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Sydenham house prices among the...

Sydenham house prices among the strongest in Melbourne

Melbourne's suburb of Sydenham is experiencing growth in house prices that have seen the area become one of the strongest performers in Melbourne's real estate market.

That's according to the findings of the latest House Price Report from the Domain Group, which shows Sydenham house prices soaring by 15.3 per cent over the past six months and 19.5 per cent annually.

The suburb is a relatively affordable one that has often been seen as something of an outpost. 

However, it offers a good train line and a big shopping centre - two of the most important features a neighbourhood can have in terms of real estate value. 

Thanks to this, Sydenham is brushing off its former reputation and enjoying a spike in price growth that comes from enjoying such convenient amenities in an ever-expanding and expensive city. 

Situated 25 km north-west of the central business district, the image of Sydenham as being on the fringes of the city started to be challenged by the north-western expansion of the metropolis during the 1990s. 

Indeed, in the Melbourne 2030 city planning blueprint published in 2002, Sydenham featured prominently as an important activity centre. 

The train station was upgraded that year and the Watergardens Town Centre shopping centre was expanded and redeveloped in 2007, making the area more attractive to homeowners and renters alike.

Domain Group chief economist Andrew Wilson said the upward trend in property prices has rippled throughout the north-west of Melbourne. 

"You can almost see it like a heat map that's pushed up through areas like St Albans and Keilor," he commented. 

"There's no doubt the affordability equation is pushing Melbourne buyers towards these value areas. They were once seen as fringe areas, but prices are catching up."

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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