VIC has seen average median house prices change by -1.69% which means that West Footscray, 3012 has not done well for property investors by showing a capital gain of -9.71% over the last year
While West Footscray,3012 ranked number 457th in VIC for increase in median house value (annualised) increase, it is ranked 440th over the last 5 years.
At number 373th of VIC’s most discounted properties, West Footscray is in the TOP 40% of the state/territory when listing in order of most discounted to least.
With the median price for a house in West Footscray being $790000 and the advertised rent reaching $480 the gross rental yield for property investors calculates out to be 3.16%
West Footscray is in the TOP 10% in VIC when comparing median price capital growth over the last year. West Footscray gave property investors a very good capital gain figure when compared to the rest of the state, with 14.68%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in West Footscray has increased when compared to the 5 year average annual rate.
Vendor discounting in West Footscray is giving property investors an average Vendor Discount of around -5.16%. This puts suburb at number 189th in VIC when ranking the most discounted suburbs.
With the median price for a house in West Footscray being $453000 and the advertised rent reaching $340 the gross rental yield for property investors calculates out to be 3.90%
Information supplied by:
Prices drop in inner-city suburb
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.