Property investors who have had real estate in Broadmeadows, 3047 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -5.53%
Across a shorter period, Broadmeadows, 3047 has seen a median price increase of 0.10% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Broadmeadows is offering property investors an average of -6.51. This rate of discount on properties puts Suburb at number 140th in terms of most discounted suburbs in VIC
Residents and property investors in Broadmeadows have been waiting around 82.561 days to sell a property.
Property investors should expect to get $350 weekly from the median priced house in this suburb.
At number 919th in the list of Australian suburbs ordered by increase in median house value over the last year, Broadmeadows, 3047 is in the BOTTOM 40% with a property value increase of -2.57% recorded in median house prices.
If we look at median property appreciation over just the last three months, Broadmeadows has given property investors a paper return of 2.32%. This puts Suburb as 117 on a list of fastest fasting appreciating suburbs in VIC
Sellers are offering property buyers an average discount of -5.23% to buyers in Broadmeadows at the moment, which is less than average for the rest of VIC.
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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.