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I bought my apartment in Footscray almost a year ago now and I know what you mean about the suburb. It has some great infrastructure (and set to be more with the Government’s 2030 plan) and is close to the booming Yarraville and Seddon. Yet Footscray itself seems very rundown and multicultural to the point of extreme (I say this because I’ve had times where I’ve walked down the main street and been the only Westerner in sight – coming from Perth, which is quite Anglo, that’s a new experience for me in Australia). However I’m kind of relaxing into it now and really enjoying the cheap fruit and veg and seafood at the markets. I think Footscray will really pick up because it almost has to. It’s adjacent to good suburbs and close to the city and the actual layout of the town centre would support a great shopping environment if the place became trendier. I don’t have any definitive answers, I guess as a recent buyer in Footscray I’m just crossing my fingers and hoping it becomes nicer as quickly as possible!!
Foundation, I’m not sure that I follow the logic of your housing bubble crash ‘rant’. What it doesn’t take into account is increased demand for housing through population increase and migration. As the global population booms, and migration increases, surely that will place increased demand on housing stock and therefore prices? After all, the amount of land available for housing, particularly around the major cities, is fairly limited and is likely to remain so. The basic law of supply and demand indicates that house prices will continue to rise over time rather than crash, simply because more and more people are bidding for the same parcels of land. What do others think about the likelihood of a house price crash?
