“Reservoir and Sunshine are among a host of Melbourne suburbs set to boom in 2011.” …… if you believe indications from the Real Estate Institute of Victoria’s latest quarterly figures.
From an article on the subject in the Hun on 25 Dec 2010:
“The suburbs [Reservoir and Sunshine] are among 10 located within 15km of the CBD that still have median prices below greater Melbourne’s overall median of $565,000…”
“Property analysts, including Residex chief executive John Edwards, said affordability and proximity to transport and services were the keys to singling out suburbs with good price growth prospects.”
“In the next year or so I would really be watching Sunshine,” Mr Edwards said.
I must say that when I started house hunting, I didn’t start off looking to buy a house in Sunshine but affordability and proximity to public transport were the key attractions that led me that way.
I found buying a small place (but not an apartment) in Melbourne really difficult because I was up against all those cashed-up baby-boomers buying investment properties. They’d paid off their own mortgages and either the kids have all left home or the baby boomers are buying properties for the kids to live in, so they will leave home!
But it really was the fact that some friends bought in Albion and, except for missing a cafe culture, were quite happy, that got me looking out West.
So I think the question now is will this boom see more investors buying into Sunshine and renting the properties out or see more of the middle classes becoming owner-occupiers??