According to Greg Hocking Elly Partners Sales Manager, Leigh Melbourne, Footscray’s convenient access to Melbourne CBD, and the present affordability of property were driving the boom. He said:
"People are seeing value for money, easy access to the Ring Road, good shopping facilities, a lot of period style homes and there is a changing demographic of young families moving into the area."
According to the REIV figures, average Footscray house prices increased to $566,250 from $495,225 and prices in nearby Yarraville rose to $668,500 from $610,000. Sales in Maribyrnong went up by 15 per cent, and those in West Footscray rose 14.9 per cent in the year covered by the figures, but as they did not meet the minimum requirement of 30 sales per year, they did not make the official count.
There are some suburbs where the real estate representatives will need to utilise business card printing services to take advantage of the demand for bargain houses.
Prices for homes in Seddon fell by 2.9 per cent to $640,750 and homes in other suburbs were also going for bargain prices. In Werribee the average house price was $280,000, in Hoppers Crossing the average was $310,000, and the suburbs of Wyndham and Wyndham Vale were also providing homebuyers with bargains.