Over the last year, property investments in Sunshine West, 3020 have given investors a capital gain of -6.15%. This compares badly with the -1.79% for VIC as a whole.
If we look at median property appreciation over just the last three months, Sunshine West has given property investors a paper return of 0.16%. This puts Suburb as 248 on a list of fastest fasting appreciating suburbs in VIC
Property investors looking for a bargain in Sunshine West should be aiming for at least -6.73% off the asking price, which is the average vendor discount being achieved at the moment.
Sunshine West, 3020 ranked 96th in VIC when comparing growth in median property values or capital gain over the last 12 months. Sunshine West is one of 2099 in our list for VIC
Across a shorter period, Sunshine West, 3020 has seen a median price increase of 1.77% over the last quarter.
Sellers are offering property buyers an average discount of -6.15% to buyers in Sunshine West at the moment, which is less than average for the rest of VIC.
In the last year 30 properties changed hands in Sunshine West, which puts it as the 198th most active market in VIC when comparing the number of sales per suburb.
Property investors should expect to get $360 weekly from the median priced house in this suburb.
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Houses double up in sunny suburb
Median house price: $657,500
Stock on market: 74.1%
12-month growth: 19.5%
Housing stock doubled in the suburb of Sunshine West over the year to June 2018, dominating the suburb’s property market.
Indeed, the housing market has been on a roll, coming off the back of a streak of positive growth that has been on the record since 2013. In the past 12 months alone, Sunshine West experienced almost 20% growth in house prices; as a result, the median value is over $650,000. In the three months to June 2018, prices increased by a further 2.7%, and houses stay on the market for only 56 days.
Gentrification has transformed Sunshine West into an in-demand spot, and it is set to improve further. The suburb is mainly industrial and residential, but it is well located just 15km from the Melbourne CBD, providing access to many amenities. There are also several reserves in Sunshine West.