With a capital gain of 14.97% for the last 12 months, Footscray, 3011 has performed for property investments than its average annual 8.38% property growth over the last 5 years.
While Footscray,3011 ranked number 509th in VIC for increase in median house value (annualised) increase, it is ranked 177th over the last 5 years.
Property investors should expect to get $440 weekly from the median priced house in this suburb.
Footscray, 3011 ranked 336th in VIC when comparing growth in median property values or capital gain over the last 12 months. Footscray is one of 2098 in our list for VIC
Over the longer term, Footscray has seen property prices show investors a 0.12% return over the last 3 years. This is worse than over the last 12 months
With the median price for a house in Footscray being $405000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 4.49%
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.