Suburb Profile Report for West Footscray VIC (3012)

West Footscray House: Median price $677,500, Annual capital growth 9.06%, Number of sales 129, Weekly median advertised rent $400

West Footscray Unit: Median price $380,000, Annual capital growth 8.40%, Number of sales 94, Weekly median advertised rent $290

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

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VIC has seen average median house prices change by 9.12% which means that West Footscray, 3012 has done well for property investors by showing a capital gain of 7.71% over the last year

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in West Footscray has increased when compared to the 5 year average annual rate.

The most recent median price for West Footscray is $677500, with sellers offering an average of -3.37% off the asking price.

Often selling an investment property can take time, and in West Footscray the average time real estate has been on the market is 69.59 days.

Using the current median advertised rental of $400 and the average annual increase in value of a median property of 9.06%, investors should hope to achieve an overall return of 3.07%

At number 1437th in the list of Australian suburbs ordered by increase in median house value over the last year, West Footscray, 3012 is in the BOTTOM 20% with a property value increase of -5.00% recorded in median house prices.

Over the longer term, West Footscray has seen property prices show investors a 15.85% return over the last 3 years. This is worse than over the last 12 months

The most recent median price for West Footscray is $380000, with sellers offering an average of -9.23% off the asking price.

Using the current median advertised rental of $290 and the average annual increase in value of a median property of 8.40%, investors should hope to achieve an overall return of 3.97%

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
$677,500 $380,000
0.74% -2.88%
7.71% -5.00%
9.06% 8.40%
$400 $290
129 94
3.07% 3.97%
69.59 84.47

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