Suburb Profile Report for Broadmeadows VIC (3047)

Broadmeadows House: Median price $565,000, Annual capital growth 5.13%, Number of sales 110, Weekly median advertised rent $340

Broadmeadows Unit: Median price $420,250, Annual capital growth 2.38%, Number of sales 38, Weekly median advertised rent $350

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

Source: Monthly data update for Sep 2021 as supplied by CoreLogic. Data is reported to the period ending Jun 2021. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
  • Unit Report

At number 3742th in the list of Australian suburbs ordered by increase in median house value over the last year, Broadmeadows, 3047 is in the BOTTOM 20% with a property value increase of 2.54% 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.

Property buyers and investors in Broadmeadows 3047 should be seeing an average reduction in asking price of around -3.67% . This means that Broadmeadows is holding prices well when compared to other suburbs in VIC.

With the median price for a house in Broadmeadows being $565000 and the advertised rent reaching $340 the gross rental yield for property investors calculates out to be 3.13%

If you compare the increase in value of investment property in Broadmeadows, 3047 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 7.48%.

While Broadmeadows,3047 ranked number 340th in VIC for increase in median house value (annualised) increase, it is ranked 228th over the last 5 years.

Vendor discounting in Broadmeadows is giving property investors an average Vendor Discount of around -4.19%. This puts suburb at number 102th in VIC when ranking the most discounted suburbs.

Advertised rents are around the $350 mark per week – giving a return of 4.33% based on the median price in Suburb

Information supplied by:




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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.

“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.

Metrics i HOUSE UNIT
$565,000 $420,250
0.89% -1.70%
2.54% 7.48%
5.13% 2.38%
$340 $350
110 38
3.13% 4.33%
90.8035714285714 87.5344827586207

Source: Monthly data update for Sep 2021 as supplied by CoreLogic. Data is reported to the period ending Jun 2021. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Balanced (U), Above average (H)
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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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