Real Estate Institute of Victoria data shows last year’s median house price in Broadmeadows was $370,500, an 87 per cent increase from the 2005 median of $198,000.
Tullamarine’s median of $431,000 was up 72 per cent on the 2005 median of $250,500, and Dallas’s median price was $330,000, up 65 per cent on the $200,000 median five years ago.
By comparison, in the past five years, house prices have risen by 90 per cent in Collingwood and 81 per cent in Brunswick.
Barry Plant Craigieburn director David Devlin said affordability of homes in the area had attracted buyers, which, along with the first home owners’ grants, had increased prices.
“It’s driven people out to more affordable areas like Broadmeadows, which has great infrastructure,” Mr Devlin said.
While fewer houses being built, and migration from overseas and interstate, had increased demand and prices, Mr Devlin said the price rises weren’t sustainable.
“We’ve had some sustained growth periods that have been unprecedented.”
He said that some Hume residents who had sold their houses during the boom had benefited from price rises, and investors in the area were earning high amounts of rent.
Last year, the Gladstone Park median house price was $440,000, 65 per cent more than in 2005, and Westmeadows’ $438,000 median was up 58 per cent since 2005.
Craigieburn’s median recorded a 49 per cent increase in the past five years to $365,500.
Source: The Hume Leader Newspaper Online