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Property price growth in Albion

Albion is one of Melbourne’s top-performing western suburbs for growth in the price of units.

Prices rose a whopping 38.2 per cent increase in 12 months to June 2021, according to realestate.com.au. A thriving hub for first-home buyers, families and retirees, the median unit price is an affordable $380,000. Barry Plant Sunshine agents say the growth is fuelled by high demand for the low supply of homes, record low interest rates and government incentives. A magnet for investors, Albion is in a growth corridor just 12km of the CBD. Units lease for $300 a week and generate a rental yield of 4.5 per cent. The suburb offers a diverse range of properties and the perfect mix of lifestyle and convenience, including apartments, units and townhouses, near parks, train and bus services, cafes, shopping centres and schools.

Here are a number of standout properties in Albion that achieved notable gains when they were sold by Barry Plant Sunshine agents in the past 12 months.

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4/33A King Edward Avenue, Albion

Ideal for first-home buyers and investors, this street frontage townhouse sold for $495,000 in March 2021, netting the owner a $130,000 gain in four years. The property had previously changed hands for $365,000 in May 2017. It features an open-plan living, meals and kitchen area with a bay window looking out to a reserve. With three bedrooms, a courtyard and a single garage with internal access, the property is close to transport, shops, schools and parks.

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2/42 Burnewang Street, Albion

This trendy two-bedroom townhouse was purchased for $160,000 in March 2012 and sold in December 2020 for $555,000 - a gain of $395,000 in eight years. The property is in a quiet pocket near Selwyn Park and Kororoit Creek track, and a short walk to the train station. Move-in ready, it has an open-plan living, dining and kitchen area that opens to a north-facing courtyard. Other features include ducted heating, split-system airconditioning, stainless steel appliances and a lock-up carport.

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1/15 Drummartin Street, Albion

Snapped up for $700,000 in November 2020, the price of this as-new home rose $54,000 in three years after the vendor purchased it in October 2017 for $646,000. Showcasing an innovative design, the modern property features a favourable streetfront position, superb family living spaces and engaging indoor-outdoor entertaining areas. The low-maintenance home has a stunning kitchen with stainless steel appliances, a courtyard for outdoor entertaining, a bedroom at ground level, plus two bedrooms, an ensuite and a bathroom upstairs. Split-system airconditioners, alarm, video intercom, a garage with internal access plus a second car park add to the property’s appeal. Hampshire Road’s cafes and shops, Sunshine transport hub, train station, Perth Avenue shops, St Theresa’s Primary School, Selwyn Park and Kororoit Creek trails are nearby.

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8/2 Forrest Street, Albion

Offering great value for money in a terrific location, this easy-living apartment was snapped up in April 2021 for $275,000. As the vendor paid $205,000 for the home in September 2015, the price rose $70,000 in six years. Perfect for owner-occupiers or astute investors, it includes two bedrooms with built-in wardrobes, a kitchen and meals area, bathroom with laundry facilities and a bright lounge room opening to a balcony. With an allocated car space under cover, the property is near the shopping plaza, cinema complex, two train stations and bus services.