Property investors who have had real estate in West Footscray, 3012 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 2.40%
Taking the average capital gain, or increase in median house value, West Footscray,3012 has racked up an average of 2.40% over the period. This ranks it number 661th in the whole country for real estate investors looking at median house price increases.
At number 562th of VIC’s most discounted properties, West Footscray is in the TOP 20% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in West Footscray the average time real estate has been on the market is 50 days.
Using the current median advertised rental of $430 and the average annual increase in value of a median property of 7.73%, investors should hope to achieve an overall return of 2.50%
Investment property in West Footscray has done 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 -7.74%
Across a shorter period, West Footscray, 3012 has seen a median price increase of -17.55% over the last quarter.
Sellers are offering property buyers an average discount of -4.80% to buyers in West Footscray at the moment, which is less than average for the rest of VIC.
Advertised rents are around the $320 mark per week – giving a return of 4.29% based on the median price in Suburb
While there’s been a rapid increase in development here, West Footscray still has a unique, quirky charm. West Footscray, home to Whitten Oval, training ground of the reigning AFL premiers Western Bulldogs, achieved 6.7% price growth over the last five yearsFull summary
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Prices drop in inner-city suburb
Median unit price: $385,000
Three-year growth: 2.7%
Rental yield: 4.1%
While there’s been a rapid increase in development here, West Footscray still has a unique, quirky charm. West Footscray, home to Whitten Oval, training ground of the reigning AFL premiers Western Bulldogs, achieved 6.7% price growth over the last five years.
Just 7km from the CBD, the suburb recorded a median unit price of just $385,000, making it one of the most affordable inner-city areas in Melbourne. With a thriving multicultural community, a vibrant cafe culture and easy access to the city via public transport, Footscray is popular with commuters and families.
A mix of Victorian and Edwardian-era homes and new builds, with more parks and green space than you would expect of an inner-city metropolitan area, it’s a high-demand market popular with investors, owner-occupiers and renters, particularly university students.Close