What I’ve Learnt About Buying Property in Footscray
By Mark Ribarsky, Lead Buyer’s Agent.
Apartments: Many buildings have substantial owners corporation fees, special levies or increased maintenance costs associated with construction defects. Always review the owners corporation records, financial statements and building history before buying.
Houses: Quality period homes in Footscray attract strong competition and are commonly sold at auction with strong underquoting with regards to pricing. Price guides can be conservative, especially for renovated homes in quiet residential streets. Buyers should carefully research comparable sales and establish a realistic bidding limit before auction day.
Older properties and renovations: Many older Footscray properties can have hidden structural defects, rising damp, ageing roofs, outdated services or poor-quality renovations.
These problems may lead to substantial repair bills and could temporarily make the home uninhabitable. Identifying costly defects before purchasing requires experience and thorough due diligence.
This should also be a consideration for property investors who want to lease property. Victoria has some of the strongest rental protection laws in Australia, and landlords may be required to undertake expensive maintenance, pay compensation or deal with a property becoming temporarily uninhabitable while renovations are completed.
Location matters: Not every Footscray street offers the same lifestyle or resale potential. I’m cautious about properties on busy roads, such as Buckley Street and Nicholson Street. Homes close to industrial land or railway lines can also experience significant noise, as Footscray has major V/Line and metropolitan train lines.
I’m also cautious about properties overlooking large public-housing towers. The area immediately surrounding Footscray Station and the market can be busy, high crime rates, noisy and difficult for parking.
