Kensington, Footscray Vic Investment
- Thread starter johnkerr
- Start date
would avoid footscray - negative growth.
i like them both but areas in both suburbs i would and wouldn't touch
As in any other area - there are good and bad.
I havent looked in kensington much - but have looked in the footscray/seddon area (ended up purchasing a number of years ago in Seddon).
Havent had trouble with tenants myself - but again - depends on the area and style of property you are buying and in turn the tenants you are attracting.
I havent looked in kensington much - but have looked in the footscray/seddon area (ended up purchasing a number of years ago in Seddon).
Havent had trouble with tenants myself - but again - depends on the area and style of property you are buying and in turn the tenants you are attracting.
there is too much stigma - places like footscray and springvale are a world of its own. even different driving rules apply in the market areas. they been saying footscray is the next boom since early 2000s. how long more gentrify?
I would love to buy a period house in Kensington as a PPOR one day when I can afford it as it's a lovely Village Atmosphere, but I chose Footscray to invest as it had more kickers with the planned government/private money planned to be spent in future!
We have 2 IP's in Footscray and haven't any issues with tenants so far.
May help to stick close to the Hospital (one of our tenants is a doctor) or one of several University campus's. Also the type of property you buy will likely dictate the type of tenant you attract. Ours are modern apartments in small boutique blocks with secure car parks which I think will cater for the future growing demographic and seemed rare. I'm also quite happy that there is a business park being built just around the corner from our other one with 1200 or so government jobs all moving there in about 2 years! (google Mcnab Avenue)
BTW I'm Pretty sure Footscray has roughly tripled in value over the last 10 years despite the old stigma. So I give the stigma 5-10 years before it disappears completely!
We have 2 IP's in Footscray and haven't any issues with tenants so far.
May help to stick close to the Hospital (one of our tenants is a doctor) or one of several University campus's. Also the type of property you buy will likely dictate the type of tenant you attract. Ours are modern apartments in small boutique blocks with secure car parks which I think will cater for the future growing demographic and seemed rare. I'm also quite happy that there is a business park being built just around the corner from our other one with 1200 or so government jobs all moving there in about 2 years! (google Mcnab Avenue)
BTW I'm Pretty sure Footscray has roughly tripled in value over the last 10 years despite the old stigma. So I give the stigma 5-10 years before it disappears completely!
Some pretty predictable thoughts coming through here. Good to see the east v west is still alive and kicking.
Despite what many have said there is not that much difference in CG over the last 35 years between say Footscray and Richmond.... Suggest a few have a look at some data to make decisions rather than rely on old prejudices.
Despite what many have said there is not that much difference in CG over the last 35 years between say Footscray and Richmond.... Suggest a few have a look at some data to make decisions rather than rely on old prejudices.
I'm pretty much in the same boat....except, I've purchased before in the Footscray area and then sold...looking to re-purchase now.
Footscray still seems cheap, for the proximity to the city...but I'd probably avoid anything near the city centre.
Back in 1998, I inherited a property nearby the now Edgewater area (opposite it in fact in Birdwood Street). Sold it off for $500K back in 2006, which was probably a bad mistake now looking back.
Rents were low (the highest we got was $200/week at the time) during the period we rented it out and one tenant did a runner on us. We were spooked somewhat and decided to live in it for 2 yrs before we moved to Sydney.
As both the wife and I worked in the CBD - it was great, approx 15 mins from Birdwood Street to Footscray station and 10 mins from then to the CBD. 30 mins to and from home - door to door.
I'd probably say the best areas are around the Macedon (North boundary), Birdwood (South boundary), Rowe/Prince Street (West boundary) and Gordon Street (East Boundary) square.
If you can pick up one for around the $600K mark for a run down place, it'll probably be a good buy - provided you sit on it for the next 10 years. Just bear in mind that Birdwood, Monash and 1/2 of Mitchell street is bounded by a heritage overlay - that is, you can't demolish and rebuild.
Problem areas attract problem neighbours and tenants.
It might gentrify one day so if you can afford it, you can hold it for 10 years+.
It might gentrify one day so if you can afford it, you can hold it for 10 years+.
Didnt kensington used to be a dump also??
It certainly was....Parts of it are still grungy, but I personally quite like that....
I loved living in Kensington.
I personally do not like Kensington Banks which is a maze of one way alleys.
I personally do not like Kensington Banks which is a maze of one way alleys.
A lot of people do. Gentrifying (hate that effing word) isn't about turning every suburb into Camberwell (little old ladies in pearls sipping lattes with expressionless botoxed faces). A little bit of ghetto is considered trendy. Houses in the inner west will never reach Toorak heights, but those who invested ten years ago are feeling pretty peachy. I don't know if the growth prospects for the next ten years are so good... but I could say the same about the east and much of Melbourne.
I think the inner west will one day be a Northcote/Carlton type development...if you look at the 10km radius, places like Footscray still have potential growth.
What I find bizarre is that people would live in middle/outer subrubs like Nunawading/Glen Waverley & Wantirna than Footscray.
I used to have that thoughts too. However, once I started the family, I am considering moving to middle suburbs like Doncaster East, Templestowe.