Suburb Profile Report for West Footscray VIC (3012)

West Footscray House: Median price $895,000, Annual capital growth 7.73%, Number of sales 127, Weekly median advertised rent $430

West Footscray Unit: Median price $387,500, Annual capital growth 3.84%, Number of sales 83, Weekly median advertised rent $320

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

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

Information supplied by:


November 2017

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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

Prices drop in inner-city suburb

Postcode: 3012

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
Metrics i HOUSE UNIT
$895,000 $387,500
0.56% -17.55%
2.40% -7.74%
7.73% 3.84%
$430 $320
127 83
2.50% 4.29%
50 61.23

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