House prices in Gladstone Park and Tullamarine, Victoria have rocketed compared to a decade ago.
According to the latest annual Guide to Property Values produced by Land Victoria, the median house price in Gladstone Park and Tullamarine, which are both located close to Melbourne International Airport, had jumped from $265,500 in 2005 to $481,000 and $431,500, respectively.
The rise has boosted prices by an additional 70%, which a spokesman for agents Gladstone Park YPA claimed was partially due to the number of young buyers in the market.
The spokesman said many were scanning real estate Catalogues in the Airport West and Niddrie areas but often ended up purchasing in Gladstone Park or Tullamarine.
The Land Victoria Guide revealed a number of locations within the City of Hume that also recorded great growth during a time when the median house price across the state rose from $280,000 to $490,000.
It stated that going back 10 years, homebuyers in Coolaroo and Dallas were dealing with a median house price of $195,000, which has shot up to $330,000 today.
Likewise, in areas including Sunbury, Meadow Heights, Jacana, Campbellfield, Broadmeadows and Attwood, the 2005 figures have been boosted to $350,000.
The suburbs of Craigieburn ($240,000 median house price in 2005) and Roxburgh ($275,000) have recorded a huge growth to $405,000 in 10 years, according to the Guide.
Despite the price increases, real estate agent Damien Crivelli said properties in Melbourne’s north continued to be affordable.
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