Footscray

[aijii]

Hey guys,

What do people think of the areas around footscray -> west footscray etc.

There seem to be a lot of massive apartments blocks around Vic Uni flooding the market with studios and 1BRs.. but all quite cheap. I've been advised against buying in one of these establishments due to the high competition you have from other investors in the same building, also the high BC fees etc.

However, a friend who happens to be a real estate agent has found a couple of established 1BR flats in smaller blocks <15 that aren't as close to Vic Uni (more west footscray) going for mid $100s.

I haven't yet done much research into the area. Am hoping to get out and see a few places this weekend if there many opens of similar properties.

Has anybody got anything - positive or negative - to add about this area ? Personal experiences etc ? I'm a little concerned about the quality of tenant given the area, i suppose thats where a property manager comes in.

This will be my first IP btw

thanks,

adrian

 

[moorew]

Hi Adrian,

Do the numbers. Personally, I'd steer clear of larger apartment blocks as these do tend to be cookie cutter and there is nothing special about it. What this means is, if you need to sell and times are a bit tougher, what is the incentive for a purchaser to buy your apartment over the 10 others that are exactly the same? Look for something a little unique or with a twist (eg: art deco features, boutique block of 12 or less, etc).

Footscray is earmarked on the Melbourne 2030 plan, so it certainly would be worth considering but do your research as to the better areas and streets and pick those.

Good luck.
Wendy
http://www.realestatewomen.com.au

 

[stumunro]

something that close to a growing city for the prices that you see in footscray will perform outstandingly imo