Suburb Profile Report for West Footscray VIC (3012)

West Footscray House: Median price $880,000, Annual capital growth 10.02%, Number of sales 124, Weekly median advertised rent $430

West Footscray Unit: Median price $385,000, Annual capital growth 6.35%, Number of sales 85, Weekly median advertised rent $300

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Investment property in West Footscray has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 24.82%

Across a shorter period, West Footscray, 3012 has seen a median price increase of 3.53% over the last quarter.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.26% offered to property buyers. Sellers in West Footscray itself are offering an average vendor discount of -2.50% to real estate investors.

At number 971 in a list of fastest selling suburbs, West Footscray is in the TOP 30% of suburbs in Australia with an average of days on market 54.28 for properties listed there.

Situated 8.32km from the CBD, West Footscray is one of Maribyrnong localities in the postcode 3012.

Property investors who have had real estate in West Footscray, 3012 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -6.72%

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

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 West Footscray, 3012. Typically our figures indicate that -6.46% is being offered, which puts this VIC suburb at 364th most discounted overall in Australia.

West Footscray, 3012’s gross rental yield is 4.05%

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
Metrics i HOUSE UNIT
$880,000 $385,000
3.53% -7.34%
24.82% -6.72%
10.02% 6.35%
$430 $300
124 85
2.54% 4.05%
54.28 107.7

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
Find a mortgage broker in West Footscray VIC
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
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Recent sales & rentals