Property investors who have had real estate in Footscray, 3011 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 17.65%
While Footscray,3011 ranked number 218th in VIC for increase in median house value (annualised) increase, it is ranked 148th over the last 5 years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.87% offered to property buyers. Sellers in Footscray itself are offering an average vendor discount of -3.61% to real estate investors.
Often selling an investment property can take time, and in Footscray the average time real estate has been on the market is 71.54 days.
With the median price for a house in Footscray being $800000 and the advertised rent reaching $430 the gross rental yield for property investors calculates out to be 2.80%
At number 1438th in the list of Australian suburbs ordered by increase in median house value over the last year, Footscray, 3011 is in the BOTTOM 20% with a property value increase of -5.73% recorded in median house prices.
A 25.99% growth in median value for property investors in Footscray,3011 puts this suburb at number 308th in terms of best performing suburbs in VIC
Property investors looking for a bargain in Footscray should be aiming for at least -4.69% off the asking price, which is the average vendor discount being achieved at the moment.
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.