I plan to buy an investment property (a townhouse or a house) in Footscray, Seddon or Yarraville in Melbourne. I am watching the interest rate movement and the overall economy. I’ll probably buy late this year or early next year.
Has anybody lived in one of these suburbs? Is there anyone here who owns an investment property in these suburbs?
Any opinions on the rental return and capital growth of a house/townhouse in these inner city suburbs?
Any thoughts are welcome!
I don't have an investmet property in these areas, nor have I lived there but I have been watching these areas closely over the last 9 years and they have had exceptionally good capital growth. I think Footscray and West Footscray are priced around the same as the Melbourne median price while Yarraville was once well under the melbourne average but is now about 20-30% over. I am just speculating now but I believe Footscray and West Footscray still have a longer way to go towards developing into premium suburbs while Yarraville is already quite nice at the moment with more limited possibilities for improvement.
Another problem with yarraville is the amount of trucks that will continually frequent the area for many years to come. Those massive petrol tanks at the end of Francis street aren't going anywhere in a hurry either. However, the suburb is quite trendy and yarraville village is quite a cool place and adds a lot of value to the area.
thank you. I noticed these problems while visiting the area. Petrol tanks will not go anywhere else in the forseeable future…that's a problem…Footscray, I head, is not a safe place.. the unemployment rate is very high…
Proximity to the city is great in these areas and so is the infrastructure which is continually developing.
I agree that there are certain pockets which you should definitely keep away from (eg Francis St Yarraville). As mentioned, Yarraville/Seddon are quite gentrified and trendy suburbs and as such this is factored into the price. They definately are the premium suburbs in the inner west.
West Footscray and Footscray also have good access to the city and these areas are rapdiyl developing as the state government/federal government is in the process of injecting substantial money in these areas…
You must be logged in to reply to this topic. If you don't have an account, you can register here.
