Hume Property Update
25 November 2009 / News
The residential property market has shown an overall increase of 9% for the vacant land this quarter, and the improved median price indicates a 5% increase.
Overall, for improved residential properties, the best performing suburbs were Attwood, up from $448,000 to $520,000 this quarter, Broadmeadows up from $277,500 to $290,000, Tullamarine from $286,000 to $335,000, Sunbury / Diggers Rest up from $270,000 to $295,000 and Somerton / Campbellfield from $271,000 to $300,000.
For vacant land, the average median price is now $166,000 with most suburbs showing an increase of approximately 5%. The best performing suburbs were Greenvale, Roxburgh Park and Craigieburn.
The industrial / commercial market results showed a significant improvement from the recent slowdown. For the retail sector, there were nine transactions with the median price increasing from $235,000 last quarter to an average price of $425,000 this quarter.
Vacant industrial land provided 14 sales with an average median price of a record $625,000. Additionally, there were 32 improved industrial sales, indicting a median price of $527,500.
A recent residential sale in Greenvale highlights the strength of the property market in the area. A property on two hectares in Bonds Lane comprises a dwelling of over 70 squares with a pool, tennis court and established landscaped gardens. The property was sold by private sale for just over $4 million.
There have also been significant increases in value experienced for properties within Broadmeadows that comprise residential development sites.
A property recently sold in Kitchener Street, Broadmeadows with an old housing commission dwelling on land size 766 square metres. The property sold at auction for just over $450,000, with a planning permit for three units, indicating $150,000 per unit site.
Courtesy of Hume City Council - http://www.hume.vic.gov.au/Page/Page.asp?Page_Id=399