West Footscray

Z

zed_kid

Hi All,

Looking for opinions on West Footscray, preferably from people who invest there or know the area well, but any constructive critique / opinion is welcome... except the ‘western suburbs = scum’ keep those to yourselves please.

I have an IP there since 2007 and it’s done well but so has ‘everything’ in Melbourne recently. I want to know what the punters think about the future of this suburb. The obvious pros are distance to CBD, close proximity to Vic Uni, decent amenities, cheap-ish houses with land content. Also I think it’s a good suburb to stat low balling vendors that can’t move their property, just a though I had. The cons are that it’s still a little rough, the quality of the tenants is an issue for me (had a horrible tenant that trashed my joint once and some back packers that stole the taps when they left... yeah)

Also I’ve heard the government plans for infrastructure upgrades (rail and some tunnel to Caulfield?) but it being government plans I take them with a grain of salt.

So yeah, what do you guys think?

Something like this

http://www.domain.com.au/Property/For-Sale/House/VIC/West-Footscray/?adid=2008860823

Love the floor plan detail in this ad. All ads should have standardised floor plans like this, with measurements and stuff in it.
 
zed_kid said:
Hi All,

Looking for opinions on West Footscray, preferably from people who invest there or know the area well, but any constructive critique / opinion is welcome... except the ‘western suburbs = scum’ keep those to yourselves please.
Click to expand...

So you want critique but you want to exclude any comments about your chosen suburb? That's a bit counter-intuitive isn't it?
 
I think about Footscray all the time but the huge amount of multiculturalism gets me every time, not that i'm racist.

That place you linked too is not rentable in its current state (to my standard of rentability).

Its too far from central Footscray to really feel any effect from any of the planned infrastructure.

I would/do focus my search/research on the area bordered by Ballarat road, Gordon Street and Buckley Street, its a lot more central to all Footscray has to offer.

Steer clear of any new mid rise developments, to overpriced and under sized. As for houses in that area they are a little more expensive that the one you have found.
 
It's definitely a 'rentable' house but I would be very worried about the tenants you attract...

Honestly the only reason why you'd buy a house in Footscray is to stack it with many students and earn a 7% CF return. Other than that I don't see why you'd bother given its demographics
 
footscray still has a stigma to it. To be honest, i can't see much uptake in that suburb. How would you resell if something happens and to which target market or socio-economic group would you be looking at.

If i'm not mistaken couple of years back units actually had negative growth of 1-2%.

My architect friend keeps talking on the merits of gentrification but really investing as opposed to seeing the design aspect etc or the suburb is something else.
 
Richmond has undergone gentrification. Fitzroy has undergone gentrification.

People are just hoping that lower-priced suburbs like Northcote/Footscray will undergo the same process and therefore have spectacular growth. I think this expectation is already priced into the house prices anyway. But gentrification takes decades, not 1-3 years.
 
agree with that W - richmond and fitzroy have done it and it did take a while to get there.

But i'm not too sure about footscray - i dunno what to call it whether it's a vibe or something. Just don't feel it is cut up for it. I might be wrong but it will take years for it to happen if it does.
 
Melbournian said:
footscray still has a stigma to it. To be honest, i can't see much uptake in that suburb. How would you resell if something happens and to which target market or socio-economic group would you be looking at.
Click to expand...

Sorry, I don’t understand this. What do you mean ‘if something happens’? Like a race riot? ‘something’ can happen ‘anywhere’
 
He's talking about if something happens to YOU, not the area. Although I wouldn't put a riot past Footscray esp when manufacturing in Victoria finally dies.
 
I should have clarified that this is an IP I’m looking for. If ‘something’ happened to me having an IP in South Yarra wouldn’t save me :)
 
That's not true. Say extraneous circumstances mean you have to sell the house, fast. He's questioning whether it will be easy for you to find buyers if you need the cash quickly.
 
Why would Footscray not undergo gentrification?

It’s happened everywhere within close proximity to CBD. Richmond, Fitzroy, Port Melbourne, Williamstown, Yarraville etc
 
I'm a local - living in yarraville now, but have lived in West Footscray. We also have an IP in W Footscray (other side of the tracks from that Hampton Parade area).
It's worth noting that West Footscray and Footscray are very different places - different postcodes too.
Someone said to me one ''everyone bags Footscray - until they go to buy a house there and see how much it costs'' - I think the median's around $550k now (that's a guestimate from memory). Point is, it's a place that's done well for years - not just recently.
Friends of ours bought in Shepherd Street (that golden triangle area) in 1995 for 95k, sold in 2000ish for $300k (after a reno), that place sold again a couple of years ago for about $650k. So, yeah, not too shabby.
The best part of West Footscray is around Stanhope-Alma streets and Clive Street - the northern side of the railway line. Big blocks - 500 sq m plus, leafy streets, houses $550-$750k. That area south of Sunshine Road is not so good (was called Tottenham years ago and is much more industrial). The blocks are generally even bigger.
But, I feel it's too far from the railway station to be a real goer. It looks close on the map, but walking from, say, the Somerville Rd-Geelong Rd intersection up to Tottenham train station is about half an hour. That's too far for most people. Obviously, if you're up near Fontein Street or in that general area, then it's a 5 min stroll - that's good. Otherwise, your tenants are looking to buses on Robert Street, Somerville Road or Geelong Road - never such a good option, IMHO.
Oh, and the railway/under city tunnel thing could still be a goer. Not sure what the new government's up to with all that. But it's a plan that's come and gone for years, without ever really going away. So, personally, I'd steer clear of anything on Rupert or Cross streets or too close to Sunshine Road. Also, check in the Melway's - there's a VicRoads overlay on the area down through Indwe Street, and those houses prove very hard to sell.
The other area that's quite nice - and therefore more exxy - is around Hanson Street-Robbs Road. Period houses, many done up. Good access to transport.
This all got a bit long ... Hope it helps. :)
 
p.s With that Hampton Parade place, those particular agents (especially the second one listed) are some of the better calibre (ie, less bulls****y) agents around. They could be helpful contacts if you were doing a bit of hunting in the area.
(disclaimer: the second agent sold our West Footscray house in 2006)
 
I find it amusing that people make the comment they don't believe Footscray and surrounds will gentrify over time. The same was said about other inner city suburbs such as Abbotsford, Richmond, Brunswick, Collingwood, Prahran as a starter. Maybe people have heard of those?

Abbotsford I know very well as I have had family who lived there and sold in the 80's. Was deemed a low socio economic area even then. Professionals started moving back their because prices were cheap, there were a number of period homes which have a somewhat endless appeal and proximity to city. All the same things are present with Footscray.

The real question is how quickly the transformation will take place?
 
buzzlightyear said:
Abbotsford I know very well as I have had family who lived there and sold in the 80's. Was deemed a low socio economic area even then. Professionals started moving back their because prices were cheap, there were a number of period homes which have a somewhat endless appeal and proximity to city. All the same things are present with Footscray.
Click to expand...


you said it 80s - i was still in kinder.
 
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