With a $229,000 median, Sunshine is Victoria's most affordable suburb for units: REIV

The western suburb of Sunshine is Victoria's cheapest for units, according to newly released data from the Real Estate Institute of Victoria (REIV). With a median unit sales price of $229,000 for the December 2013 quarter, Sunshine tops REIV's list of most affordable suburbs for units. The suburb has seen a 32.15% drop in median unit prices in the year to December 2013.

The second cheapest Victorian suburb for units is Frankston, with a median unit sale price of $275,000 for the quarter - a 6.8% drop from the median price recorded in the September 2013 quarter. Seaford, Dandenong and Noble Park were also in the top five most affordable suburbs for units.

This one bedroom Sunshine unit at 4/117 Anderson Road  is currently selling with expectations at $160-$175,000. 

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Another apartment, with two bedrooms, is asking for $210-$230,000. The 12/4 Forrest Street unit is currently leasing for $954 per calender month.

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A ground floor apartment in Sunshine with a rental income of $240 per week is on the market for $240,000.

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Most Affordable

Suburb

Dec-13 Median

Quarterly Change

1

SUNSHINE

$229,000

NA

2

FRANKSTON

$275,000

-6.8%

3

SEAFORD

$330,000

-16.9%

4

DANDENONG

$335,000

17.5%

5

Noble Park

$340,000

9.9%

6

BORONIA

$367,000

-3.4%

7

RESERVOIR

$382,500

1.2%

8

Footscray

$385,000

0.2%

9 CARLTON $395,000 1.3%

10

CHELSEA

$395,000

-0.4%

Source: REIV

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