First-home buyers and investors are swooping on affordable homes in Broadmeadows in search of value and capital growth prospects.
A modest three-bedroom house at 35 Stanhope Street, sold for $506,000 after four bidders battled it out in a highly competitive auction on April 22.
The 693sq m property sold for $16,000 above the seller’s reserve to a local investor who planned to renovate the house and rent it out, according to Barry Plant Glenroy agent Richard Ali.
“This renovator’s delight is packed with potential,” he said.
“And was very popular with 26 groups attending inspections.”
Also perfect for a multi-unit development, the property is in a brilliant location with reserves, schools and shops nearby. Buses, trains, airport and freeways to the city are within easy access.
Located 15km north of Melbourne’s CBD, Broadmeadows was a magnet for entry-level buyers across the city and interstate, Mr Ali said.
“Buyer activity has increased in the past two weeks,” he added.
“With some prices below $500,000, people are seizing the opportunity to renovate older homes, develop blocks or buy brand new properties.”
Mr Ali pointed to the three-bedroom house at 7 Stevenson Street, up for auction on May 6 with $400,000-$440,000 price hopes, and the three-bedroom home for sale at 5 Warnock Street, priced at $360,000-$390,000.
Named one of Australia’s ‘Supercharged Suburbs’ in the Hotspotting Price Predictor Index, Broadmeadows has been identified as a growth star and a leading Melbourne suburb for affordability and rising sales volumes.
Low-maintenance units and townhouses were selling particularly well and lasted about two to three weeks on the market before being snapped up, according to Mr Ali.
The townhouses at 1, 2 & 3/11 Smiley Road, recently sold to first-home buyers and an investor for prices ranging from $470,000-$520,000.
“These brand new homes attracted local, city and eastern suburb buyers and sold quickly,” Mr Ali said.
A new four-bedroom townhouse on 232sq m at 1/36 Graham Street, attracted 23 inspections and two offers, and sold above the seller’s expectations for $645,000 to a first-home buyer from the city.
“It is in the heart of the suburb on a good-size block, central to freeways and the airport,” Mr Ali said.
“With its chic design and state-of-the-art features, it sets a new standard for Broadmeadows living.”
Three modern townhouses and a villa unit are for sale for $390,000-$455,000 at 1,2,3,4/33 Nepean Street.
“They are ideal for first-home buyers,” Mr Ali said.
“”And also for investors as they will generate an average of $1600 a month in rental returns .”
The median price for units in Broadmeadows has grown 1 per cent in the past 12 months to $439,500, according to realestate.com.au.