By Charlene Gatt
BRAYBROOK is tipped to be the new Yarraville by 2020.
Median suburb price forecasts by the Australian Property Monitors (APM) estimate house prices in Braybrook will skyrocket 320 per cent in the next 10 years to a median $1,207,082.
The current median house price for Braybrook is $408,000.
APM also predicts the Kingsville median house price to reach $1.49 million, Footscray and Maidstone to reach $1.3 million, Maribyrnong to reach $1.57 million, Seddon to reach $1.38 million, West Footscray to reach $1.26 million and Yarraville to reach $1.4 million. APM spokesperson Emma Casey said the suburb price forecasts were based on the last decade of median house prices in each suburb.
Anton Mayer from LeadWest said gentrification of Braybrook was inevitable.
“When I grew up in Yarraville 30 years ago, they (the houses) were workers’ cottages, now they’re occupied by managers,” Mr Mayer said.
“(Braybrook’s) close to Melbourne and cheaper to similar suburbs east of Melbourne. Whether it’s 10 years away or 15, I’m not sure, but the trend is there and there is a lot of land there that can be redeveloped and be put to better use.
“All you have to do it drive along Ballarat Rd and look at some of the old sites that are there that can be converted to much higher amenity residential-type use.
“I’m sure that places like Maidstone and Braybrook could well follow that as people start to move into those inner-western suburbs.”
Meli Marovic from Boran Real Estate said a three-bedroom Braybrook townhouse currently on the market for between $420,000 and $430,000 could easily be worth $1.2 million in 10 years time.
“Footscray is turning into a mini-city, and Braybrook is in the middle of that,” she said.
