Suburb Profile – West Footscray
Located only 9km form the CBD, West Footscray is presents extremely good value inner-city real estate. While property prices in the area have boomed over the last decade, the suburb still presents great value for those looking to buy within 10km of Melbourne’s CBD.
With Melbourne’s CBD just a 15-minute train ride away, residents of West Footscray enjoy both modern city living and homely suburban quiet. This balance, combined with comparatively affordable house and unit prices have attracted an increasing number of families to the area with the population growing 4 per cent between 2006 and 20111.
While the median sale price of a house in West Footscray increased 134% from 2005-2015, the median sale price in 2015 was still only 707,0002. Average annual growth for a house between October 2013 and October 2016 was 8.71%. Average annual growth for a unit over the same time period was 6.18%3.
Property prices in the suburb are also expected to strengthen as a result of the improved infrastructure and the suburb’s ongoing gentrification.
Known for its rich multicultural flavour, West Footscray also offers residents fantastic ethnic culinary and shopping experiences. Most popular are the iconic Bharat Trader Indian Supermarket and Aangan Indian Restaurant in the vibrant Barkly Village.
West Footscray is likely to further diversify as investors and owner-occupiers continue to look for growth opportunities and value within a 10-kilometre radius of the Melbourne CBD.
– Last updated November 2016.
1. Australian Bureau of Statistics (2011), 2011 Census QuickStats: West Footscray. ABS.
2. Victorian Valuer-General, A Guide to Property Values
3. Your Investment Property, Suburb Profile Report for West Footscray (3012).