Sunbury’s growth in house prices is bucking metropolitan Melbourne trends, according to recent data, and it could be down to its “balanced” rural living coupled with proximity to the city.
June data from the Real Estate Institute of Victoria (REIV) showed Sunbury’s median house prices soared 5.9 per cent compared to the previous quarter – while the rest of metropolitan Melbourne experienced a 2.9 decrease.
The median cost of units went up too – by 11.8 per cent, while median metropolitan unit prices decreased 1.3 per cent.
Raine & Horne Sunbury branch manager Brendon Grech said the reason house prices were increasing was because of the demand for “good value”.
“It’s only 45 minutes to the [central business district] of Melbourne and offers a both metro but balanced rural lifestyle with easy access to everything,” Mr Grech said.
He said in his experience, people were less inclined to live in the “hustle and bustle” of Melbourne’s inner suburbs, but want to be close enough so it’s “commutable”.
“Sunbury’s unique, in the sense that if you want to live that metropolitan quiet life… you can, but it also offers a good offers in a quiet lifestyle, so if you want to know your neighbours, want the community and the involvement, you’ve still got that too,” Mr Grech said.
While metropolitan prices were down, Sunbury’s increase is reflective of a broader trend of an exodus to suburbs more than 20 kilometres from the city – annual growth for outer Melbourne houses has grown by 12.6 per cent.
REIV president Richard Simpson said Melbourne had recorded an “over 23 per cent increase in home prices over the last two years”.
“The market remains strong, especially across regional Victoria,” Mr Simpson said.
“As expected, we saw a slight decrease in metro Melbourne as the market adapts to the current rising interest rate environment.”
In line with the increase in median real estate prices in regional Victoria, Riddells Creek experienced a 9 per cent increase in house prices in the June quarter – well above the 1.3 per cent increase across the board.
However, Gisborne’s median unit prices took a plunge – down 9 per cent compared to the 2.8 per cent increase in median unit prices across regional Victoria.
