Inspired by the ‘Redfern’ post, I thought I’d see what everyone thinks of Footscray……
I’ve been thinking about it for a while. I think Melbourne’s inner west is the last undervalued corner this closed to the CBD. Following the gentrification of Yarraville & Seddon in recent years, one would think that Footscray is the next sensible option (even if it HAS gone up quite a bit in the past few years).
What do you think? Bad idea due to the bad reputation/crime rate? Already over-priced? Still has potential?
Please share [worried]………….
Everyone already knows my views on this but I dont mind saying it again-I think Footscray and Maribyrnong are fantastic buys-where else can you buy property 8kms from the CBD for so little money. Sure it has its problems at the moment but so did a lot of other areas in the past, and besides if it didnt have its problem then it would sure as hell be a lot more expensive than it currently is. Only a matter of time before people start looking to the inner west-there is only so much property close to the city and only so many people can afford $750k plus appartemnts on the east side-soon they wil start looking on the other side and think ‘<edited> I could buy this place for $300k, spend $300k getting it absoulutey beautiful and still have$150k left over to buy my beemer and a holiday to France AND by only 10 mins outa the CBD’….
Ahhh one of my favourite suburbs Footscray. I love going there to eat or shop…..however, you must ask yourself…if these reasons to invest are really valid for property prices in Footscray
1) “close promitiy to the CBD”….but Yarraville has “gentrified” and Footscray shows little sign of doing so. Simply put, and not being racist, but “Australians” like every nationality i have encountered are pretty racist. They dont want to go down to their local shops and see Minh Phat bakery, they want to see people (looking) like them, selling products they know. Ok big sweeping statement which isn’t always true, but let’s face it, it often is true and often enough to effect property prices significantly. Look at all suburbs with significant non white Aussie populations, they are all low property prices. Let me be straight here, i would live in Footscray but i am not a sheltered middle class wannabe (the people who are likely to “gentrify”) i.e. the people you would be hoping to rent or buy your property at a higher price than me.
2) Crime…..no one cares about crime in Collingwood or St Kilda, or even the CBD for that matter, so i am not sure how much this effects the current market prices.
If you want to live there and like the area then go for it, it certainly is cheap, but the road to capital gains may prove a long one….
Originally posted by smoothsatin:Ahhh one of my favourite suburbs Footscray. I love going there to eat or shop…..however, you must ask yourself…if these reasons to invest are really valid for property prices in Footscray
1) “close promitiy to the CBD”….but Yarraville has “gentrified” and Footscray shows little sign of doing so. Simply put, and not being racist, but “Australians” like every nationality i have encountered are pretty racist. They dont want to go down to their local shops and see Minh Phat bakery, they want to see people (looking) like them, selling products they know.
You obviously havent been to Glen waverley-the population there is probably at least 60-70% Asian. You are right about capital gains mabe taking a little time, but unless you are an expert at timing it is going to be hard. I still cant see how you could go wrong with it being so close to the city-I still shake my head at people paying $700k for a shoe box victorian in Collingwood……
You may be right, and it certainly isnt a suburb that will collapse in any significant overall market downturn either. Have you been looking in the area? i was considering it, and still potentially might at some stage, have you looked into Altona at all? I have started sussing out down there aswell after starting to do some volunteer work down there. Seems very nice, lovely village feel to the shopping strip and plenty of beach. Unfort you have to get through heaps of industry to get there, nonetheless, below average median house prices by the truckload and is showing modest signs of gentrification.
Hmmmm. Altona. Could be worth a look …. (thanks, smoothsatin!!)
A little update, we are finding no sign whatsoever of the market softening (at least not from looking around Footscray) [hmm]……
Anyone else got anything to add…?
(we might pop down tomorrow to do a little auction-watching)
Originally posted by smoothsatin:“….but Yarraville has “gentrified” and Footscray shows little sign of doing so. Simply put, and not being racist, but “Australians” like every nationality i have encountered are pretty racist. They dont want to go down to their local shops and see Minh Phat bakery, they want to see people (looking) like them,
it is probably time to scrutinise the value of that perception.
There is (still) a fair level of asian presence in yarraville and that certainly didn’t stifle the cap growth. Another example is Glen Waverly.
Kattan
Well I suppose the proof is in the pudding-we just sold our PPOR in Edgewater Maribyrnong for a bigger place in the same estate and made $150k in one year!![biggrin][lmao]
Congrets, blogs[thumbsupanim]!!!!
The auction we went to last Sat sold for $445ks (approx 500sqm with a knock-down job of an old house on it)……..
With results like this, we wonder if the boom is still going on [blink]…. where is the bust we are meant to be having….??
There seem to be more subdividers & developers out there, instead of owner-occupiers. Could this be a case of “too many chiefs and not enoguh Indians”……??
I think the simple fact is people are starting to realise property within 10ks of the cbd for under $500k is a bargain!!! Im just glad Im not a sheep and laugh to myself at the people who turned their nose up at me when I told them I was buying in Maribyrnong [biggrin] The place has turned ultra exclusive and you are looking at $600k just to get your foot in the door for a little shoebox town house!!! Parks, water, running tracks, a short drive to the city, nice views……but yep they are much better off in the surburbia of Glen Waverley bwahahahahhahahahahahahahaah
Originally posted by smoothsatin:
Look at all suburbs with significant non white Aussie populations, they are all low property prices.You sir, are an idiot.
My concern with the inner west, particularly Footscray, is its proximity to industrial properties. Also Coode Island. I rang the council and there does not appear to be any intention to relocate this facility?
GSJ
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser
It’s definitely a great thread for us learning the ropes of property investing.
I cringed as I read smoothsatin’s first reply.[wha] I believe everyone is entitled to their opinion, but I would practice tolerance and careful with the racial tone, it’s proving unpopular. As far as Minh Phat breadshops go, they’re one of my favourite customers.
I supposed Box Hill slipped your radar, smoothsatin. They’ve done tremendously well. In fact, besides Footscray, parts of Springvale too have gone through gentrification, you’ll see they all have fresher outlook. Crime is a diminishing problem now than before, old houses in ‘prime’ area are highly sought after, just need to do your due diligence and put in the footwork.
At the end of the day, there are deals for unemotional investors.
CT
Originally posted by GSJ:My concern with the inner west, particularly Footscray, is its proximity to industrial properties. Also Coode Island. I rang the council and there does not appear to be any intention to relocate this facility?
GSJ
What the??? Footscray/Maribyrnong is no where near Coode Island????[blink]
Sorry not Coode Island, I mean the industrial areas and the ports.
GSJ
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser
Originally posted by GSJ:Sorry not Coode Island, I mean the industrial areas and the ports.
GSJ
Sorry still dont understand your point? These areas are no where near industrial areas? Ahhh maye you are thinking of Williamstown-and we all know how the property proces there have turned out [rolleyesanim] And is you are downgrading property based on being close to portsd then perhaps you should have a look around the rest of the world to see how much effects this has had?
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