Suburb Profile Report for Footscray VIC (3011)

Footscray House: Median price $775,000, Annual capital growth 8.77%, Number of sales 164, Weekly median advertised rent $420

Footscray Unit: Median price $405,000, Annual capital growth 9.45%, Number of sales 220, Weekly median advertised rent $330

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Footscray have tracked just higher than the VIC average of 8.12% over the last 12 months.

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.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Footscray, 3011. Typically our figures indicate that -3.09% is being offered, which puts this VIC suburb at 3548th most discounted overall in Australia.

On average over the past year, suburb has had 13.67 sales per month, which equates to 164 per year.

At number 1255th in the list of Australian suburbs ordered by increase in median house value over the last year, Footscray, 3011 is in the BOTTOM 30% with a property value increase of -1.94% recorded in median house prices.

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.

Property buyers and investors in Footscray 3011 should be seeing an average reduction in asking price of around -4.75% . This means that Footscray is holding prices well when compared to other suburbs in VIC.

In the last year 220 properties changed hands in Footscray, which puts it as the 26th most active market in VIC when comparing the number of sales per suburb.

Property investors should expect to get $330 weekly from the median priced house in this suburb.

YIP MAG Information supplied by:

YIP MAG
April 2015

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The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soonFull summary

The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soon.

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.

Close
Metrics i HOUSE UNIT
$775,000 $405,000
2.51% -1.22%
14.13% -1.94%
8.77% 9.45%
$420 $330
164 220
2.82% 4.24%
82.03 110.66

Source: CoreLogic

DSR Score for property investment : Above average (U), Good (H)
Find a mortgage broker in Footscray VIC
Demographics
Total population 13202
Median household income ($/weekly) 1059
Median age of persons 32
Median housing loan repayment ($/monthly) 1950
Average household size 2.3
  • Census Count Percent(%)
    20-24 years 1608 12.2
    25-34 years 3522 26.7
    35-44 years 2042 15.5
    45-54 years 1445 10.9
    55-64 years 1023 7.7
    Others 3562 27.0
    Age Group
    Census Count Percent(%)
    Not Married 5202 54.3
    Registered Married 3297 34.4
    Defacto Relationship 1086 11.3
    Social Marital Status
  • Census Count Percent(%)
    Australia 5414 47.1
    Croatia 640 5.6
    Indonesia 966 8.4
    Viet Nam 1239 10.8
    Other 1212 10.5
    Others 2025 17.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 1474 13.3
    Christianity 4359 39.3
    Hinduism 836 7.5
    Islam 838 7.5
    No Religion 3400 30.6
    Others 198 1.8
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 457 10.2
    $600-$799 425 9.5
    $1,000-$1,249 451 10.1
    $1,250-$1,499 401 9.0
    $1,500-$1,999 511 11.4
    Others 2233 49.9
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 3731 37.0
    Not in the labour force 3411 33.9
    Employed, worked part-time 2013 20.0
    Unemployed, looking for work 587 5.8
    Employed, away from work 332 3.3
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1648 27.1
    Technicians & trades workers 646 10.6
    Community & personal service workers 617 10.2
    Clerical & administrative workers 841 13.8
    Labourers 718 11.8
    Others 1606 26.4
    Occupation
    Census Count Percent(%)
    Infants/Primary 486 15.3
    Secondary 430 13.5
    Technical or Further Educational Institution 468 14.7
    University or other Tertiary Institutions 1400 44.1
    Other type of educational institution 289 9.1
    Others 105 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 5900 52.6
    Flat, unit or apartment 3613 32.2
    Semi-detached, row or terrace house, townhouse 1645 14.7
    House or flat attached to a shop, office 63 0.6
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2649 55.9
    Being purchased 1127 23.8
    Fully owned 932 19.7
    Other tenure type 31 0.7
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals