Get a property report and suburb profile for any property in Footscray

Footscray is an inner-west Melbourne suburb on the Maribyrnong River where industrial history sits alongside a strong multicultural presence. Anchored by Footscray Market and a busy train station, its streets are lined with Vietnamese, African and Asian eateries, independent grocers and a lively cafe culture. Housing ranges from Victorian workers' cottages and brick terraces to converted warehouses and medium-rise apartments, so it suits families, students and young professionals. Riverside parkland and walking trails provide green space, and frequent trains and buses make the rest of the city readily reachable.

Home to 17,131 people with a median age of 34 and a median household income of $1,763 a week, Footscray’s family types are dominated by couples, who make up just over four in five families. Homes are more often rented than owned, with 57.5% of households renting. The suburb has seen major civic change including a new Footscray Hospital linked to Victoria University’s Footscray Park campus by a pedestrian bridge, a completed Whitten Oval redevelopment and council plans for a town-centre renewal with a new library, performing arts venue and town park plus planned maker spaces and university health teaching facilities. Whether that mix suits you depends on what you want from a suburb.

On the figures, buying a house in Footscray sits at about 9.8 times a typical local annual household income at the last Census, which is well above local incomes at that time. Unit prices work out to about 5.1 times a local year's household income at the last Census, so buying a unit is closer to incomes than buying a house but still above them. Rents tell a similar story for cash flow: $623 a week for a house would take roughly 35.3% of a typical local household's weekly income at the last Census, while $530 a week for a unit is about 30% of that income. Whether that feels expensive will depend on your own earnings and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Rents in Footscray rose over the past year while median property values eased. Median house values fell 1.7% and unit values fell 4.2%, while house rents increased 3.8% and unit rents rose 6.0%. These figures separate capital movement (the value changes) from rental income (the rent changes) for the year to date.

If rental income is your main priority, unit rents put in the strongest gain (6.0%), though unit prices also saw the larger decline (-4.2%). Houses recorded a smaller value fall and a modest rent rise (3.8%). Which of those patterns matters to you will depend on your own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.