Giving property investors a a solid capital gain of 15.30% for the last year, Footscray, 3011 is the 531th highest performer in Australia in this respect.
If we look at median property appreciation over just the last three months, Footscray has given property investors a paper return of 2.50%. This puts Suburb as 266 on a list of fastest fasting appreciating suburbs in VIC
Property investors looking for a bargain in Footscray should be aiming for at least -3.13% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 6.39km from the CBD, Footscray is one of Maribyrnong localities in the postcode 3011.
Investment property in Footscray has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -2.55%
If we look at median property appreciation over just the last three months, Footscray has given property investors a paper return of -3.34%. This puts Suburb as 298 on a list of fastest fasting appreciating suburbs in VIC
Our latest figures would indicate that property sellers in Footscray are currently offering property investors an average price cut of -4.59% below the asking price at the moment.
Advertised rents are around the $332 mark per week – giving a return of 4.26% based on the median price in Suburb
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.