The real estate market is booming in the west, with West Footscray’s median house price skyrocketing by almost 26 percent in the three months to December.
Data from the Real Estate Institute of Victoria (REIV) has revealed that the median house price in West Footscray has risen by $240,000 since September to reach $1.18 million.
Nicholas Scott Real Estate director Nicholas Skapoulas said this rise is “purely because of the low supply”.
“So it’s a supply and demand issue. There’s quite high demand and very little supply,” he said.
However Mr. Skapoulas also said that the area is appealing to those who wish to live within a 10 kilometer radius of the city, as it’s an affordable option with access to all the amenities one could need.
“There’s so much to offer, like West Footscray train station….. anything around that pocket is just incredible,” he said.
“The house size, the demographic, the style, because they’re older period homes. When you compare it to any other inner city suburb on the other side of the bridge, within the same radius, it’s double, so it makes sense.”
“You get a lot of value for money.”
Young families are going to continue to be the key demographic driving the popularity of suburbs like West Footscray, Mr. Skapoulas said.
“I think it’s going to continue to be strong….for young families moving into the area or young couples looking to start a family.”
“Young professionals have probably been renting on the other side of town, South Melbourne and South Yarra, Clifton hills, Richmond, St Kilda, [they’re] sick of paying rent and they want to start owning a [place] of their own.”
Neighbouring suburb Kingsville also experienced a jump in median house prices, increasing by 22 percent since September to $1.44 million.
