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Affordable northern and western suburbs set to shine in 2024

Real estate & property news
10 January 2024
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Meadow Heights, Seymour and Melton South homes tipped to boom

Budget-friendly suburbs in Melbourne’s north and west are primed for growth this year.

Meadow Heights, Seymour and Melton South are among areas set to boom in 2024, according to Hotspotting property researcher Terry Ryder.

Mr Ryder highlighted Meadow Heights as a suburb poised to shine, as it offered land for new estates, improved infrastructure, and, most of all, affordability.

Median property prices in Meadow Heights are $563,000 for houses to $444,000 for units, according to realestate.com.au.

Barry Plant Glenroy agent and long-time resident of Meadow Heights, Halil Okur, said the suburb attracted first-home buyers and young families.

“Rising interest rates are forcing buyers to look to budget suburbs in Melbourne’s north,” he said.

“And Meadow Heights has become very sought after.”

Buyers priced out of neighbouring Pascoe Vale, Glenroy and Oak Park, were looking at homes in Meadow Heights.

“In Pascoe Vale, Glenroy and Oak Park, they’d be paying around $1 million for a basic four-bedroom home,” Mr Okur said.

“Here, they’d be able to pick up one on a larger block for around $600,000.”

Mr Okur pointed to the fully renovated four-bedroom house at 146 Lightwood Crescent (pictured below), which attracted strong interest and sold for $640,000 to a family upsizing from Oak Park.

“The same type of house in Oak Park, located just 10 minutes away, would sell for more than $1 million,” he said.

Investors are also swooping on the suburb where houses rent out for $420 per week with an annual rental yield of 3.9 per cent, while units lease for $400 per week with a rental yield of 4.7 per cent.

Drawn to the price point and potential for good returns, an investor from Pascoe Vale snapped up a four-bedroom house at 11 Werona Court (pictured below), for $550,000, Mr Okur said.

The suburb’s location 18km north of the CBD also attracted buyers.

“It’s only a 15-minute drive to Melbourne Airport, and close to the commercial and industrial hubs in Campbellfield and Tullamarine,” Mr Okur said.

The suburb’s growing infrastructure and easy access to transport, schools and shops, also contributed to its popularity.

“There is also a strong sense of community,” said Mr Okur, who has lived there for 35 years.

Mr Okur said Meadow Heights offered a diverse range of homes, from units and townhouses to larger five and six-bedroom houses, that suited most needs.

“Renovated move-in-ready homes are in hot demand,” he added.

First-home buyers, young families and investors are eyeing the modern three-bedroom house at 24 Golden Ash Court (pictured below), priced from $520,000 to $550,000.

“This property represents excellent value and is currently leased for $1738 per month,” Mr Okur said.

Public transport and Coolaroo train station are nearby, while a primary school, Tarcoola pre-school, shopping centre, a church and a mosque are within easy reach.

And offering an ideal opportunity for a lifestyle investor, first-home buyers or those looking to downsize, a stylish two-bedroom townhouse is for sale at 8/93 Rokewood Crescent (pictured below), for $450,000.

“This home is tenanted until November 2024,” Mr Okur said.

Real estate & property news
10 January 2024
Save Article

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