The first stage of Footscray’s new $600 million project, Victoria Square, is providing one of the last remaining opportunities to enter the popular inner ring suburbs at an affordable price.
Victoria Square’s first tower is offering 61 square metre one-bedroom plus study apartments at $298,000 – well below Melbourne’s median price for a one bedroom unit, which according to CoreLogic currently sits at $330,000.
According to the Real Estate Institute of Victoria, Melbourne’s median unit price rose to over $585,000 in the December 2016 Quarter. As prices shoot up in Melbourne’s north, south and east, attention is turning towards Melbourne’s western suburbs.
Footscray in particular has emerged as a highly desirable area to first home buyers and astute investors who are recognising the inherent opportunity in its location.
Urbis research stated Footscray has seen the lowest median unit price but the highest annual unit price growth over the last decade when compared with other suburbs in Melbourne’s inner ring such as Brunswick, Richmond, and Yarraville.
Growland CEO Ronald Chan, who is the developer behind Victoria Square, said as affordability becomes an increasingly pressing social issue, projects such as Victoria Square were a vital piece to solving the puzzle as they provide achievable price points for first time buyers.
“The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living,” Mr Chan said.