Advice on 1BR apartments around footscray, vic

Good evening all,
I am not entirely new to property investing as I have 2 properties in Mildura. I am currently renting in a south eastern suburb of melbourne and am 95% sure I am attending a university in footscray and therefore need to relocate. Rather then renting a 1BR apartment in footscray I am contemplating selling one of my houses in Mildura and buying my own apartment either right in footscray or in a nearby suburb.
The rental yield on my two properties in Mildura I very good, but the capital growth in the area is non-existent. Eventually I would like to purchase property in Melbourne anyway as it has good capital growth and this might just be the time.
Basically In my effort to research footscray and close surrounding suburbs I thought it would be a good idea to ask anyone on this forum if they know the footscray area well and could give me any helpful information, or even who might already be an investor in that area.

Cheers
Luke
 
Research the area, which certainly has its good points and bad. Lots of flats to be had around the Vic Uni area - about $250k-$350k these days, depending on whether one bed or two. Seddon is nice too, and handier to the other Vic Uni campus. Two zone one stations, a tram, lots of good shopping and restaurants, 10 minutes to the city by car.
Must be some of the reasons that the median price in Footscray went up 34.4% last year - 7th biggest gain in Melbourne.
Cheers:)
 
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That 34% gain though, was that the whole suburb, just houses, or just apartments? Does anyone know what the gain was on apartments only?

For the record I dont have an issue with Footscray, but I would probably only consider houses
 
hi Super Sam, it was the median house price, as outlined in the REIV's most recent quarterly figures - not sure if that takes in apartments as well.


As to others ... can someone tell me if there's an ignore button on this forum. I really need to find it.:p
 
As to others ... can someone tell me if there's an ignore button on this forum. I really need to find it.:p

Not sure if that's tongue in cheek, but there is! ;) Go to User CP, select "Edit Ignore List" and add the poster's name. (Mind you, I haven't done it yet - but been tempted a couple of times! :D)
 
Thanks for the posts so far (from most people). I failed to mention that my reason for looking at footscray is because I will be attending VU on the footscray park campus and therefore want to live either in or very close to footscray.
I'm not sure if it is a reliable tool or not but www.domain.com.au has an 'invest' section which allows you to type in a postcode and review statistics like growth over pas 12,24 or 36 months, rental yield etc for both houses and units.
I also realise that while there are possibly better suburbs around melbourne to invest in, I figure due to the fact that Mildura, VIC where my current two properties are (and where I hail from), hasn't had any growth in a couple of years and doesnt look like improving, the simply fact of getting into the melbourne property market (even if its footscray) would be a positive.
Forumite: I did look at neighbouring suburbs on the map, although have not yet looked at what is for sale. I obviously intend to at least take a drive one weekend soon.
Does anybody own any property in or around footscray that could give some input to this thread?

Cheers
 
Ok, all chest-beating aside (and apologies for a long post forth-coming)... Countrykid, we have our first IP in West Footscray.
We moved to melbourne in early 1996, stayed with friends in Footscray. They'd bought their place a few months earlier, paid $95,000. A reno and about five years later (2001), they sold for $300,000 (from memory). Same place, these days? I'd say about $650,000, maybe more.
We bought a PPOR in one of the best streets of West Footscray for $430,000 - yep, at the top of the market:rolleyes:. Sold it three years ago this month (Jan 07) for $510,000, with little done. Don't get me started ... that's a sad story of taking the wrong step at the wrong time. The same place now? About $700,000, I reckon.
Our IP is a tidy little villa in a good street, a long walk from Vic Uni, but handy to most other stuff. We paid $330,000 in November - and I still think we got a good deal. Yet I can easily remember those places going for about $200,000. Sigh:cool:
Don't let the old east-west bias of Melbourne put you off. Yep, you may be able to do better with something blue chip elsewhere. Or you may not. And Footscray still definitely has its bad points, but it has so much else to offer. Nor is it like it used to be.
We lived in Flemington (next door) from 1997-2001 (another long story), and I still clearly remember a neighbour coming home with a story about a couple (very well-dressed, driving nice cars) doing a drug deal in the next street over. It's not like that these days. Which is not to say you can't find that kind of scene if that's what rocks your particular boat.
But if Footscray ticks all the other boxes, and if it suits you to live there for other purposes (uni, work etc), then I'd say go for it. The numbers stack up, the location stacks up. We're relatively new investors, so I'm no expert on that side of things - I am, however, pretty good on Melbourne's inner-west. Had both my babies here - have walked pretty much every street and lane:cool:.
It's changing - there's a Nando's in Barkly Street now, and other chains. When we first came to Footscray it felt like downtown Bangkok, which we'd just left. Now, it feels like much of the rest of inner Melbourne.
Ignore the Camberwell brigade - that might not suit your budget or purposes right now. Good luck with it all:D
 
For what it's worth, IMO Tuppence is right on the money.

I think it's a top spot, with still some bargains to be had. If you're going to be at VU, the location will be perfect for you. Like other posters have said thou,you'll just need pick your streets a little more carefully.

All the best, for what ever your choose to do,

AV
 
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