Footscray tipped to be Melbourne’s next ‘it’ suburb

It’s no secret that Melbourne fell victim to mass inner-city decentralisation in 2020 and 2021 as a direct result of the pandemic. Tenants and owner occupiers left the CBD and surrounding suburbs in droves, heading to the middle and outer ring of Melbourne in search of cheaper rent and house prices.

Now that Melbourne is out of lockdown and learning to live with COVID-19, many people are focusing their attention back to the inner-city and falling in love with the perks of owning a home in these areas.

The McGrath Report 2022 – written by property guru John McGrath – explores how Melbourne’s inner-city market will recover, and why suburbs like Footscray are on his ‘next to watch’ list for 2022.

How Melbourne’s inner-city market will recover

With a mass exodus of international students, onerous rental moratoriums and an abandoned central business district, things were looking bleak for the inner-city market throughout 2020 and early 2021. Thankfully, the allure of low mortgage rates, loan deferrals and income support kept the inner-Melbourne market afloat, allowing investors and owner occupiers to hang onto their assets in the face of financial uncertainty.  

By May 2021, things were looking up. CBD apartment values grew to a median of $527,500, and vacancy rates began to improve too. Where the real recovery will begin however, is from the savvy buyers and investors who are recognising there’s little competition from overseas buyers and immigrants within this segment of the market.

Which Melbourne suburbs should buyers and investors look at?

In the McGrath Report for 2022, John McGrath named four Melbourne suburbs as his “top picks” for 2022. These suburbs were Aspendale, Pascoe Vale, Bulleen and of course, Footscray – home to Millhouse Residence.

So, what makes Footscray so special?

Located just 6km west of the Melbourne CBD, Footscray offers a vibrant, multicultural community with proximity to everything you want and need.

“[Footscray’s] multicultural community enjoys many must-have lifestyle benefits, including a train station, vibrant shopping precinct, schools and a university campus,” Mr McGrath wrote in the McGrath Report for 2022. “Construction has started on the new $1.5 billion Footscray Hospital, the state’s largest ever health infrastructure project. Surrounded by million-dollar suburbs, Footscray is a pocket of value ranging from Victorian cottages to mid-century brick veneers and new apartments.”

With these factors, it’s little wonder the suburb is drawing the attention of one of Australia’s most well-regarded property gurus.

Millhouse Residence offers buyers and landlords an astute investment

Millhouse Residence offers both buyers and landlords an astute investment option. Located in Footscray – which boasts a balance of a growing arts scene, international cultures and incredible dining culture – Millhouse Residence is removed from the hustle and bustle while still being in close proximity to Melbourne’s CBD.

With communal spaces aplenty, the amenity on offer at Millhouse is second to none. Living in an apartment will not be a sour point for those working from home or studying full time, as Millhouse offers a coworking space that opens onto a terrace perfect for casual meetings or remote work. The rooftop garden also serves as a charming sanctuary for relaxing with friends or as a place to escape the daily grind.

With luxury apartments for sale from $398,000, it’s a great time for buyers to snatch up available stock at Millhouse Residence – located in the heart of one of Melbourne’s next “it” suburbs.

Millhouse Residence, Footscray’s newest residential community, is now selling. Register your interest now to receive exclusive access to floorplans, pricing and incentives.