Melbourne’s western suburb of Sunshine has been tipped as the next property ugly duckling to turn into a swan.
The tip has come from the latest Hotspotting report and founder Terry Ryder told News.com that Sunshine was his top tip for next year with its rebuilt train station, expanding health hub and industrial sites providing fertile ground for redevelopment all making it an exciting proposition.
“There’s a big evolution happening out there, and that’s where you get house price growth,” he said.
Sunshine has already had a good 2014, CoreLogic RP Data shows their median house price rose by 13.9 per cent so the forecast heading into 2015 is indeed looking sunny.
Sunshine local real estate agent Mendo Micevski said there has been a stigma attached to living in the area, but that was disappearing .
Mr Micevski said people were migrating to the western suburbs after being priced out of the more expensive and established inner-city suburbs.
“I don’t know where else in town you can buy a fully renovated period home for under $700,000,” he told News.com.
The Hotspotting report also names Epping, Frankston and Casey as being regions that could see flying house prices in 2015.
My Ryder said these three areas had the big power combination of affordability, infrastructure and jobs.
“The fact that an area might be down-market does not prevent it from showing really good capital growth,” he said.
“We are now at the point in the cycle where the areas showing the best growth are likely to be in the middle and outer ring of suburbs.”