Median house prices in Sunbury continue to buck metropolitan trends, growing 4.2 per cent compared to the last quarter.
New quarterly data from the Real Estate Institute of Victoria (REIV) quarterly data indicates median house prices across the state dropped 7.1 per cent.
Raine & Horne Sunbury real estate agent James Rizk said the town had an interesting market, and in terms of lifestyle, it was “world class”.
“Though it has grown significantly, it’s still a small country town … it’s still got that sense of community about it,” he said.
“A lot of people who move to the area don’t want to leave the area. It’s family friendly, it’s close to the Melbourne CBD which you can access in multiple ways.”
He said when looking at long term growth data of the median house price in town, it had always been consistent.
“You’ve got the facilities in terms of sporting clubs and community hubs and schools as well,” he said.
“There are nine primary schools and three high schools, not including the one in Diggers Rest.
“It’s just a town that is able to provide people a quality lifestyle at a reasonable price, which a lot of people are just discovering now. “
REIV president Andrew Meehan said metropolitan Melbourne house prices had created attractive buying opportunities, while longer-term market fundamentals continued.
“The upward trends we continue to see in the annual data suggest there is significant long-term confidence underpinning both transaction activity and real estate prices across the state,” he said.
“It is pleasing to see property transactions have not slowed materially, with a high volume of vendors listing their properties and plenty of undeterred buyers.”
Mr Rizk said looking at Sunbury’s transaction data showed it competed at a high level both in the state and nationally because of the “amount of homes in the area”.
“It’s amazing to see such growth in the community that I’ve grown up in and a lot of people are starting to embrace that as well,” he said.
