Report by Steve Hart
Latest data published by Realestate.com.au shows 5.7% has been wiped off Sunbury’s median values for a 4-bed home in the 12 months to June 2024 – putting values back to April 2021 levels.
Three-bed homes have risen in value by 2.5% to a median $620,000 over the same period. Two-bed homes have dropped in value to a median $546,000 (down 5.5% on June 2023).
The floating mortgage interest rate has risen from 5.93% in July 2023 to 8.8% today (source CommBank). In April 2022, the average floating mortgage rate was 2.52% according to Statista.com.
Realestate.com.au states a 4-bed home in the town has a median value of $721,500. If we were to place all homes into a basket, the median value comes out at $660,000.
There are currently 252 houses on the market in Sunbury, 724 were sold in the 12 months to June 30, and the median time on the market for that period was 30 days. More than 6,000 buyers are registered with local estate agents (although buyers will likely be on the lists of more than one agency).
However, units have fared better than houses according to the data, having dropped in value over the past 12 months by a modest 0.8% to a median of $480,000. The last peak for units was in October 2022 when median values were $490,000.
There are currently 25 units on the market, 94 were sold during the past 12 months, and there are 507 buyers looking for a unit according to Realestate.com.au.
In June, there were just 110 properties available to rent, with median weekly prices of $500.
