Sunshine Melbourne

[Gatoblanco]

A mate of mine bought a house in Sunshine.
I have never braved the cold of melbourne and left the airport but I looked on a map and saw it was approx 11kms from the CBD.
How come that suburb is so cheap then? The median price is about 300 according to API magazine.
Is there lots of housing commission or something?

 

[Peter Parker]

A mate of mine bought a house in Sunshine.
I have never braved the cold of melbourne and left the airport but I looked on a map and saw it was approx 11kms from the CBD.
How come that suburb is so cheap then? The median price is about 300 according to API magazine.
Is there lots of housing commission or something?

Sunshine is the centre of one of the two big poverty belts in Melbourne (the other is the Noble Park - Dandenong - Doveton corridor). It has a bad reputation for crime, drugs and stabbings.

However it is well located, close to the CBD has good transport links and there are even pockets of period housing.

 

[Gatoblanco]

Sounds like it good be a good long term investment area due to its location.

 

[alexlee]

Sounds like it good be a good long term investment area due to its location.

There aren't that many areas that are NOT good long term investment areas, you know.
Alex

 

[oc1]

There aren't that many areas that are NOT good long term investment areas, you know.
Alex

Some areas are much better than others, you know.

 

[Dave Hooper]

I for one will be very interested in watching this one over the coming years to see what it does.

 

[dreaming]

I have been in Sydney for 26 years, when I first came here I looked at buying a place in Redfern. About 2km from the center great location, $22k I couldn't believe it but on inspection I thought not. 26years later I'm not sure of the price but I still think not!!!!!!!

 

[suburbangirl]

"How come that suburb is so cheap then? The median price is about 300 according to API magazine.
Is there lots of housing commission or something?"

You would be hard-pressed to find anything for $300K in central Sunshine - entry level is probably low $300's and they go up from there. In areas directly surrounding (and still considered part of) Sunshine - Albion, Ardeer, West Sunshine - yes, you can pick up houses for high $200's/$300K - but not sure for how long, even in this current doom and gloom climate. Sunshine has fantastic amenities and great potential for future capital growth imho - as has been mentioned, it's just over 10km from the city, has some beautiful period housing (as does Albion, Ardeer), shops, cinemas, main road strip, great access to everything.

There is housing commision, but only in Sunshine West, as far as I'm aware. Crime - yes, that too - and a reputation, but honestly, there are worse places, and not to say it doesn't exist, but I think the media like to play it up to be honest.

My personal opinion is that is a great spot to buy, and still affordable.

Do some more research - you may be pleasantly surprised by what you find.

ETA: I am originally a Sydney girl, and no way could you compare Sunshine to Redfern. Redfern has, on many occasions, been a no-go zone for police, ambulance, etc etc - with riots in the streets. I have not seen anything like that in Sunshine!!! They are on two different scales imho.

 

[Dave Hooper]

I have not seen anything like that in Sunshine!!! They are on two different scales imho.

Me either. I first looked into this area around 12 years ago when I took my second look at IP's. Sadly I chose to let the opportunity pass me by for a second time.

I have lived in the Eastern suburbs of Melbourne all my life, so my journeys to Sunshine are few and far between. But I haven't heard of too many issues around the suburb, only ever seen positive.

 

[THEHEATH]

Wouldn't want to live there but seems to have provided good capital growth. I have no idea why anyone would want to live in Sunshine, but hey

 

[Harris]

Wouldn't want to live there but seems to have provided good capital growth. I have no idea why anyone would want to live in Sunshine, but hey

Mar 08 median values:

Sunshine up 38% in 12 months

Sunshine North up 47% in 12 months

Sunshine West up 32% in 12 months


What an outstanding performer, especially considering that the rental yields are also quite high.

With such close proximity to the city (11 kms), prop values on the way up and some nice pockets, I would think that Sunshine has a valid case in the list of suburbs going through transformation/ gentrification process.

Definitely qualifies as a suburb to be on the radar of investors looking for best possible combination between yields/ value/ future potential, even with the recent meteoric rise in values. The median still hovers from $280k in Sunshine west to $350k in Sunshine, so any infrastructure/ development spending should see the median rising further higher than its current level.

Now this is a suburb I will be watching very closely !

Harris

 

[imonmyway]

I settled on my first IP in Sunshine West in February, cost me 287k for a semi renovated 3 bedroom house in a court. I had to do nothing to the place and got 270 a week in rent starting the day after settlement with rental shortage in Melbourne I expect this to be around 350 a week in 3 to 4 years time.

I see it as a long term investment but when i took a drive from the CBD in peak hour traffic going out through Footscray and not following the freeway it only took me 20 minutes in traffic. This pretty much sold it to me.

It has good access to public transport close to the western ring road which means you are close to everything and has a major shopping district only a few kilometres away.

It has been seen as a bit rough, nothing like Redfern though but this is quickly changing it is primarily a working class suburb. I am looking to buy another place late this year and will be looking in that area

 

[IndexFund]

Sunshine is a factory and oil storage heaven. If you like that type of atmosphere then its ok.

 

[Harris]

Sunshine is a factory and oil storage heaven. If you like that type of atmosphere then its ok.

There are also large pockets of solid prop amongst the storage/factories. Footscray had a number of factories / warehouses which were closed down or moved during mid - late nineties and gave way to a lot of new estates, just before the area started its upward swing.

Dandenong/ Noble Park have a lot of storage/ factories and so do parts of Williamstwon, laverton etc. All of those areas are doing well.

The bottom line is that an area is to be judged on its investment potential and not if "we" could live there.

I couldn't live in most areas I have ip's in locally and interstate but that hasnt stopped me gaining loads of equity from those areas.

Sunshine moved around 40% last year so what would you think of the area if you had bought there 12 months ago..?

Harris

 

[IndexFund]

There are also large pockets of solid prop amongst the storage/factories. Footscray had a number of factories / warehouses which were closed down or moved during mid - late nineties and gave way to a lot of new estates, just before the area started its upward swing.

Dandenong/ Noble Park have a lot of storage/ factories and so do parts of Williamstwon, laverton etc. All of those areas are doing well.

The bottom line is that an area is to be judged on its investment potential and not if "we" could live there.

I couldn't live in most areas I have ip's in locally and interstate but that hasnt stopped me gaining loads of equity from those areas.

Sunshine moved around 40% last year so what would you think of the area if you had bought there 12 months ago..?

Harris

Agreed. I dont mind Sunshine but I like Sydenham better hence why I bought there.

I went to school in Footscray so I kinda did not want to live around that area lol Willy is a lovely area cos its next to the beach.

 

[willy008]

Sunshine is a factory and oil storage heaven. If you like that type of atmosphere then its ok.

so is yarraville and altona and have you seen the prices of property there

 

[imonmyway]

so is yarraville and altona and have you seen the prices of property there

My PPOR is in Altona i bought it 3.5 years ago for 300k and its now worth 550k, its a fantastic place to live close to the city and the bay. I am very pleased with my decision and when i take the dog down for a walk on the beach in the mornings he is too

 

[willy008]

My PPOR is in Altona i bought it 3.5 years ago for 300k and its now worth 550k, its a fantastic place to live close to the city and the bay. I am very pleased with my decision and when i take the dog down for a walk on the beach in the mornings he is too

I wasnt saying it was a bad area sorry if it sounded that way
I have an IP there too
I was just trying to say sunshine wasnt as bad as IndexFund made it sound

 

[IndexFund]

I wasnt saying it was a bad area sorry if it sounded that way
I have an IP there too
I was just trying to say sunshine wasnt as bad as IndexFund made it sound

Sunshine will never be as good as Altona... plz dont mix the two.

 

[meggala]

Sunshine North up 47% in 12 months


I nearly bought there 16 months ago a 2 bedder for 200 k in bad need of renovation close to a swamp type thing I passed and paid less in melton for a very nice 3 bedder with 6 car high clearance shed with power water etc. I'm still happy with my purchase. There are a lot of Sudanese's refugees and crime is high in sunshine. for an ip property yes but not to live there .

meggala