Meadow Heights worst-performing Melbourne suburb in past year: Residex
The Melbourne suburb of Meadow Heights is the worst-performing suburb in the Victorian housing market over the past year, according to the latest Residex market index.
The suburb, which is 18 kilometres north of Melbourne CBD, suffered a drop of 9.7% in median house prices over the 12-month period, with the median house value now at $441,000.
In August 2011, the suburb had small gains of 0.77%, before losing 10.47% in the past year. Sales rose 3.47% in the past 12 months, with only 1,550 properties being sold.
In regards to rent, the median price rose 1.47% to a $345, equating to a median of 4.1%.
It was the hardest hit in the metropolitan suburbs, with Essendon hit second hardest, with house prices falling 8.44%. In Brunswick the median house price fell 7.69%, in Fitzroy it fell 5.67% and in Doncaster the median house price fell 5.96%.
Meadow Heights, which was previously known as Broadmeadows North, underwent a property boom in the late 1980s and early 1990s. Demand for new houses rose, forcing potential buyers into the outer-suburban area.
There is one shopping centre in the suburb, the Centro Meadow Heights, which has a SUPA IGA supermarket and over 25 retail outlets.
The suburb has numerous parks, the largest being the Broadmeadow Valley Park, which is filled with soccer fields and playgrounds. The Shankland Wetlands, which is home to a variety of native birds, is also in the area.
According to realestate.com.au, a very meagre 14 properties are for sale, with only 10 properties available for rent.
This three-bedroom house (pictured below), within walking distance to the shopping centre, was recently sold for $305,000 by Jason Real Estate Glenroy.
Something a little closer to the median house value, this four-bedroom house (pictured below) was sold for $403,000 by YPA estate agents, with the opportunity to purchase extra land from the council to modify the barbecue area.
