Over the last year, property investments in Footscray, 3011 have given investors a capital gain of 0.63%. This compares badly with the 4.75% for VIC as a whole.
Over the longer term, Footscray has seen property prices show investors a 31.25% return over the last 3 years. This is worse than over the last 12 months
Property investors looking for a bargain in Footscray should be aiming for at least -5.89% off the asking price, which is the average vendor discount being achieved at the moment.
Footscray, 3011’s gross rental yield is 2.80%
With a capital gain of 2.19% for the last 12 months, Footscray, 3011 has performed for property investments than its average annual 6.01% property growth over the last 5 years.
Taking the average capital gain, or increase in median house value, Footscray,3011 has racked up an average of 2.19% over the period. This ranks it number 1457th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Footscray should be aiming for at least -6.95% off the asking price, which is the average vendor discount being achieved at the moment.
Renters in Suburb are facing rents around $18200 per annum or $350 every week.
The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soonFull summary
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The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soon.Close
The area screams affordability and with the continued gentrification of the area, there is significant potential for further capital growth.
Compared to other inner city suburbs like Carlton North ($600,000) and Ascot Vale ($455,000), Footscray offers a much more affordable price for units.
Situated 5km west of Melbourne’s CBD, Footscray is well serviced by public transport, shopping centres, parks and recreational centres.
A wide variety of schooling is available, Victoria University maintains two campuses in the area and a multicultural hub provides a wide variety of dining options.
All of these aspects are appealing to a young professional demographic in a big way.
The Maribyrnong City Council continues to put a lot of effort into infrastructure development including rejuvenating Footscray’s Barkly Street Village and other projects like the McNab Avenue Development.