Leading Melbourne’s municipalities for affordability, the City of Hume is flagged as a spring growth star by the Hotspotting Spring Price Predictor Index, as reported in the Herald Sun.
And, it is one of the nation’s top 10 municipalities where rising sales volumes are a proven precursor to rising prices, according to Hotspotting founder Terry Ryder.
Located 15km north of Melbourne’s CBD, Broadmeadows is a magnet for entry-level buyers across the city and interstate, according to Barry Plant Glenroy agent Richard Ali.
“First-home buyers and small investors on the hunt for affordable homes are seeing value and capital growth in Broadmeadows,” he said.
Units and townhouses were selling particularly well and lasted about two to three weeks on the market before they were snapped up, mainly from first-home buyers from out of the area.
The underbidder from Reservoir then bought the three-bedroom townhouse next door, at 2/20 Avalon Avenue, for $530,000, Mr Ali said.
And in the same street, a Doncaster buyer defeated a local resident to win the keys to a two-bedroom villa unit at 2/57 Graham Street ( image below), for $430,000.
Also, investors and developers are swooping on properties with potential in Broadmeadows, Mr Ali said.
A three-bedroom house with approved plans for four units at 66 Railway Crescent, sold within two weeks to an investor for $610,000.
And at 281 Camp Road, a local developer defeated three bidders to snap up four partly constructed street-facing townhouses on a corner 682sq m block for $845,000.
“This was a unique opportunity to complete a project and reap the rewards on offer,” Mr Ali said.
The property is only a six-minute drive to the Hume Highway and close to the entrance of the M80 Ring Road. Campbellfield Plaza shops are nearby, buses are at the front door and a 10-minute drive reaches local shops, schools and amenities.
Broadmeadows is in a great location, within easy access to the airport, major freeways and good schools, Mr Ali said.
“It’s family friendly and improving in every way, and much more affordable compared to its million-dollar neighbours of Glenroy, Pascoe Vale and Hadfield,” he said.
“There are many opportunities to get into the market for less than $600,000.”
The median price in Broadmeadows has grown 5.7 per cent in the past 12 months to $605,000 for houses and $460,000 for units, according to realestate.com.au.
“I expect property values to increase substantially in the next two to five years,” Mr Ali said.
Compared to auctions, the private sale method was widely used in the suburb, and Mr Ali said he preferred to organise private inspections for potential buyers.
“It’s important we spend more one-to-one time with our clients,” he said.
“We take them through the homes and also show them more properties available for sale in the area.”
Demand was high for new and renovated properties in the area, while homes that needed work were not as sought-after due to materials shortages and rising construction costs.
“Renovated homes are doing well, though small investors are buying up unrenovated homes to flip in six to 12 months and make some money,” Mr Ali said.
Ideal for the first-home buyer, investor or developer, a three-bedroom house on 697sqm at 34 Meredith Street, is up for sale for the first time with a price guide of $550,000-$600,000.
“This is a hot new listing which is priced well,” Mr Ali said.
“It offers buyers a chance to renovate, extend or redevelop.”
And there is the opportunity for rental income at the property that has just hit the market at 106 Johnstone Street.
“Homebuyers and investors will like this property, which is currently leased to a tenant who would be happy to stay on,” Mr Ali said.
“It is perfectly liveable or rentable as is, and because it is not affected by the Melbourne Airport overlay restriction, it offers great potential for developers as well.”
And for buyers wanting an affordable, stylish and low-maintenance home, the two-bedroom unit at 2/41 Walsh Street (main image above), priced at $400,000 is worth a look.
“This little gem has just hit the market in a great location and is first-home buyers, retirees and downsizers,” Mr Ali said.
The brand new villa unit in a private rear position features timber floors and stacker doors to an entertainment courtyard.
It includes a spacious lounge, dining and kitchen zone with stone benchtops, stainless steel appliances, breakfast bar and glossy subway-tiled splashbacks.
Shops, community facilities, medical services, buses, train station, parks and schools are not far away.