Property values down on a year ago

The value of a house in Sunbury has dropped by a nominal 0.1% during the past 12 months according to the latest data from property listing firm RealEstate.com.au.

The company puts the median value of a house at $669,500 – down a hair from $670,000 in February 2023. The figure is based on the 568 houses that changed hands since January 2023.

The good news is that the rate of decline has been reversed, as in the year to December 2023 the 12-month decline in values was just under 2%.

The company says four-bed houses in the town have a median value of $735,500, a drop of 1.5% on a year ago. Three-bed houses have also seen a dip in value, down 1.6% since February 2023 to $610,000 today.

One estate agent tells Sunbury Life that the trend of more people working from home has pushed some families into looking for a four-bed property, when previously they may have bought a three-bed home.

Still, the five-year tend is looking positive overall. It’s just that right now, cost of living pressures, job security, and higher interest rates are putting downward pressure on the market in many areas – not just Sunbury.

In 2019 the median value of a house in Sunbury (two to four bedroom combined) was $550,000. It’s just a matter of time before the upswing returns, although the impact of new-builds and forward demand can be had to quantify.

Unit sales in Sunbury haven’t escaped the trend, with overall values having dropped slightly from $522,500 a year ago to $520,000 today.

Last month Sunbury had a total of 110 properties available for rent and 233 homes for sale. There are 5,440 buyers looking for a home in Sunbury.

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