Suburb Profile Report for Broadmeadows VIC (3047)

Broadmeadows House: Median price $416,500, Annual capital growth 7.77%, Number of sales 159, Weekly median advertised rent $315

Broadmeadows Unit: Median price $330,000, Annual capital growth 5.17%, Number of sales 74, Weekly median advertised rent $330

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Investment property in Broadmeadows has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 12.57%

If we look at median property appreciation over just the last three months, Broadmeadows has given property investors a paper return of 3.61%. This puts Suburb as 174 on a list of fastest fasting appreciating suburbs in VIC

Property buyers and investors in Broadmeadows 3047 should be seeing an average reduction in asking price of around -7.15% . This means that Broadmeadows is holding prices well when compared to other suburbs in VIC.

Situated 14.85km from the CBD, Broadmeadows is one of Hume localities in the postcode 3047.

At number 545th in the list of Australian suburbs ordered by increase in median house value over the last year, Broadmeadows, 3047 is in the top 40% with a property value increase of 7.32% recorded in median house prices.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Broadmeadows has increased when compared to the 5 year average annual rate.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.13% offered to property buyers. Sellers in Broadmeadows itself are offering an average vendor discount of -5.22% to real estate investors.

Residents and property investors in Broadmeadows have been waiting around 100.46 days to sell a property.

Using the current median advertised rental of $330 and the average annual increase in value of a median property of 5.17%, investors should hope to achieve an overall return of 5.20%

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Sitting 18km north of Melbourne’s CBD, Broadmeadows is a suburb with a strong rental market and a changing outlook that should fuel capital growth, explains Herron Todd White Melbourne managing director Tony Kelly.Full summary

Sitting 18km north of Melbourne’s CBD, Broadmeadows is a suburb with a strong rental market and a changing outlook that should fuel capital growth, explains Herron Todd White Melbourne managing director Tony Kelly.

“Once a strong working class suburb with housing commission dwellings, Broadmeadows has started to take on a new character,” he says.

“Improving linkages with the Western Ring Road and the redevelopment of the railway station have been contributors to the ongoing gentrification process. Rental demand is particularly strong and the suburb popular among Middle Eastern cultures”.

Renters are expected to make up a third of Broadmeadows' population base over the next five years. The area’s annualised rate of population growth is expected to hover at the 1% mark over the next five years.

Accessibility is good, with the travel time to the city being 30 minutes by train or car, and amenity options here are excellent. The major banks all have branches or ATMs here, there’s a Hoyts cinema, a Coles supermarket, a huge nature reserve and a dozen schools within a 2km radius.

Close
Metrics i HOUSE UNIT
$416,500 $330,000
3.61% -0.90%
12.57% 7.32%
7.77% 5.17%
$315 $330
159 74
3.93% 5.20%
97.94 100.46

Source: CoreLogic

DSR Score for property investment : Good (H), Very good (U)
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Demographics
Total population 10579
Median household income ($/weekly) 746
Median age of persons 31
Median housing loan repayment ($/monthly) 1300
Average household size 3
  • Census Count Percent(%)
    5-14 years 1612 15.2
    25-34 years 1641 15.5
    35-44 years 1386 13.1
    45-54 years 1276 12.1
    55-64 years 891 8.4
    Others 3774 35.7
    Age Group
    Census Count Percent(%)
    Not Married 3658 52.0
    Registered Married 3110 44.2
    Defacto Relationship 263 3.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 4945 53.4
    Ireland 691 7.5
    Malaysia 492 5.3
    Turkey 612 6.6
    Other 849 9.2
    Others 1673 18.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 259 2.8
    Christianity 4329 47.3
    Hinduism 190 2.1
    Islam 3211 35.1
    No Religion 980 10.7
    Others 175 1.9
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 325 12.0
    $400-$599 401 14.7
    $600-$799 386 14.2
    $800-$999 277 10.2
    $1,000-$1,249 303 11.1
    Others 1027 37.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 3973 56.0
    Employed, worked full-time 1536 21.7
    Employed, worked part-time 899 12.7
    Unemployed, looking for work 423 6.0
    Employed, away from work 263 3.7
    Person Characteristics
  • Census Count Percent(%)
    Technicians & trades workers 428 15.9
    Community & personal service workers 295 10.9
    Clerical & administrative workers 311 11.5
    Machinery operators & drivers 423 15.7
    Labourers 515 19.1
    Others 728 27.0
    Occupation
    Census Count Percent(%)
    Infants/Primary 856 33.1
    Secondary 739 28.5
    Technical or Further Educational Institution 378 14.6
    University or other Tertiary Institutions 316 12.2
    Other type of educational institution 162 6.3
    Others 138 5.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 8175 87.1
    Flat, unit or apartment 860 9.2
    Semi-detached, row or terrace house, townhouse 348 3.7
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1208 40.3
    Being purchased 893 29.8
    Fully owned 877 29.2
    Other tenure type 22 0.7
    Tenure Type
Census 2011, ABS
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Recent sales & rentals