….Footscray

Back in September we met two wonderful new clients who gave us a very exciting brief…. to find a pretty, renovated, low maintenance period property within 7km of the CBD for around $650,000.
Did we know it was a tough brief? Yes.

Did we think we could find a renovated gem in the inner-west? Definitely. We just needed to be patient.

We targeted Newport, Footscray, Flemington and Kensington as our defined options. Yarraville and Seddon, while offering gorgeous Victorian period houses in the masses, were not as likely to deliver our targeted house within budget.

Important for our search was a combination of three factors. Our clients wanted to secure an appealing Victorian cottage but they wanted low maintenance as well. With Victorian era properties clocking some 120 years of age now, the only viable options would be fully renovated properties. Our clients were also very mindful of target tenants; and needed the comfort of knowing that the tenant pool and level of demand in our chosen area would deliver them a tenant as close to settlement day as possible.
When we received a call from a local agent who had listed a newly renovated, subdivided period Victorian two bedroom house in Adelaide Street Footscray, we leaped into action. This house did not disappoint – the owners had secured it within the last twelve months and had commenced their works on improving it immediately.

They had subdivided the rear yard (which had it’s own laneway access) and were in the process of getting a two storey townhouse plan approved. The work that they’d put into the house was high quality; from relevelling floors and replastering, to recreating a modern kitchen and bathroom with a clever renovation throughout. Their ability to make better use of the east facing rear with a welcoming deck and bifold doors meant that tenants could spill out onto the deck when entertaining in the warmer months.

Below – the recent improvements to the property

The attraction to Adelaide Street Footscray was twofold. Footscray is in the midst of a rapid regentrification and property values in 2014 have certainly spiked upwards in this hotspot just 4-5km from the city. Homebuyers who have been priced out of the Yarraville and Seddon markets have quickly realised that not only does Footscray offer an abundance of great food, a fantastic market, easy commute into the city and an upgraded train station, but it also has an abundance of like-minded professionals who are choosing to take advantage of this undervalued suburb.

Footscray has come a long way… and it’s still got a way to go. But if we recall the trajectory that neighbouring Seddon had, we can watch Footscray with interest and see how it too performs over the next few years.

Adelaide Street is within a very short walk of the Western General Hospital and is a location which is almost always held in high demand by medical workers. Featuring a very pretty array of period houses, this street is a short distance from the hubs of both Seddon and Footscray and will appeal to prospective tenants; likely to be a house which attracts singles or couples.

For $650,000, and with the vendor kindly agreeing to advertise and take on a tenant before settlement, our clients can look forward to a tenancy firmly in place on settlement day, a low-maintenance house which requires no further work, and a fabulous capital growth asset in a fast-moving suburb.