The answer to the question is yes, yes it is, but it depends on who you ask. What do I mean by that?
Well for starters let’s look at Footscray itself. Since the 1970s Footscray has been the main business district in the inner west. It’s something of a cosmopolitan precinct and every tourist that comes to Melbourne visits Footscray.
For those that don’t know the Footscray suburb of Footscray is Australia’s oldest suburb, which means that there are few remnants of its earlier Victorian past remaining. By the way, Footscray is a type of fruit that is hard to describe except to say that it’s got some kind of off white skin and flesh that looks just like the flesh of a ripe plum.
So for those that want to rent properties for the tourist and residents, this makes perfect sense. For the tourist, the return is of course less, however many people still pay pretty good Footscray rentals for such a place.
For residents, the return on renting a property in Footscray is indeed smaller and so is the cost to stay there. If you rent an apartment or a villa in Footscray, you will find that it can be a very good value and when the market is oversupplied then it’s not too difficult to find something cheaper.
If you are someone that works in the city and is looking to rent a place then this is also an option that may appeal to you. But if you are someone that does not work in the city and yet you want to live there for a long time then you will find that living in Footscray can also be an advantage.
In fact, if you take a walk around Footscray you’ll see that there are plenty of small places to rent in Footscray. Although most of them are second hand, there are plenty of new apartments and a good number of them are considered investment properties by the developers that set them up.
In other words, the developers want to build apartments so that they can sell them for higher prices in the future and make more money. They do this because it’s very easy to build as soon as you have a plan and you know what you are doing.
In terms of the land that the developers own you will note that they have been building apartments for quite some time now and if you look around you will see that there are a lot of empty sites that are available. The developers use these to their advantage because it’s a way to get all of their properties built and occupied in one go without putting in too much effort.
In terms of buying an apartment, you will also note that there are plenty of apartments to buy on the market in the short and medium-term in this year’s market, which means that if you are looking for a longer-term investment it’s definitely worth looking at apartments that are due to be built in the near future. They’re generally going to be pricier than the ones that are on the market now, but they could be worth the money if you are interested in being there for a while.
One of the things that are often looked at in relation to apartment complexes and Footscray rentals is the ability to grow over time and add to the growth of the properties. If you are someone that wants to own a unit but not really live in it for the long term then this is an option that’s going to suit you very well.
If you are someone that lives in Footscray then you will always be able to buy an apartment or buy a property that you can rent properties out. There is no point in paying over the odds to rent the property if you can instead invest your money into buying a property and being able to rent it out.