If you’ve ever wondered why you should invest in the west, or why ‘west is best’, the answer is best summarised by one word: Footscray.
The truth is, there’s far more that makes Footscray unique other than Franco Cozzo, Olympic Doughnuts, and Forges of Footscray.
Once an ordinary working-class suburb, Footscray has evolved into what can now only be described as an extension of the Melbourne CBD; with a vast array of trendy restaurants and bars, property and commercial developments, and a hub for education.
While Footscray was once unequivocally known as the ‘slums’ and an unsafe place to live, its ongoing gentrification and influences of urbanisation contribute vastly towards its growing affluence.
But what makes Footscray truly unique, is that it hasn’t even reached its peak yet.
With bigger plans for gentrification, a larger scope for developments, yet a smaller price tag compared to its suburb constituents, Footscray has a bright future ahead for growth.
Here are just some of the hallmarks that make Footscray a unique place to live:
For a suburb just 5km out from the Melbourne CBD, Footscray is one of the most affordable suburbs to buy into and cash in on the property market.
The bad news is that it won’t stay cheap for long.
In April 2019, Footscray holds a median property house price of just $865,000. Comparable suburbs by proximity to the CBD, most of which boast million-dollar price tags, include Brunswick with a median of just over $1,040,000, and Richmond with a median upwards of $1,227,000.
In a recent article by news.com.au, Footscray was tipped as the second-most sought after investment hotspots for Victoria, coming behind Cheltenham with a median house price of $1.05 million.
With a median house price that still seems a mile away from the million-dollar price tag, there is no doubt that Footscray is still undervalued, and has much more room to grow.
Demand & growth
With a growing demand to purchase and invest in Footscray, coupled with all that the suburb has to offer, the prospect for future growth is all but certain.
Footscray has become a sought-after suburb for developers looking to construct apartments amidst its ongoing transition from a working-class suburb into an extension of the CBD.
In 2015, the number of apartments approved was 10 times the figure approved in 2013, and the figure has only grown significantly, according to data from the Australian Bureau of Statistics.
Due to Footscray’s growing affluence, the suburb is commonly referred to and reimagined as the next “St. Kilda” and “Fitzroy”, given where these suburbs where many years prior.
What truly sets Footscray apart from most suburbs, is in the area of education.
A major hallmark to the suburb is Victoria University, with campuses across Footscray and surrounding western suburbs such as Sunshine, St. Albans and Werribee.
With the Footscray Park Campus being the largest, Footscray has become home to many tertiary students and academics.
Universities aside, there are many reputable schools in the area such as Footscray City College. There are also further plans to grow the area of education in Footscray through the Footscray Learning Precinct.
For many years, Footscray has been known by its multicultural array of restaurants and shops, boasting its own slice of Asia with the Footscray Market and surrounding stores.
Marked by history
Footscray carries a remarkable history that simply cannot be forgotten.
In the second-half of the 19th century, Footscray was once known as the central hub and powerhouse of Melbourne’s industrial wealth. As the demand of the manufacturing industry started to cease in the 60’s and 70’s, many industrial areas have been redeveloped into housing.
Footscray is also home to prominent history landmarks such as Italian furniture giant Franco Cozzo, Forges of Footscray, and the infamous Olympic Doughnuts which had been operating out of Footscray Train Station since 1979.
Even has its own Football team
How can we forget the home base of the mighty Doggies, the 2016 AFL Grand Final Premiers.
Footscray is home to the Whitten Oval, formerly known as the Western Oval, which carries a wealth of AFL/VFL history.
There are even plans to redevelop the Whitten Oval, with the hopes of one day playing the occasional AFL game at the ground once again.
Given the growth, development, and evolution of Footscray, it’s fair to say that the future for home owners and investors of the west is strong.
Marked by many features that can’t be found in other suburbs, Footscray is still valued below its peak.
At Nguyen Real Estate, Footscray is a place we are extremely passionate about, and a place we call home. We may be biased, but there is no better place than our great suburb. Contact us on (03) 9587 6070 today if we can be of service to you.