Investors
Footscray has consistently been identified as a key suburb to invest in. Recent data from realestate.com.au revealed Melbourne’s west as the nation’s strongest growing region over the past five years. The combined western suburbs recorded 36.9 per cent growth in median house price from June 2014 to June 2019,* with experts indicating population growth and relative affordability contributing to the driving growth in the area. The median price of a house in the west went from $412,698 five years ago to $565,000 in June this year.
In addition, apartment markets are leading Melbourne’s recovery from the post boom downturn.** As more buyers and renters look to apartments as an affordable housing alternative, Footscray is an attractive offer. The location is unequalled in culture and dining options, driven by a diverse migrant population. In recent years, the area has undergone gentrification as a result of a spill-over of growth from Melbourne. Suburbs such as Footscray, which are close to the Melbourne CBD and highly desirable, look set to continue their strong performance in years to come.
*Why you should buy in Melbourne’s western suburbs
**Apartment markets leading Melbourne’s real estate recovery
FOOTSCRAY’S KEY DRIVERS
Employment
by 2026
Population Growth
by 2021
Infrastructure Investment
by 2026
Source: Urbis 2018
WHY INVEST IN FOOTSCRAY?
Inner city
location
Liberty One is only 4km to the CBD with outstanding transport connections, 3 stops on the train to Melbourne’s CBD and only 15 minutes to the airport by car. Footscray is also one of the last suburbs within 4km of the city that hasn’t boomed.
Population
Growth
By 2031, the population of Footscray is projected to more than double to approximately 42,600 residents.
Source: ABS, Urbis
Government
Investment
Total Government infrastructure investment by 2026 is estimated at $31 billion including the West Gate Tunnel Project, Metro Rail, and Footscray Hospital Redevelopment.
Affordability
Footscray punches well above its weight in terms of affordability compared to suburbs of equal proximity to the city. For example, median house prices are $863,000 in Footscray, compared to Prahran’s $1,500,000. Projections suggest that this present gap is certain to narrow rapidly over the next
few years.
Source: ABS, Urbis
Education
There are 23 top schools & universities in Footscray and neighbouring suburbs including RMIT Universtity, Victoria University, University of Melbourne, La Trobe University, St John’s Catholic School and Gilmore College.
Rental Demand
High rental demand & low vacancy rate of 1.4% signifies the interest for rental properties in Footscray compared to other neighbouring suburbs.
Gross yields in the Footscray market are strong, achieving approximately 5% return.
Source: ABS, Urbis
Rental Market
Footscray has an established and growing rental market with 64% of residents renting their homes as at 2016, increasing from 56% in 2011. The share of renters in Footscray greatly exceeds those across Greater Melbourne at 31% in 2016.
Source: ABS; Urbis 2018
VALUE OF COMPARABLE SUBURBS
Footscray represents outstanding value in comparison to other similar Melbourne suburbs. The Inner West of Melbourne is significantly undervalued compared with other areas of equal proximity to the CBD. A median price comparison of suburbs within similar distance to Melbourne’s CBD indicates the current disparity. All projections suggest that this present gap is certain to narrow rapidly over the next few years.
Source: realestate.com.au & RP Data
THE NEW FOOTSCRAY HOSPITAL
The Victorian Government has provided up to $1.5 billion to deliver a new Footscray Hospital – the largest ever health infrastructure investment in the state. This new hospital will transform the Footscray area with new jobs and increase the demand for housing, as well as ensure families in Melbourne’s booming suburbs can get the care they need close to home.
The new Footscray Hospital will be less than 2km’s from Liberty One and opposite Victoria University. With an increase of nearly 200 beds, the new hospital will treat approximately 15,000 additional patients and enable around 20,000 additional people to be seen by the emergency department each year.
DISPLAY SUITE
Open Thursday – Saturdays 10am – 4pm
Gishern Naidoo
0423 552 021
Gishern.Naidoo@bensonsproperty.com.au
1 Warde Street
Footscray 3011
VICTORIA
DISPLAY SUITE
Open Thursday – Saturdays 10am – 4pm
Gishern Naidoo
0423 552 021
Gishern.Naidoo@bensonsproperty.com.au
1 Warde Street
Footscray 3011
VICTORIA