Melbourne Area Profile: Footscray/Inner West, VIC 3011

Thinking about buying an off the plan property in Footscray/Inner West, VIC? You'll want to discover the Location Demographics, Travel & Infrastructure and Investor Insights. 

I bought an investment property in Footscray/Inner West. Here’s why:

Megan is a first time home buyer who just bought an off the plan apartment in Footscray/Inner West. 

Last year, I decided to take the exciting step of buying my very first home. I was renting in my previous apartment but was very motivated to purchase a property that would be uniquely mine. After months of researching different options and finding the right area for me, I finally settled on an off-the-plan apartment in Footscray/Inner West. It has been the best property decision I’ve ever made and here’s why: 

Location

The unique suburb of Footscray is close to 8 km west of Melbourne’s renowned Central Business District and is filled with many cultures and well-known attractions. It continues to be a thriving area that’s particularly involved with sports, music and festivals. Some of the surrounding suburbs within the Inner West are Maribyrnong, Flemington, West Melbourne and West Footscray. 

I love being a part of the buzzing neighbourhood of Footscray and getting involved with what’s happening. At Railway Reserve, the Footscray Night Market showcases entertainment, live music and all kinds of flavours. I shop at the Footscray Plaza Shopping Centre and at the Highpoint Shopping Centre where I can find a huge range of department stores and services. On Hopkins Street, there are an assortment of restaurants and cafes. I like dining at the Station Hotel Restaurant where they serve tasty dishes in a courtyard setting and also enjoy catching up with friends at the Victoria Hotel Footscray. When I have some downtime, I go for relaxing walks at Footscray Park with scenic riverside views. 

People

Highly recognised for its diversity, growing arts scene and being a popular hub for international cuisine, more residents continue to settle in particularly, families, retirees and singles. According to the Australian Bureau of Statistics, the total population has reached around 17 100 people and continues to increase. The median age is 34 years old with the majority belonging to the 30 to 35-year-old age group. With private dwellings, there are about 10 000 properties established and are mostly made up of apartments and detached housing.

Looking for a great option for families and singles? Check out these listings.

Transport 

Passengers are well looked after with plenty of public transport options available just around the corner at Footscray/Inner West. You’ll be able to find a handful of buses running within the vicinity with stops on Buckley and Irving Street. If you’re travelling by train, the Footscray Station runs along multiple train lines and also provides V/Line services for regional destinations. 

If you’re travelling by car, you can easily utilise the Princes Highway for direct trips around the inner west and towards the city. Directly linked to all kinds of services, you’ll be able to rely on public transport for your daily journey. Cyclists can also follow the bike paths along the Maribyrnong River Trail. 

Looking for a property near public transport? Check out these listings. 

Developments and Infrastructure

Following the Maribyrnong River Edge Masterplan, the Council took on the Footscray Wharf and Promenade project. It specifically aimed to revitalise the river edge between Hopkins Street and Shepherds Bridge and create easier connections for everyone. The development focused on building a boardwalk, a shared pathway, seating with sheltered bbq facilities, extensive landscape works, site furniture and lots of other amenities. Towards the following years, the Council will be incorporating the Municipal Public Health and Wellbeing Plan all the way to the year 2025.

Investor Insights 

In the Footscray/Inner West area, there is a gross rental yield of 3.1% for apartments  and a median rent of $330 per week. Whereas for houses, there is a lesser gross rental yield of 2.5% and $480 is the weekly median rent. In the last decade, the Footscray/Inner West had $364k as the median property price in 2012 and increased to $500k in 2018. The current median property price has lowered to $500k. 

Learn more about the growth and rental yields for the surrounding suburbs right by Footscray/Inner West - Maribyrnong, Flemington, West Melbourne and West Footscray. 

If you think Footscray/Inner West matches what you want, why not look into buying an off the plan property there? You can start your search here or book an appointment to speak with our team of property experts to see if this is the right area for your property needs.