Broadmeadows is fast becoming a property hot spot, with prices soaring by almost 30 per cent since March.
Real Estate Institute of Victoria (REIV) figures for the September quarter reveal that the median house price in Broadmeadows is now $595,000.
In March, it was just $460,000.
The suburb has been named as one of Victoria’s top growth suburbs for the September quarter by the REIV, after prices jumped 9.7 per cent from $540,000 in June.
YPA Glenroy senior sales executive and auctioneer David Taylor, who focuses on selling property in Broadmeadows, said he was not surprised by the price rise.
“People are realising it is going to be the next hot spot,” he said.
“With urban growth, the price had to move at some point.”
Mr Taylor said investors were showing strong interest in the suburb, while the first home owners grant and changes to stamp duty were also helping to drive up prices.
He said buyers were attracted to Broadmeadows because of its location and infrastructure.
“It is 16 kilometres from the city. Other suburbs the same distance from the city are much more expensive,” Mr Taylor said.
“There is good infrastructure around Broadmeadows. You have got Broadmeadows shopping centre, easy access to the Tullamarine Freeway and the Western Ring Road.”
The REIV also listed Lalor as one of Victoria’s top growth suburbs, after the median house price rose 12.8 per cent between June and September.
The median price is now $683,000.
Only Mill Park has a higher median price at $688,000.
Love Real Estate Thomastown director Ryan Di Natale said prices in Lalor have been steadily climbing for the past three years.
“The area was predominantly undervalued before,” he said.
“I think it’s affordability is attracting buyers. It is still one of the most affordable areas in the northern corridor.”
Mr Di Natale said the majority of buyers were first home owners who had been priced out of suburbs such as Preston, Reservoir and Fawkner by “skyrocketing” median prices.