Over the last year, property investments in Footscray, 3011 have given investors a capital gain of 12.84%. This compares favourably with the 7.68% for VIC as a whole.
Footscray,3011 has offered an average of 12.84% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Footscray should be aiming for at least -2.60% off the asking price, which is the average vendor discount being achieved at the moment.
A $420 per week rent on the median house gives suburb investors a gross yield of circa 2.89%, without taking into account capital value appreciation, which has been averaging out at 8.75%.
Investment property in Footscray has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 0.67%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Footscray has increased when compared to the 5 year average annual rate.
Footscray3011 is located in VIC which offers an average discount of -5.14% to property investors. Footscray itself is showing figures that indicate -5.79% is the average achievable by property buyers investing in the suburb.
Footscray, 3011’s gross rental yield is 4.51%
The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soonFull summary
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The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soon.Close
The area screams affordability and with the continued gentrification of the area, there is significant potential for further capital growth.
Compared to other inner city suburbs like Carlton North ($600,000) and Ascot Vale ($455,000), Footscray offers a much more affordable price for units.
Situated 5km west of Melbourne’s CBD, Footscray is well serviced by public transport, shopping centres, parks and recreational centres.
A wide variety of schooling is available, Victoria University maintains two campuses in the area and a multicultural hub provides a wide variety of dining options.
All of these aspects are appealing to a young professional demographic in a big way.
The Maribyrnong City Council continues to put a lot of effort into infrastructure development including rejuvenating Footscray’s Barkly Street Village and other projects like the McNab Avenue Development.