An over­looked gem

Herald Sun - Property - - SUBURB PROFILE -

YOUNG buy­ers with a de­sire to live within 5km of the Mel­bourne CBD are flock­ing to Footscray in droves.

House prices have more than dou­bled in the past 10 years, with the me­dian price now sit­ting at $672,800 ac­cord­ing to CoreLogic.

The tra­di­tion­ally work­ing­class sub­urb has started to un­dergo a gen­tri­fi­ca­tion, ac­cord­ing to Stock­dale & Leggo fran­chise and busi­ness de­vel­op­ment man­ager Stu­art Robinson.

“Younger fam­i­lies who want to be in that 5km ra­dius of the Mel­bourne CBD are mov­ing to the area as it is com­par­a­tively af­ford­able,” Mr Robinson said.

“The in­flux of new res­i­dents is part of the rea­son the sub­urb is un­der­go­ing a re­newal.”

A large num­ber of peo­ple snap­ping up prop­erty in the area were buy­ers priced out of ar­eas such as Rich­mond.

“Peo­ple who want an in­nercity lo­ca­tion at a more af­ford­able price point are be­ing drawn to Footscray,” Mr Robinson said.

There has also been an in­flux of apart­ment devel­op­ments in the past few years, with the me­dian apart­ment price now sit­ting at $360,000.

“Apart­ments in the area are par­tic­u­larly pop­u­lar with in­vestors and first-home buy­ers,” Mr Robinson said.

“It is a very easy area to find a ten­ant for an apart­ment, while it is a more af­ford­able option for buy­ers look­ing to get into an in­ner-city mar­ket.”

Apart from its prox­im­ity to the CBD, buy­ers were also at­tracted by the com­bi­na­tion of mod­ern and pe­riod homes, easy ac­cess to pub­lic trans­port and the area’s mul­ti­cul­tural feel.

“There are peo­ple from a very wide range of coun­tries and cul­tures liv­ing in the area, which makes it a great and in­ter­est­ing place to live,” Mr Robinson said. “There are a num­ber of great mar­kets, while there are also great pub­lic trans­port links with easy ac­cess to sub­urbs in all di­rec­tions.”

The cen­tral sub­urb also has beau­ti­ful park­land on the Maribyrnong River, per­fect for fam­ily buy­ers.

“It is one of those sub­urbs that is of­ten over­looked,” Mr Robinson said.

“It is an area that is grow­ing in pop­u­lar­ity.”

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