Gentrifying Footscray tipped to boom
Value for money for entry-level buyers in the inner-west
On the radar of buyers seeking a vibrant inner-city lifestyle, Footscray has also caught the eye of the UNSW City Futures Research Centre.
The Centre has identified the inner-city area 6 km west of the CBD as one of Melbourne’s suburbs in the process of gentrification, according to realestate.com.au.
With its recent property developments, parks renewals and community facility upgrades, Footscray has been described as an ugly duckling suburb morphing into a swan.
Once voted the coolest neighbourhood in Melbourne by Time Out magazine, it is a melting pot of diverse eateries, bustling markets and shopping areas.
Footscray is one of the most multicultural suburbs in Melbourne, according to Barry Plant Yarraville partner Michelle Mammoliti, who was born and bred in the area, and lives in West Footscray.
“I have watched it develop into a vibrant suburb with a funky vibe,” she said.
“It has great restaurants, hip bars and cafes, pop-up shops, and hidden gems in laneways and on rooftops.”
With its strong infrastructure, transport, good schools, and varied living options so close to the CBD, buyers locked out of other inner-city suburbs are flocking to the area.
Other draw cards include Victoria University, Footscray Market, and the new Footscray Hospital, which is the largest health infrastructure investment in Victoria to be completed next year.
“The government has also spent millions to upgrade the river precinct,” Ms Mammoliti added.
Properties from apartments and townhouses to quaint period houses have become increasingly sought after by investors, university students and first-home buyers, Ms Mammoliti said.
The median house price is $951,950, while units have a median price of $452,000, according to realestate.com.au.
Ms Mammoliti recently sold three Footscray properties to young first-home buyers, including the chic two-bedroom townhouse in a boutique complex at 12/6-10 Rosamond Road.
A young couple renting in the area splashed $525,000 on the modern home with an industrial vibe.
“This property stood out from the crowd and sold on the money,” Ms Mammoliti said.
“Its design and price point attracted strong interest, with more than 50 groups through the home.”
Three first-home buyers competed for a charming three-bedroom house at 14 Victoria Street, which sold for $910,000, a whopping $50,000 above the reserve price.
A young couple from Docklands won the keys to the superbly renovated 1890s Victorian terrace.
“They were attracted to its value for money and location so close to the city,” Ms Mammoliti said.
And in a prized location in the heart of Footscray, a two-bedroom block-fronted weatherboard house at 20 Lynch Street, sold for $955,000, more than $40,000 above the reserve.
A couple in their early 30s renting in Flemington and working in the city snapped up the period home, just a five-minute walk to the station, Ms Mammoliti said.
“There were all great results in a challenging market,” she added.