Sunshine Melbourne

I live in Sunshine North near the primary schools and the old quaries (to be developed into new housing estate)
The area is quiet, walking distance to local shops, schools and bus.
The street I live has old people and younger professional are starting to move in when the elderly are moving out and into nursing homes.

You need to choose the popular pocket of the suburb, then the popular street and the type of property on that street.

We bought our house in March last year for $220K, spent $20K to renovate and just sold two weeks ago for $337K because we want to move to Maribyrnong and be closer to the CBD. It was a stepping stone to our goal.

Hope this help
Regards
Tri
 
We bought our house in March last year for $220K, spent $20K to renovate and just sold two weeks ago for $337K because we want to move to Maribyrnong and be closer to the CBD. It was a stepping stone to our goal.

Good on you, that's very inspiring ~ Maribyrnong will be a wonderful place for living with High Point SC next to it :)
 
Hi Wallace

It was an old weather board house, on a 600m sqr land. but the drive way is only 2.8m wide.
It has 3 br, lounge room, separate dinning room, Kitchen and meal area, Laundy, bathroom and toilets.
The house was built in 1963 so it is 45 years old.
Regards
Tri
 
Median House Price for Sunshine...1994-2005

....and just a little more info, longer term statistics courtesy of Victorian Vauer-General, 1994-2005:

Sunshine: MHP 1994: $84,500.............2004: $240,000........change of: 184%

While we are at it:

Altona: 94: $113,500................04: $330,000.................191%

Altona North: 94: $104,500...........04: $284,000.............172%

Sydenham: 94: $124,904..............04: $267,000..............114%

Maribyrnong: 94: $123,375............04: $376,000.............205%

Footscray: 94: $95,000.................04: $310,000............226%
 
Sunshine Melbourne be warned

After much research of median prices in surrounding areas and other factors I was contemplating buying in Sunshine a couple of years ago and at the last minute discovered that an area of the best located properties close to shops, transport, schools etc is covered by a Heritage overlay. Given my strategy was to buy and improve value by renovating/redeveloping (there was a very large back yard) my plans came to a very immediate halt! It is best to check with the local council to ensure this overlay does not compromise any strategy you have in mind for this part of the world.
 
After much research of median prices in surrounding areas and other factors I was contemplating buying in Sunshine a couple of years ago and at the last minute discovered that an area of the best located properties close to shops, transport, schools etc is covered by a Heritage overlay. Given my strategy was to buy and improve value by renovating/redeveloping (there was a very large back yard) my plans came to a very immediate halt! It is best to check with the local council to ensure this overlay does not compromise any strategy you have in mind for this part of the world.

How does the heritage overlay affect people planning to subdivide and build additional unit at the back? Is it harder to get approval and/or cost more?

I've got a mate who just bought in Sunshine planning to do that, and looking at the planning web site online there is a heritage overlay over it. Didn't seem to stop some of the same street neighbours with the same overlay from subdividing though.
 
We were attracted to a street where one block had been redeveloped to have three double story townhouses on it. We therefore assumed that we could leverage from this to have a similar development approved. However,in our case the council insisted that the existing residence be kept on account of the heritage overlay. The residence needed substantial work to ensure it remained habitable and its siting on the property compromised the amount of space available for separate dwellings to the rear. There were also going to be restrictions on any rear dwellings "to minimise their bulk". All in all the heritage overlay totally compromised our financial objectives for the project which is why we did not proceed.
 
Just FYI, the young couple that bought my Sunshine North house are both lawyers.

I am seeing LOTS of young working couples moving into Sunshine & surrounding areas, many from inner-city suburbs like Brunswick, etc etc, where they had been renting and couldn't afford to buy.

Now wonder what that'll do to the area long-term?? Not a bad recipe for gentrification somewhere down the track methinks...
 
why not? apart from proximity to the beach, which I believe is more than offset by proximity to the cbd.
was altona always desirable?

tim

A beach area will usually beat no beach areas... :)

By the way, I still think that Brighton is a much better area than Toorak even though the market says otherwise...
 
By the way, I still think that Brighton is a much better area than Toorak even though the market says otherwise...

Yes, but in the context of property investment, the market's opinion is what counts. Your opinion really doesn't matter much, since you don't sell to yourself and the bank won't take your word for it.
Alex
 
I am seeing LOTS of young working couples moving into Sunshine & surrounding areas, many from inner-city suburbs like Brunswick, etc etc, where they had been renting and couldn't afford to buy.

Now wonder what that'll do to the area long-term?? Not a bad recipe for gentrification somewhere down the track methinks...

I suppose that means that as soon as they can afford to, they'll move to a better part of Melbourne.
 
I suppose that means that as soon as they can afford to, they'll move to a better part of Melbourne.

Not necessarily, especially if enough liked minded young professionals (especially their friends) move into Sunshine to lift the area. When we first moved to Maribyrnong a few years ago, there was a point where we considered buying our next PPOR in the east because all our friends were there but then a few of our friends started to buy near our place and when we could afford to we ended up buying an IP nearby rather than moving our PPOR to the east.
 
Sunshine is not any closer to the city than altona.

True.

But it's closer to the ringroad.

To Highpoint.

It has a cinema complex that Altona doesn't.

yadda yadda yadda

In other words, lots of good things going for it that Altona doesn't necessarily have.

Not bagging Altona, just saying Sunshine has great potential in it's own right.
 
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