If you were to travel 14km from Melbourne’s CBD, you could end up in Sunshine, Camberwell, or Reservoir, depending on which direction you take. Despite their similar proximity to Melbourne’s city centre, these three suburbs vary significantly in house prices, available properties, amenities, and crime rates, among other factors.
Each postcode is attracting waves of new residents each month, who’ve weighed the pros and cons of moving into each neighbourhood.
Located within the City of Brimbank local government area, Sunshine is attracting droves of young couples and families. Sunshine is relatively affordable and has recorded strong annual growth in house prices, surging 19.6% over the past year, according to the Domain Group.
John Hedditch, mayor of Brimbank, said the suburb’s early urban design has stood the test of time. At the junction of two railways, Sunshine is full of well-preserved period homes that new residents are willing to pay top dollar for. Not surprisingly, real estate agents based in Sunshine are reporting a spike in interest from Sydney investors, as well as local first-home buyers.
Property prices in Camberwell have exploded since 2010, and growth has only showed signs of slowing in the past year. Homebuyers looking for spacious homes on wide blocks and protection from over-development also favour the suburb.
This suburb of about 50,474 residents is attracting many young people who’re searching for affordable first homes in an increasingly gentrified area. Affordability is starting get strained, though, as house prices have risen more than $100,000 in the past year alone, according to the Domain Group.
While the suburb has a reputation for being a crime hot spot, overall, residents and local business owners say Reservoir is a “sleepy neighbourhood,” and many young families favour the area.