WHAT MAKES FOOTSCRAY THE NEW 'IT' SUBURB? A $32 BILLION MAKEOVER!

Footscray has become the talk-of-the-town as an up-and-coming suburb for Melbourne’s west side. It’s only 5km from Melbourne’s CBD, and a mere stone’s throw away from the world-famous Flemington Race Course. As the region emerges from a harsh year of lockdowns, Footscray is stepping into the spotlight as a frontrunner for Melbourne property investment.

“The demographics for Footscray are creating a perfect scenario for investors. It’s a young population, and nearly 70% of the residents are renting,” says Matt Sully, CEO of APFG. “Also, compared to the rest of Melbourne, Footscray has a higher percentage of those with bachelor degrees and/ or white-collared jobs, so it’s growing majority of well-paid, educated avocado-toast eating tenants.”

By the numbers: Footscray’s infrastructure improvements

Footscray property prices maintained a stable increase of 5.8% over the last year, but the future potential of the market has piqued investor interest, particularly due to the pouring in of state and federal funding to enhance the area’s accessibility and livability.

West Gate Tunnel Project - $6.1 billion; projected to create 6,000 new jobs

Construction started on this project in 2018. This massive undertaking will connect Melbourne’s west, as an alternative freeway option to the West Gate Bridge, with improvements for traffic congestion, convenience, and accessibility.

• The West Gate Freeway will be widened by four lanes and include express lanes between the M80 and the West Gate Bridge.
• Twin tunnels will connect the West Gate Freeway to the Port of Melbourne and CityLink, providing a more efficient route for trucks and freight.
• A bridge over the Maribyrnong River, linking to an elevated road along Footscray Road, will open accessibility for commuters to CBD north.

Additionally, the project will add nine hectares of parks and green space, along with walking and cycling paths from the west into the Melbourne CBD.

Melbourne Metro Tunnel & Airport Rail - $25 billion; projected to create 8,000 new jobs

• This long-awaited new end-to-end tunnel railway will be a direct line between the suburbs of Sunbury in the west and Cranbourne in the east, with stations along the way in Sunshine, Footscray, and five inner-city stops as well.
• Additionally, the route will also connect to a new train line from the Melbourne Airport, allowing for transport from the airport to CBD in just 30 minutes. The Airport rail will connect to the Metro Tunnel line at Sunshine, pass through Footscray, before going to the five underground stations.
• The Footscray metro station has been upgraded with an additional service platform

New Footscray Hospital - $1.5 billion; projected to create more than 2,000 jobs

• To accommodate western Melbourne’s rising population, the new hospital in Footscray will be the largest healthcare investment ever in Victoria. It will serve patients with more than 500 inpatient beds, with an emergency department, mental health and addictions hub, and specialist facilities for cardiovascular, angiographic, operational, and other procedures, as well as research and clinical support spaces.
• The project will employ more than 2,000 people at peak construction. It will be built with more than 90% local content, meaning more materials, services, and equipment will be sourced from local businesses.

Victoria University Upgrades

• In August it was announced that the university would receive $17.2 million from the Victorian Higher Education State Investment Fund, to establish three new research and innovation hubs at Victoria University to help drive the pandemic economic recovery boosting skills and jobs in Melbourne’s west.
• With the new hospital next door, the university will reap the benefits of skills training and apprenticeships across all phases of planning and building, plus medical and healthcare services. The university is establishing partnerships through the College of Trades and Civil Engineering and the College of Health, Community, and Business. There will also be future program links through VU's College of Health and Biomedicine, College of Sport and Exercise Science, and Institute for Health and Sports.

Invest in Footscray now, with Liberty One by Bensons

“Footscray has, so far, eluded the high $1 million+ price tags found in most of the city and suburbs. Sully says, “Being so close to the city with bike paths and easy accessibility, it’s unheard of to find anything under $1million for a home,” Sully says. “But it’s possible in Footscray, and Liberty One hits all the marks for value and potential.”

Overlooking Flemington Racecourse, with unobstructed views to the North, lies the Liberty One by Bensons Property Group. Liberty One is an exclusive collection of 375 elegant inner-city apartments, with all the modern benefits and atmosphere of urban living.

Currently, the project is offering an unbeatable opportunity for investors and property buyers - a 25-year rental guarantee.

Contact the team at APFG for more information on Liberty One, and other opportunities for cash-flow positive properties and smart investment strategies.