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Broadmeadows, about 16 kilometres north of the CBD, is one of the only suburbs in metropolitan Melbourne where one can still buy a house, on land, for less than $200,000.
It is isolated as an Activity Centre in the state government’s controversial Melbourne 2030 blueprint, and is set for a great injection of funds by the government over the next ten years.
Bound by Westmeadows to the west, Coolaroo to the north, Glenroy to the south and Campbellfield to the east, Broadmeadows is a working class suburb predominantly dotted with former commission homes, that have been renovated.
Its best streets include Sunset Boulevard, in the Jacana precinct of Broadmeadows, just south of the large Broadmeadows Shopping Centre.
Broadmeadows continues to be a hub for industrial development and has benefited from the connection of the Western Ring Road to the Metropolitan Ring road and the new Hume Freeway.
A proposed arterial road will connect the Western Ring Road at Jacana, through Meadow Heights, Roxburgh Park and Craigieburn to Mount Ridley Road at Mickleham.
According to the REIV, Broadmeadow’s median house price for the year ended December 31, 2007, is $222,000, up 7.2 per cent since last year.
Values in Jacana over the same period increased 3.8 per cent to $218,000 and in Dallas (the northern part of Broadmeadows), median values increased 13.5 per cent to $210,000.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.
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