Altona and Footscray have been named among five Melbourne ‘secret suburbs’ set to surge in real estate prices.
A report by Your Investment Property magazine, due out this week, highlights suburbs close to the CBD or coast that are due for a spurt in prices.
Altona, 14 kilometres from the CBD, has a median unit price of $445,000, lower than neighbouring Williamstown ($532,500) and Newport ($537,000), the report states. Altona’s 12-month growth was 5 per cent, rental yield 4 per cent and vacancy rate 2.39 per cent.
Peter Weaver, real estate agent with First National Barlow McEwen Tribe and a third generation Altona resident, labelled Altona “the Brighton of the west”.
“Williamstown put the west on the map, followed by Yarraville,” he said.
“We’re still Williamstown and Yarraville’s poor cousin . . . these areas are trendy and oozing character. But this is changing.
“While we don’t have the Victorian charm of our neighbours, Altona is perfectly situated along a great swimming beach with a more modern infrastructure.”
The report tips Footscray, six kilometres from the CBD, to become “like South Yarra”.
The suburb’s median unit price is $361,000, lower than neighbouring Maribyrnong ($440,000) and Maidstone ($410,000). Its 12-month growth is 2 per cent, rental yield 4 per cent and vacancy rate 2.61 per cent.
Jas Stephens director Craig Stephens said the reasons for Footscray’s appeal included its proximity to the CBD and Docklands and its affordability.
“If you were looking six kilometres from Melbourne, similar suburbs such as Northcote, Brunswick, Fitzroy or Clifton Hill would probably be $150,000-$200,000 dearer than Footscray,” he said.
“You can still buy a house in Footscray for around about $475,000 to $575,000.
“In those other suburbs, which are also six kilometres from the CBD, you’re probably talking $600,000 to $800,000.”
Agents agreed with the report that the community feel in Altona and Footscray would boost the value of the homes there.
The other Melbourne ‘secret suburbs’ tipped for price surges are Craigieburn, Chelsea and Glen Iris.
