Glenroy, Jacana, Broadmeadows melbourne
- Thread starter tj22
- Start date
I recently purchased a townhouse in Broadmeadows as an investment after doing some research initially on Reservior and Glenroy. Never considered the area before but the numbers really stacked up for me. Im quite pleased with my purchase, as I managed to secure tenants very quickly and also increased the rent. The rent completely covers my mortgage (IO loan) and theres been some nice growth over the last 12 months. While Broadmeadows has a rough reputation, it's got a really strong community made up mostly of Middle eastern families who want to stay in the area, so keep this in mind when choosing a property. As you know, there's also a shopping centre with a Bunnings and Hoyts, and it isn't too far from the CBD, another bonus. There's another poster here who also purchased in Broady and is happy with his purchase.
A few things for you to think about, which I also had to weigh up...
- Prices dipped in Broadmeadows a few years ago and may dip again in the future, so it might be better as a long-term investment suburb so factor this into your decision/long term goals.
- Be careful of oversupply of town houses. Stick to smaller complexes close to the station
- Negotiate price as much as you can - 5%+ discounts are possible. Broadmeadows was the only suburb I could actually negotiate price!
A few things for you to think about, which I also had to weigh up...
- Prices dipped in Broadmeadows a few years ago and may dip again in the future, so it might be better as a long-term investment suburb so factor this into your decision/long term goals.
- Be careful of oversupply of town houses. Stick to smaller complexes close to the station
- Negotiate price as much as you can - 5%+ discounts are possible. Broadmeadows was the only suburb I could actually negotiate price!
Not really, to be honest.
If Broadmeadows were a regional town and the Ford factory provided the bulk of employment to its residents, then definitely... but Broadmeadows has a very strong retail hub and is supported by a number of other different industries, including health (major hospital), education (Tafe, public schools), employment and community services. These are just within Broadmeadows.
If you look at neighboring suburbs, you have Cambellfield (factories), Tullamarine (airport) and Essendon (retail, etc).
If Broadmeadows were a regional town and the Ford factory provided the bulk of employment to its residents, then definitely... but Broadmeadows has a very strong retail hub and is supported by a number of other different industries, including health (major hospital), education (Tafe, public schools), employment and community services. These are just within Broadmeadows.
If you look at neighboring suburbs, you have Cambellfield (factories), Tullamarine (airport) and Essendon (retail, etc).
How many people living in Broadmeadows work at the Ford factory? A handful? I have no idea but it wouldn't be a significant number, it's not like you're considering investing in Norlane.
If you're worried about the flow-on effects of the Ford closure, that will impact Victoria's economy as a whole.
Ford aside, unemployment is a worry in Broadmeadows. It has the highest unemployment rate in Melbourne. If/when our economy takes a dive and unemployment increases, Broadmeadows will be hit hard as it's starting from a less than comfortable position.
There are upsides too, of course. 15kms from the CBD being one of them.
Tj22, how did you go?
Hi Tj22
I am also looking in the area. I am intending on developing and while my idea was to do so initially in Glenroy the numbers simply didn't stack up.
Broadmeadows has got a reputation for itself which is why all folk who would be owners occupiers in Glenroy simply won't consider Broadmeadows as an option. However, the suburb isn't any worse and still equally close to CBD, airport etc. From December this year the train zoning will also change and Broadmeadows will move from zone 2 to zone 1. This will make travelling to town significantly cheaper and therefore more accessible for job seekers, which in my opinion will have a positive impact on the employment in the area.
I am currently looking at deals.
Hope this helps a little.
I am also looking in the area. I am intending on developing and while my idea was to do so initially in Glenroy the numbers simply didn't stack up.
Broadmeadows has got a reputation for itself which is why all folk who would be owners occupiers in Glenroy simply won't consider Broadmeadows as an option. However, the suburb isn't any worse and still equally close to CBD, airport etc. From December this year the train zoning will also change and Broadmeadows will move from zone 2 to zone 1. This will make travelling to town significantly cheaper and therefore more accessible for job seekers, which in my opinion will have a positive impact on the employment in the area.
I am currently looking at deals.
Hope this helps a little.
Glenroy has more than its fair share of bad eggs
It is getting more expensive though may push them out
This ad for a Glenroy house just came up. The brick veneer house is on a good piece of land 725m. Suitable for double-storey townhouses (STCA)
It's triple fronted and is near Safeway Supermarket and lots of shops in the West Street Shopping Precinct.
What do people think this house is worth in the market?
http://www.realestate.com.au/property-house-vic-glenroy-117876591
It's triple fronted and is near Safeway Supermarket and lots of shops in the West Street Shopping Precinct.
What do people think this house is worth in the market?
http://www.realestate.com.au/property-house-vic-glenroy-117876591
Dbz_vic, mid 400s would be an absolute dream come true! 
I notice it's a deceased estate, I wonder if they accept offers before auction. I know this street (Ila) and the neighbouring streets were originally zoned RGZ - Residential Growth Zone - 3 storey apartments - because of its walkable proximity to the shops and Safeway. Then Council changed the zoning to GRZ - General Residential Zone - which under State Planning rules allows you to build up to 3 storeys (9m height). I have seen 9 X 3 storey townhouses in Glenroy build near shops. The 3 storey townhouses are built in a row with shared walls.
That's how they maximize the land
I saw an application for 8 double-storey dwellings on 860m land put in recently.
Must be those side by side townhouses.
If you could build side by side 3-storey townhouses on this block of 725m, how many do you reckon you could build as a maximum?
I notice it's a deceased estate, I wonder if they accept offers before auction. I know this street (Ila) and the neighbouring streets were originally zoned RGZ - Residential Growth Zone - 3 storey apartments - because of its walkable proximity to the shops and Safeway. Then Council changed the zoning to GRZ - General Residential Zone - which under State Planning rules allows you to build up to 3 storeys (9m height). I have seen 9 X 3 storey townhouses in Glenroy build near shops. The 3 storey townhouses are built in a row with shared walls.
That's how they maximize the land
I saw an application for 8 double-storey dwellings on 860m land put in recently.
Must be those side by side townhouses.
If you could build side by side 3-storey townhouses on this block of 725m, how many do you reckon you could build as a maximum?
I'm going to start looking at Oak Park, Hadfield and Glenroy. I'm not that experienced, so don't trust what I have to say! I hope to find either a house or townhouse around $400-$450k. I hate that the market is running so hot now! I want to buy, but don't want to buy any inflated prices.
Any tips on the good parts/bad parts of those suburbs would be appreciated.
Any tips on the good parts/bad parts of those suburbs would be appreciated.
