What We Know
West Footscray is an inner-western suburb of Melbourne, 7 km from Melbourne's CBD. Its local government area is the City of Maribyrnong. At the 2011 census, West Footscray had a population of 10,222.
We were purchasing in this region last year when 3 bedroom double frontage homes were selling for under $700k. Now we see similar properties selling for close to a million. It's an area still gentrifying and being so close to the CBD with fantastic access to trams and trains into town. This region still has room to grow and there's plenty of options to purchase un-renovated homes under $1M.
There are other potential options in Melbourne, however, as a first-time investor, we would prefer to put you into other markets. The other regions in Melbourne are 20km outside of the CBD, however, as previously mentioned, as a first investment, we want to keep you closer to the CBD of major cities.
Here we provide a brief analysis of a suburb in Melbourne that we like as an investment opportunity. As we discussed in our research analysis, we prefer other regions for investment for your specific brief. We take a strict approach to analysing a market and don't like to compromise on entry price to accommodate a specific budget. As you will see, West Footscray lands outside of your ideal purchase price. I
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