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sort of precinct, so it did have a bit of a
social stigma but in the last 10 to 15 years,
it’s really been adopted by the Middle
Eastern community, particularly new
migrants to Melbourne and the Muslim
community up there. State Government
has dropped a lot of money in there as
well in terms of upgrading the rail station
and the central shopping precinct. The
suburb is also earmarked for a new $4.6
million community hub and a town park
regeneration program funded between the
council, State Government and VicRoads.”
According to Halil Okur, a sales
executive with Barry Plant Glenroy, there’s
a broad range of buyers looking into the
area: “Different varieties of customers,
like homemakers, developers, builders.
We get a lot of interest from interstate,
Housing in Meadow Heights is around
20-years-old on 600 square metres, while
Broadmeadows has older housing at 30 to
35-years-old on 650-square-metre sites.
Okur says for the $320,000 median
house price you’re certain to land a three-
bedroom average quality home that will
probably need some general maintenance
but is quite habitable.
He says developers in Broadmeadows
and Meadow Heights are keen to secure
sites of around 700 square metres in
homebuyers mainly now, and investors.
We’d say probably about 25 per cent
maximum would be first-time buyers.
Second and third homebuyers probably
another 40 per cent and then the balance
would be investors.”
Marijanovic says the market performed
slowly in 2013 overall but there was more
activity heading into 2014 and listing
numbers look to be rising.
As with most markets, he says the
economy and security of employment
will play a major role in how real estate
performs this year.
King says his pick of these suburbs for
investors would be Sunshine West.
“I think the growth potential is there.
There’s also actually a bit of a movement
from younger families moving out there,
too. It’s kind of what Footscray would
have been 15 years ago, just a bit further
out, so it’s starting to feel a bit of that
gentrification and it’s apparently got a
great sense of community.”
¿ BROADMEADOWS, MEADOW HEIGHTS
Located about 17 kilometres north of the
city and on the Craigieburn Line, King
says Broadmeadows has been evolving
over recent years.
“Broadmeadows is an interesting one.
Traditionally it was kind of a state housing
Marijanovic says the dominant housing
type is brick veneer, but as the area
was settled in the late 1950s, there’s a
percentage of timber dwellings as well.
He says property is certainly affordable
and there’s opportunity for those looking
to spread their purchasing power
further. These homes are also the ones
achieving the 4.5 per cent to 5.5 per cent
“To give you an idea of the last two
or three transactions within Albanvale,
we’ve just sold one recently – in the past
48 hours – for $295,000, a three-bedroom
“We sold one at auction about three
weeks ago in Albanvale for $320,000 too.
That’s also a three-bedroom brick veneer.
“You can certainly buy properties on
land of 650 to 750 square metres with
potential to put one, and in some cases
two, units behind the house. You can buy
them for anywhere from around $340,000
up to $400,000.”
The buyer profile has changed with
an obvious fall in the number of first
homebuyers, Marijanovic says.
“The first-time buyers up until a couple
of years ago used to make up 30 to 40 per
cent, and in some cases 50 per cent of our
market. We’ve found that’s dropped off
dramatically. We’ve got second or third
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