Suburb Profile Report for West Footscray VIC (3012)

West Footscray House: Median price $690,000, Annual capital growth 9.38%, Number of sales 113, Weekly median advertised rent $400

West Footscray Unit: Median price $380,000, Annual capital growth 6.36%, Number of sales 85, Weekly median advertised rent $299

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

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If you compare the increase in value of investment property in West Footscray, 3012 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 6.15%.

Comparing West Footscray,3012 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

Vendor discounting in West Footscray is giving property investors an average Vendor Discount of around -3.35%. This puts suburb at number 537th in VIC when ranking the most discounted suburbs.

On average over the past year, suburb has had 9.42 sales per month, which equates to 113 per year.

West Footscray is 440th on a list of best yielding suburbs for rents in VIC with a 3.01% return

Giving property investors a a poor capital gain of -5.30% for the last year, West Footscray, 3012 is the 1406th highest performer in Australia in this respect.

Taking the average capital gain, or increase in median house value, West Footscray,3012 has racked up an average of -5.30% over the period. This ranks it number 1153th in the whole country for real estate investors looking at median house price increases.

The most recent median price for West Footscray is $380000, with sellers offering an average of -8.54% off the asking price.

At number 856 in a list of fastest selling suburbs, West Footscray is just in the bottom half of suburbs in Australia with an average of days on market 79.71 for properties listed there.

West Footscray is 204th on a list of best yielding suburbs for rents in VIC with a 4.09% return

YIP MAG Information supplied by:

YIP MAG
January 2016

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House Prices in West Footscray may be pushing on the boundary of affordability with a median price above $650,000, but units in the Melbourne suburb still look like an attractive optionFull summary House Prices in West Footscray may be pushing on the boundary of affordability with a median price above $650,000, but units in the Melbourne suburb still look like an attractive option.

The current median price for a unit is a much more affordable $395,000.

Units have hit that price after capital growth over the last five years, a rate of growth that is consistent with suburbs in the Maribyrnong region.

Footscray West is around 8km from the Melbourne CBD and is somewhat of a mixed suburb.

Its western edge has a commercial tinge to it due to the Central West Business Park, while along Sunshine Road is a mixture of commercial and retail operations.

Barkly Street, however, provides a number of restaurants and cafes, while there are large areas of parkland throughout the suburb.

There are also education opportunities, from primary to tertiary, in the area. 

Whitten Oval, home of the AFL’s Western Bulldogs, is also nearby.Close
HOUSE UNIT
$690,000 $380,000
1.17% 0.00%
6.15% -5.30%
9.38% 6.36%
$400 $299
113 85
3.01% 4.09%
64.97 79.71

Source: Property Value by CoreLogic. Click here to get a list of the top suburbs for capital growth potential. Enter code YIP10 at checkout for 10% off premium subscription.

DSR Score for property investment : Good (H), Above average (U)
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Demographics
Total population 10223
Median household income ($/weekly) 1129
Median age of persons 35
Median housing loan repayment ($/monthly) 1800
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 925 9.0
    25-34 years 2140 20.9
    35-44 years 1859 18.2
    45-54 years 1327 13.0
    55-64 years 876 8.6
    Others 3096 30.3
    Age Group
    Census Count Percent(%)
    Not Married 3696 47.3
    Registered Married 3206 41.0
    Defacto Relationship 910 11.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 5453 57.3
    Indonesia 605 6.4
    United Kingdom 233 2.4
    Viet Nam 821 8.6
    Other 891 9.4
    Others 1510 15.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 859 9.3
    Christianity 4668 50.6
    Hinduism 504 5.5
    Islam 577 6.3
    No Religion 2485 26.9
    Others 137 1.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 370 10.4
    $600-$799 340 9.5
    $800-$999 313 8.8
    $1,000-$1,249 342 9.6
    $1,500-$1,999 451 12.6
    Others 1751 49.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 3149 39.6
    Not in the labour force 2548 32.1
    Employed, worked part-time 1518 19.1
    Unemployed, looking for work 399 5.0
    Employed, away from work 333 4.2
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1228 24.6
    Technicians & trades workers 616 12.3
    Community & personal service workers 508 10.2
    Clerical & administrative workers 711 14.2
    Labourers 551 11.0
    Others 1383 27.7
    Occupation
    Census Count Percent(%)
    Infants/Primary 562 24.9
    Secondary 446 19.7
    Technical or Further Educational Institution 294 13.0
    University or other Tertiary Institutions 624 27.6
    Other type of educational institution 187 8.3
    Others 147 6.5
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 6978 72.8
    Flat, unit or apartment 2052 21.4
    Semi-detached, row or terrace house, townhouse 531 5.5
    House or flat attached to a shop, office 28 0.3
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1497 39.5
    Being purchased 1245 32.8
    Fully owned 1033 27.2
    Other tenure type 19 0.5
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals