Sunbury’s property market has been dubbed the “most active” in the last quarter of a century.
With no signs of slowing down, the suburb's buoyant market has seen a 14.4 per cent rise from a median house price of $570,000 in December to $652,000 in March.
The market hasn’t felt the effects of COVID-19 like many other suburbs, Barry Plant Sunbury director, Simon Best, said
“The market has been strong for a good 12 months and I can't see it abating anytime soon,” he said. “This time last year, even during the peak of the pandemic, our market was going really well.”
Mr Best said if homeowners are looking to sell, “now is the time”. “This is the most active market I have seen in 25 years,” he said.
Recent realestate.com.au data reveals Sunbury to be one of the popular localities in Melbourne searched by interstate buyers, while research firm RedBridge indicates 36 per cent of 1500 Melburnians would prefer to move out of the city to the country.
An influx of inner Melbourne buyers migrating to Sunbury and Diggers Rest is on the rise, according to sales agent Nick Owen.
“Sunbury is a regional centre which offers fantastic value for money, great public transport, and is just a 40-minute commute into the city, with great freeway arterials,” he said.
“Low interest rates coupled with buyers playing catch up after lockdown has pushed demand and prices above expectations.”
A two-bedroom unit at 3/11-13 Pasley Street, Sunbury sold in just three days, after one open inspection.
Nearby at 282 Elizabeth Drive, 40 people attended the first open house inspection and 14 buyers competed for the keys.
“The property appeals because it has a park view and it feels as though you’re living in a country setting instead of a residential area,” Mr Owen said.
Mr Owen also said investors have re-entered the market after a bit of a dry spell, but first-home buyers are still more prominent.
“You can buy very well in Sunbury for under $600,000, so it is very appealing for the first-home owner market,” he said.
“Because of this we predominantly use the private sale method, as first-home buyers are buying subject to finance.”