I am looking to buy an investment property in Footscray. I am from Brisbane and am not too familiar with the suburbs in Victoria. Can anyone give me an idea as to whether Footscray is a good place to look at investment properties, (ie vacancy rate, growth rate)? I am actually looking at units in that area, and as I have only invested in houses previously, buying units is a new area of investment for me. Some ideas about investing in units will be much appreciated.[glum2]
ispoh
Interesting that you chose Footscray, if you don’t knowe about the vacancy rates or growth?
What are you looking for in an investment? Capital growth, yield etc?
That may help us give you answers to your needs.
In the meantime check out http://propertydata.reiv.com.au/trendchart/ to find growth rates.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.PropertyUpdate.com.auThank you Michael for your reply.
I am looking at both growth and yield actually, hopefully more of growth. I am aware that there is Victoria University in that area, which means there is always demand for rental properties. There is currently a student accommodation being built a not too far away from the uni, and was thinking of purchasing a unit in Footscray.
In my experience, properties close to universities are always in demand, and always have room for growth. Correct me if I am wrong, as I really would love to have some feedback.
Thanks
You are correct that Victoria university is near by, but that means students as tenants.
Do you want to confine yourself to one demographic group.While Footscary is near town it hasn’t had the best history for capital growth.
It would not be my first choice of area. We have identified a number of suburbs with potentially high growth over the next 5 years and Footscray is not one of them.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.PropertyUpdate.com.auHi Isoph,
If your looking at the Western Suburbs, there are some areas surrounding Footscray that look have some really good prospects. Seddon, West Footscray, Yarraville and Newport are still relatively inexpensive and don’t have a lot of the problems that Footscray does, so they may have some more potential for growth. Best of luck.
Kind Regards,
Cameron Perry
Finance Consultant
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044The footscray council is spending huge amounts of money over the next five years ( not sure how much but a lot) , I think that it is well and truely under valued for its location and the council has decided to do something about it , get rid of the stigma.
I belive that as a long term investment footscary is a good investment.Buying Propertys in the USA email me to learn more.
[email protected]Yeh i agree with rikky, footscray has got a bright future, particularly with Victoria University nearby….students arent that bad as tenants (i would know I am one of them) but reading Steve’s books they do rpovide for a risky tenant situation…If you going to invest in footscray do it close to the university as you will have plenty of demand from the students
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