Phase one of Victoria Square, the new six-tower $600 million masterplanned precinct in Footscray recently launched with 70 per cent of apartments already sold.
Playing a pivotal role in Footscray’s rejuvenation, Victoria Square by Australian-based developer Growland has been popular with first home owners, upgraders and savvy investors due to its high quality architectural offering, affordable price points, and the exponential interest in Footscray’s property market.
Once a paragon of Melbourne’s working class, Footscray is undergoing significant gentrification that will see its value increase drastically in the coming years.
Evidence of the area’s growing appeal comes from Core Logic data, which shows house prices in the area have grown by 8.82 per cent in the last 12 months, and apartment prices by 9.52 per cent in the same period. Research think- tank Urbis has reported that Footscray’s median apartment price has experienced the highest annual price growth compared to other suburbs in the same radius from Melbourne’s CBD.
CEO of Growland, Ronald Chan, says Footscray’s strong potential is finally coming to light, and savvy buyers are recognising the unique opportunity the suburb presents.
“Buyers today are astute. They know that as Melbourne prices continue to grow, buying in a relatively affordable suburb like Footscray, where there are significant drivers for growth, is a wise investment option,” said Chan.
‘It’s an inner-ring suburb that is seeing billions of dollars of private and government investment, so there’s no doubt it will flourish in the years to come.”