With a capital gain of 5.88% for the last 12 months, Footscray, 3011 has performed for property investments than its average annual 7.50% property growth over the last 5 years.
Across a shorter period, Footscray, 3011 has seen a median price increase of 1.69% over the last quarter.
The most recent median price for Footscray is $900000, with sellers offering an average of -4.94% off the asking price.
With the median price for a house in Footscray being $900000 and the advertised rent reaching $460 the gross rental yield for property investors calculates out to be 2.66%
With a capital gain of 6.60% for the last 12 months, Footscray, 3011 has performed for property investments than its average annual 4.02% property growth over the last 5 years.
Across a shorter period, Footscray, 3011 has seen a median price increase of 2.94% over the last quarter.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.60% offered to property buyers. Sellers in Footscray itself are offering an average vendor discount of -5.35% to real estate investors.
The VIC suburb of Footscray, 3011 is in the Maribyrnong local government area.
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.