Footscray - apartments

Discussion in 'Where to Buy' started by adam73021, 27th May, 2015.

  1. adam73021

    adam73021 Member

    Joined:
    18th May, 2010
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    Location:
    Melbourne
  2. Redwood

    Redwood Member

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    9th Nov, 2013
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    Location:
    VICTORIA
    None of the links work?

    Back to Footscray, I am a huge fan of Footscray. Can be measured as less than 5km to the city with excellent public transport (trains and buses) and good rental yields. In the 1 bedroom space you are able to secure a one bedroom for around $6500 per sqm and lesser on 2 bdrm. However on new developments you will find that 1bdr apartments will not include a car space.

    I still see a lot of potential in Footscray more due to the population demographic in that Footscray has a smudge to it for many, that is drug issues and significant viet community (recently sudanese) which turned off many. However, the recent development has made Footscray a cosmipolitan area with young professionals renting in droves and of course this comes down to choosing an excellent property manager.

    You will find Footscray is fairly cheap per square metre, immature in a sense but it is really catching up (check out the changes in skyline) and given the proximity to the city has real potential to grow.

    My tip - spend a little more and buy a townhouse in the area ....

    Cheers Ivan
     
  3. adam73021

    adam73021 Member

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    18th May, 2010
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    Location:
    Melbourne
    Thanks Ivan, have updated the links.
     
  4. pickle pickle

    pickle pickle Member

    Joined:
    9th Jul, 2009
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    485
    Location:
    Melbounre Victoria
    1st and third links have potential.

    I would stay away from 2nd link as discussed in PM to you.
     
  5. adam73021

    adam73021 Member

    Joined:
    18th May, 2010
    Messages:
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    Location:
    Melbourne
    I'm a little confused and hopefully someone can point me in the right direction or confirm the obvious. From all the research I've done the prices for Footscray have & are increasing, yet properties I've looked at have sold for more in the past than what they're asking now :confused:

    Example;
    302/55 Hopkins Street Footscray Vic 3011
    Asking $370+
    Sold for $388 back in Aug 2009
    http://www.realestate.com.au/property-apartment-vic-footscray-107590711

    Either the data I have is wrong or I'm looking at the wrong properties
     
  6. Jake Milne

    Jake Milne Buyer's Agent (Vic)

    Joined:
    26th Jun, 2012
    Messages:
    1,037
    Location:
    Australia
    Agree. Townhouses on the Western side of the city are a much safer and smarter choice for investments. Apartments are better in the East for CG.