One of Melbourne’s most maligned suburbs is catching the attention of home buyers, sending prices soaring in recent months.
Latest data from the Real Estate Institute of Victoria (REIV) shows that the median house price in Broadmeadows is now $540,000 – up 17.4 per cent from March.
REIV acting president Richard Simpson said Broadmeadows was one of Melbourne’s top-10 growth suburbs, coming in behind Croydon and Doncaster East.
Mr Simpson attributed the price increase to strong competition from buyers looking to secure property in an affordable area.
The median house price in Broadmeadows remains well below Melbourne’s median house price of $822,000.
YPA Glenroy senior sales executive and auctioneer David Taylor, who focuses on selling property in Broadmeadows, said the suburb’s proximity to the city was a big selling point.
He felt buyers were not put off by the suburb’s reputation, preferring to focus on the positives.
“It is only 15 kilometres from the city. If you go 15 kilometres from the city anywhere else in Melbourne, you are looking at higher prices,” he said.
Mr Taylor said Broadmeadows also offered buyers good access to public transport and freeways.
The increase in median prices makes Broadmeadows one of Hume’s more expensive suburbs, with only Greenvale ($758,000), Gladstone Park ($651,500) and Westmeadows ($550,000) recording higher median prices.
The municipality’s cheapest suburb is Dallas ($408,500).
Mr Taylor said Broadmeadows was popular with investors, however there were some first-home buyers moving into the area.
“We are getting good movement in the townhouses at the moments. Over the past 12 months, they have been selling well,” he said.
“I still think there is growth in the area.”
In Whittlesea, Mernda recorded the highest increase in median house prices, rising 13 per cent to $521,250.
However, it remains one of the municipality’s cheapest suburbs. Only the Whittlesea township has lower median prices ($487, 500).
