The Footscray bad-lands

Hi,
in searching, with a limited budget and limited knowledge, for our first IP in Melbourne's inner-west, I keep finding interesting properties in the ''bad'' part of Footscray (and I'm old enough to remember when that was the whole suburb:D). I'm talking about the area behind the old Kinnears rope factory, between there, Footscray City College and Gordon St - Empire and Eldridge streets, mainly.
Now, my theory is that it's cheap and a bit ugly, but well serviced - tram into Footscray and shops at Knifepoint, lots of buses, shops etc, Vic Uni round the corner.
I accept that capital gains might be a bit slow. But, honestly, in this market, $260,000 for a 2bedder flat in Footscray (some of 'em getting nearly $300 a week in rent) ... it can't be all bad, can it? Can it?
 
i'd live in footscray any day of the week (go to uni there too), although not in a flat! I suppose one thing it does have going for it is possible student accommodation with heaps of rich international students currently at uni every year, although there are several 'student apartments' going up so there possibly could be a bit of rental competition around, and kinnears place wont be there for too much longer, i believe they are in the process of turning it into housing/apartments.

Generally, those flats will attract the no so good renter type of people, i'd compare it prices in areas like kensington, flemington, nth melb, and if your figures stack up right, go for it, but research on what type of renters currently occupy the surrounds and the flats your interested in. But with the area considered 'bad' its not the footscray it used to be although there is still a bit around - its everywhere, every area has its good and bad, during the day i dont see an issue, it may be different at midnight!
 
:)Thanks for the input folks. We're looking at everything at the moment and struggling to work it all out - analysis paralysis anyone? - so all advice is welcome indeed.
I have to say, if that area goes like Flemington or Kensington (let alone North Melbourne), I'd be a very happy investor indeed!
cheers again.
 
dont buy into footscray. lots of commision houses. if you go there at nights, you wont dare to walk alone. recent cases of bashings and robberies. i would rather spend a little bit more and get into either kensington or flemington.
 
Hi,
in searching, with a limited budget and limited knowledge, for our first IP in Melbourne's inner-west, I keep finding interesting properties in the ''bad'' part of Footscray (and I'm old enough to remember when that was the whole suburb:D). I'm talking about the area behind the old Kinnears rope factory, between there, Footscray City College and Gordon St - Empire and Eldridge streets, mainly.
Now, my theory is that it's cheap and a bit ugly, but well serviced - tram into Footscray and shops at Knifepoint, lots of buses, shops etc, Vic Uni round the corner.
I accept that capital gains might be a bit slow. But, honestly, in this market, $260,000 for a 2bedder flat in Footscray (some of 'em getting nearly $300 a week in rent) ... it can't be all bad, can it? Can it?

Its funny cos what you just described was the location of Water Edge!!! Very good area...
 
Nah, not Edgewater. That's a bit further north and runs down to the river - on the opposite bank and behind Flemington racecourse, to give you a topical reference - basically the next block up. The area I mean is directly behind Kinnears and Footscray City College. I agree, though, Edgewater is in a great spot and maybe this part of town will benefit from that too.
 
Sold an IP in Maidstone, in Melbourne for residential east is east, west is always the west, and you know which side most people prefer to live !
 
Sold an IP in Maidstone, in Melbourne for residential east is east, west is always the west, and you know which side most people prefer to live !


Yes the west is the west, but how many people can afford to live on the east? More and more demand will be created for the inner west pushing up prices. Even if you grew up in the east, for your first or second property you can either buy out in woop woop near Cranbourne, Dandynong etc, or buy within 5-10k's of the city in around Footscray. The place is largely already gentrifying..give it time....no brainer IMHO
 
Yes, I'm not a Melbourne native (although I've been here long enough to wear black and follow a footy team), so I don't bring that same old east v west bias. I agree, there's lots to like about places in the east, but I live inner west. I work in the city and I'm 15 mins from home to work - peak hour or not. Can't do that in the east in my price range (PPOR).
Look at all the spare land in Melbourne - can't go further east, or too much further south east. There's still plenty of room out here in the west though. And look at the growth - it might not all be Camberwell but it's none too shabby (and, I hasten to add, not all of the east is Camberwell - Cranbourne? life on the South-Eastern Carpark? shudder!)
 
dont buy into footscray. lots of commision houses. if you go there at nights, you wont dare to walk alone. recent cases of bashings and robberies. i would rather spend a little bit more and get into either kensington or flemington.

gee that sounds like it based on solid fundamentals....

what about the fact that Vic State Govt have earmarked Footscray for it's 2030 Transit City plan?
 
^and Flemington and Kensington are any different with commission houses? Have a look at what's across the road to the showgrounds and next to Newmarket shopping centre. If you can buy in Footscray do it.
 
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