Footscray is in the TOP 30% in VIC when comparing median price capital growth over the last year. Footscray gave property investors a good capital gain figure when compared to the rest of the state, with 16.60%.
The five-year average increase in median property values for Footscray,3011 has given property investors a potential capital gain of 60.38% across each of those five years.
At number 262th of VIC’s most discounted properties, Footscray is in the middle of the state/territory when listing in order of most discounted to least.
At number 1041 in a list of fastest selling suburbs, Footscray is in the TOP 30% of suburbs in Australia with an average of days on market 58.6 for properties listed there.
Using the current median advertised rental of $430 and the average annual increase in value of a median property of 9.40%, investors should hope to achieve an overall return of 2.63%
Property investors who have had real estate in Footscray, 3011 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -9.09%
Footscray,3011 was ranked 1351 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -4.57% to buyers in Footscray at the moment, which is less than average for the rest of VIC.
Residents and property investors in Footscray have been waiting around 93.87 days to sell a property.
Renters in Suburb are facing rents around $4080 per annum or $340 every week.
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.