which is much further out to purchase a new property. The suburb is quickly becoming a sub-city or hub from the CBD similar to Box HIll, Dandenong, Frankston etc The area is also attracting huge numbers of new migrants due to its affordabilty and therefore demand will be ongoing and strong. I have the strongest confidence in this suburb. GOOD LUCK!
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