Over the last year, property investments in West Footscray, 3012 have given investors a capital gain of -5.74%. This compares very badly with the 2.87% for VIC as a whole.
While West Footscray,3012 ranked number 106th in VIC for increase in median house value (annualised) increase, it is ranked 530th over the last 5 years.
Sellers are offering property buyers an average discount of -7.47% to buyers in West Footscray at the moment, which is less than average for the rest of VIC.
A $470 per week rent on the median house gives suburb investors a gross yield of circa 3.06%, without taking into account capital value appreciation, which has been averaging out at 5.59%.
Giving property investors a a solid capital gain of 11.50% for the last year, West Footscray, 3012 is the 223th highest performer in Australia in this respect.
West Footscray,3012 has offered an average of 11.50% return per annum in house price rises to property investors over the last three years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.98% offered to property buyers. Sellers in West Footscray itself are offering an average vendor discount of -4.96% to real estate investors.
Situated 8.39km from the CBD, West Footscray is one of Maribyrnong (C) localities in the postcode 3012.
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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.