VIC has seen average median house prices change by -1.69% which means that Footscray, 3011 has not done well for property investors by showing a capital gain of -6.14% over the last year
Across a shorter period, Footscray, 3011 has seen a median price increase of -2.82% over the last quarter.
The most recent median price for Footscray is $826000, with sellers offering an average of -5.46% off the asking price.
Residents and property investors in Footscray have been waiting around 70.12 days to sell a property.
Footscray has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -4.17% to date .
A 0.63% growth in median value for property investors in Footscray,3011 puts this suburb at number 232th in terms of best performing suburbs in VIC
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.24% offered to property buyers. Sellers in Footscray itself are offering an average vendor discount of -5.21% to real estate investors.
Often selling an investment property can take time, and in Footscray the average time real estate has been on the market is 78.3208 days.
Renters in Suburb are facing rents around $18720 per annum or $360 every week.
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The former industrial zone of Footscray holds a long history of development that shows no sign of slowing down soon.
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.