Victoria's Sunshine West a rising market for first home buyers: HTW

Apartments are the main options for first home buyers within the inner west, according to HTW’s Month in Review: March 2017. 

The valuation firm says many new apartment buildings are being constructed within the suburbs of West Melbourne, Parkville and Travancore, while further west in the suburbs of Sunshine and Sunshine West there are affordable townhouse options.

According to CoreLogic, the median unit sale price in January 2017 for West Melbourne was $497,000, Parkville $497,000, Travancore $480,000, Sunshine $351,000 and Sunshine West $351,000 (source: RP Data).

“Developers particularly within the Sunshine area are building affordable townhouses for the first home buyer,” HTW says.

“Furthermore, within the inner suburbs apartments are being tailored and marketed to first home buyers by developers.

“Due to the magnitude of development currently occurring within the inner suburbs, first home buyers should be cautious when buying apartments.

“Once a volume of new stock comes to the market it could pose a risk to the apartment market.”

A two bedroom unit at 2/3 Gum Street, Sunshine West (above) has been listed for between $360,000 to $390,000.

Similarly a two bedroom unit at 8/39 Fraser Street, Sunshine (below) has been listed in excess of $340,000.

A two bedroom apartment at 503/55 Jeffcott Street, West Melbourne (below) has been listed for between $438,000 to $475,000.

Similarly a one bedroom apartment at 703/9 Dryburgh Street, West Melbourne (below) has been listed for $478,600.