By Molly Magennis
Real estate in Meadow Heights is proving to be hot property, with the suburb’s median house price jumping by almost 14 per cent in the three months to September.
The median house price in Meadow Heights has risen by $75,000 since June to reach $620,000, according to data from the Real Estate Institute of Victoria (REIV).
Meadow Heights experienced the biggest jump in medina prices the northern suburbs, followed by Greenvale, which recorded a 9 per cent increase to reach $885,000.
Doreen recorded an 8 per cent increase in the median price ($775,00).
Metropolitan Melbourne’s median price rose by 6 per cent to reach $1.07 million, according to the REIV.
YPA Hume City Sales Manager Amin Halabi attributes Meadow Heights price rise to the suburb’s affordability and how close it is to Melbourne’s CBD.
“Out of the areas in Hume, it’s probably one of the most affordable areas,” he said.
“It’s quite underrated when it comes down to being close to the CBD.
“I think [people] just underestimate Meadow Heights. I’ve been living here for eight years and it’s fantastic.
“You can buy something, like a three- bedroom, two-bathroom [house] for like $600,000 – $650,000 on a good sized land.”
Surrounding suburbs like Roxburgh Park, Craigieburn and Coolaroo however have experienced little to no growth since last quarter, with the median house price in Roxburgh Park decreasing by 3 per cent.
“You can buy a very similar property [in Meadow Heights] to what you can buy in Roxburgh Park on a bigger land for the same price,” Mr Halabi said.
Mr Halabi said that now lockdown restrictions are starting to ease in the real estate sector, more people are willing to put their house on the market.
“That’s when they decided to sell because I think people like the one-on-one inspections,” he said.
“I think us agents like it better because we can get more interaction with the buyers and get more feedback.”