Footscray

[mykie]

To those who have invested, are investing or have looked into investing in Footscray, Vic.

What are your thoughts on this suburb, it is obvious that Footscray's reputation is not fantastic hence why I have created this thread but so many advocates believe this suburb is transforming and progressing at a rapid pace. It's CG is also very strong and as a investor looking at the possibility of purchasing into this suburb I wanted to extract any thoughts or ideas that you may have that will help me with my final decision.

Any feedback would be greatly appreciated.

 

[Jamie_D]

I live in West Footscray
Townhouse was $380k OTP and now worth $440k after 12 months
City views
Great transport
Highpoint Shops up the road
Huge development starting on Barkly St - Banbury Village

Footscray town centre is still crack capital however I prefer to stay away

Seddon and Yarraville are nice pockets and close by (restaurants/cafes etc)

You buying OTP, new or established?

 

[mykie]

I am looking at something like this

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007643887

 

[mykie]

I just received a $3.95 sms property report on the house and it sold for 416k sep 07 and 223,500 in jun-01, which equates to 86% CG since jun 01 and around -5% CG since sep 07 based on a 395k offer.

 

[Jamie_D]

Hey Mykie

I know the street well
It's opposite factory/warehouses and Geelong Rd
Currently returning around 4%
I'd go lower than advertised price
You need a building / pest inspection
You could bump rental up in Sept 09 by $20 pw
Looks neat thou
You got finance arranged?

 

[mykie]

Hey Mykie

I know the street well
It's opposite factory/warehouses and Geelong Rd
Currently returning around 4%
I'd go lower than advertised price
You need a building / pest inspection
You could bump rental up in Sept 09 by $20 pw
Looks neat thou
You got finance arranged?

I have a conditional approval arranged, no so sure about it if factories/warehouses and Geelong rd are nearby though. What street do you believe I should be looking in?

 

[Jamie_D]

Further west off Barkley near western oval
nice little pocket

 

[mykie]

Further west off Barkley near western oval
nice little pocket

okay no worries cheers,

do you know suffolk st, footscray west/ There is a house for sale there that looks okay see below:

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007636398

 

[Electro]

I too have shortlisted Footscray as a good location for an IP. I believe that there is a good chance that the docklands developments may stretch to Footscray in years to come further increasing CG in the area.

I think that central Foostrcay is still a 'bad' suburb and still has a bad reputation/name but going towards Kensington or Yarraville there are some good oportuinities for investments.

And at the end of the day it is <10 kms from the CBD which in my opinion always helps to increase CG in the long term.

 

[Jamie_D]

okay no worries cheers,

do you know suffolk st, footscray west/ There is a house for sale there that looks okay see below:

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007636398

Yep
Nice location, near park, buses and shops
Should fetch $400-$420 pw

 

[Electro]

Yep
Nice location, near park, buses and shops
Should fetch $400-$420 pw

Do people really pay that much to rent in Footscray?

For that price you could afford South Melbourne and the likes...

 

[Jamie_D]

Do people really pay that much to rent in Footscray?

For that price you could afford South Melbourne and the likes...

My neighbours pay $395 pw for new 2 storey t/house
check RE.com for comparisons

 

[Electro]

My neighbours pay $395 pw for new 2 storey t/house
check RE.com for comparisons

Interesting....

I didn't know that - even more reason to consider Footscray

 

[BAOT131]

Hi Mykie

I may be bias because i have an IP in the area, actually it is on Byron street, the other side of Moore street, but this is my view.

I bought it in 2002 for $240K, recently it was end of a lease so I took the opportunity to renovate it. I took 2 weeks holidays to do the reno, most days I have lunch and dinner in the restaurants about 2-3minutes walks.
After dinner I came back and do more work til 10PM sometimes 11PM and the street is quiet, most days I can see alot of people in suits walking to the train station to get to work, (don't know if they are renting or owning).

Sometimes I forgot to lock the back door and side gate has not put up yet and there wasn't any problems.

I spent $10K to install new kitchen, bathroom, laundry, floating floorboards and split aircond and is now rented for 350pw.

Regards
T

 

[THEHEATH]

Do people really pay that much to rent in Footscray?

For that price you could afford South Melbourne and the likes...

Heh, there was a thing on ACA last night on how it costs as much to rent a two bedder in Broadmeadows as it does to rent one in (bah, can't remember exactly, but it was Elsternwick or St. Kilda or one of those beachside suburbs along there).

 

[units4me]

From what i saw on that ACA thing, they took the crappiest flat in Brighton they could find and they compared it to a beautiful new townhouse in Broadmeadows, hinting that the rents were simular.

Couldn't see any point to the excercise. Maybe they think we're all stupid.