An overlooked gem
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.”