Property value increases in Footscray have tracked just higher than the VIC average of 11.00% over the last 12 months.
Comparing Footscray,3011 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
The most recent median price for Footscray is $868000, with sellers offering an average of -4.98% off the asking price.
In the last year 141 properties changed hands in Footscray, which puts it as the 178th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $430 and the average annual increase in value of a median property of 9.18%, investors should hope to achieve an overall return of 2.58%
Footscray, 3011 ranked 328th in VIC when comparing growth in median property values or capital gain over the last 12 months. Footscray is one of 2098 in our list for VIC
Over the longer term, Footscray has seen property prices show investors a -1.48% return over the last 3 years. This is worse than over the last 12 months
Vendor discounting in Footscray is giving property investors an average Vendor Discount of around -4.31%. This puts suburb at number 157th in VIC when ranking the most discounted suburbs.
Footscray is 142th on a list of best yielding suburbs for rents in VIC with a 4.42% return
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.