Barkly St new apartments footscray.

P

pb3456

Long time Lurker, First time poster here.

What are peoples opinions on the new apartment block on Barkly St Footscray.
I am investigating possibilities for my 1st IP
Prices range from 300 for single bedrooms up to 500 for double bedrooms.
Apartments are around 70-80 sqm.
Its a 13 story development.
To me it seems like a great location with everything you need in walking distance. 6km from the cbd. As the gentrification of Footscray and surrounding areas continue could Barkly st be the new Brunswick st in another 10 years?
The UNI is just around the corner as well.
Everything adds up for above average Capital Growth.
 
Hi pb3456,

Haven't seen the development, (can you post a link please), but 13 storeys sounds like you'll be competing with a whole lotta other investors when it comes time to rent it out.

What sort of people do you get renting in Footscray (ie are they families, singles, druggies, crims)?

Apartment size sounds good & proximity to the uni.

Does the apartment have parking?
 
I queried Footscray with a friend who has done very well in buying for capital gains & she straight out poo-poo'd the idea.

I was thinking same as you that gentrification will occur over the next 5(?) years, good transport, close to the city etc. Her comments were 'it's full of junkies and no-hopers'...interested in your thoughts on that!

Just waiting for the links to load as we've gone over our download limit & 'puter veeeeery slow....
 
Ok, looked briefly over the plans for the block...I see there's a lift which would add to the Body Corp fees & I don't like paying for lifts, pools, on-site management etc.

I'm thinking I still like the area but would look for older apartment blocks with less than 20 in them that I can value add to.

It also looks like it's on a main rd (I don't know the area well so maybe you can correct me on that!) Don't like the main rd thing as it's too busy & you have problems turning out of your driveway if traffic is chockers. Also, visitors may have trouble parking there (not sure what the parking restrictions are on the roads surrounding it).

Depreciation would be good, but so many in the block means no scarcity factor. (Depreciation only goes so far & I think it's the icing on the cake not a reason to purchase). And they're all the same so there's no 'twist' like with art decos.

One thing to consider, when the next block of new apartments is built, this one will no longer have that 'zing' factor of being new anymore & renters IMO will go for the newer block.

Do they have internal/Euro laundries?

Would not go for the 1BR if there's no parking either.

Interested to hear your thoughts on all this...

:)
 
Rang up to enquire about this development and they are all sold out. Amazing seeing that all it is at the moment is a vacant block, Haven't even started building.
I still think the location is brilliant apart from the main road. Everything you need is within 1km if the development.
I see what your friend is saying. Footscray still has a stigma attatched to it but
so did Fitzroy and Brunswick some time ago and now look at those suburbs.
Also the govt are investing a truck load of money into that area so they mean business which also bodes well for the area.
 
Wow, all sold...hmmm...interesting to see what it turns out like when it's finished.

Still think it's worth a look at what else is out there in terms of older apartments to do up a bit.

Thanks for the links too - very useful :)
 
As a ballpark, you can get a 50s-60s two-bed apartment in the wrong part of Footscray for probably $270-$300k:
http://www.realestate.com.au/property-apartment-vic-footscray-106560172

or

http://www.realestate.com.au/property-apartment-vic-footscray-106551710

These need a bit of fixing up generally, and the area is not the nicest. But they rent quite well I believe - walking distance to Vic Uni and very handy to all the other things that make Footscray so great. And the body corp fees would, I'm guestimating only, be about $800-$1200pa.
So $300k for a one-bedder is a bit exe, IMHO, and $500k for a two-bedder would get you into a villa unit, with plenty of change (probably about $100k), without those body corp issues.
Barkly Street is very busy and I certainly would not buy anything in that area without parking. It's a must.
As to the other issues, I believe Footscray has great potential for the future. It's already shown huge growth recently. I couldn't find a great link, but it gets a guernsey for growth in this story:
http://www.heraldsun.com.au/news/north-and-western-suburbs-lead-melbourne-s-thriving-property-market/story-e6frf7jo-1225842079723
You could definitely do worse than buying a place in Footscray. I know people who paid $95,000 for a house in Shepherd Street in 1995, sold it (renovated) for $300,000 in 2000 and it sold again a couple of years ago for about $600,000 - largely untouched since that reno. I'd be pretty happy with that. Good luck with the hunting.:)
 
Barkly Theatre project

Just would like to know your thoughts on below....

277-287 Barkly St. Footscray

http://www.apartmentsuperstore.com.au/projectdetails.aspx?id=41

#403 ( 2 BR, internal 79 SQM external 9 SQM, no car park ) $440K, face Westgate Bridge.

#401 ( 2 BR, internal 70 SQM external 9 SQM + car park ) $455K, face city.

#502 ( 2 BR, internal 79 SQM external 9 SQM + car park ) $475K

#503 “ $475K

#603 “ $485K

#702 “ $495K

#703 “ $495K, the rest of the apartments all sold out.

Body Corp is ~ 1750
Council Rate is ~ 1500

Rent appraisal ~ 420 - 440 per week
 
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