Broadmeadows, 16 kilometres north of Bourke Street Mall, is one of the only metropolitan Melbourne suburbs one can buy a house on land for less than $200,000.
Identified as an Activity Centre in the state government’s controversial Melbourne 2030 blueprint, it is set for a great injection of public – and then, hopefully, private – investment over the next decade.
Bound by Westmeadows to the west, Coolaroo to the north, Glenroy to the south and Campbellfield to the east, it is traditionally working class, dotted with former commission homes which have been renovated.
Its best streets include Freeland Grove, Langton Street and Sunset Boulevard – all in the Jacana pocket just south of Broadmeadows Shopping Centre.
The precinct continues to be a major industrial hub – made more attractive to businesses with the joining years ago of the Western Ring to the Metropolitan Ring roads and the Hume Freeway.
A proposed arterial would connect the Western Ring through Meadow Heights, Roxburgh Park and Craigieburn to Mount Ridley Road at Mickleham (continues below).
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. In Dallas (the northern part of the suburb), medians rose 13.5 per cent to $210,000.
By comparison, metropolitan Melbourne’s average home price rise was 12.6 per cent (to $425,000).
The REIV annualised median figures are considered more statistically reliable than the quarterly ones as they include a greater sample of sold properties.