Unit in Footscray vs Unit in the CBD
Footscray is definitely close to the CBD, very affordable but it is not a very beautiful place. If you were in my shoes, would you get a brand new unit 2 bed 2 bath 1 parking in footscray (430K) or a used 2 bed 1 bath 1parking in the city/southbank (490k). I am saying in terms of profitability in 10 years time?
1 Answer
Hi Fred..a lot depends on your overall strategy. Footscray has enjoyed capital median growth of around 104% over the past ten years, that's an average of 10.4% per year whilst Sothbank has enjoyed capital growth of around 53.62% for the same period. Both have very similar average price range, Southbank should get better rental return simply because of proximity to CBD as you can walk everywhere, whilst Footscray you need to bike it in or drive/public transport. Over a ten year strategy, both should return a gain, how one will perform over the other is anybodies guess, both have lots of new development planned and underway. Let me know if you want to discuss further or if you want the best home loan for your intended purchase. call me on 0438 041 111. Good luck.