VIC Suburb comparison - Inner West & Inner North of Melb

Bit of a long winded post... hope you can bear with me!

I've been doing a lot of research recently around property in the inner west, and i'm wondering what people think about whether the inner west will eventually "catch up" to the inner north's property prices. I realise you can't compare inner west with inner south-eastern suburbs for a range of reasons and i'm under no illusion that Footscray will ever be in the same ball park as a suburb like, for example, kew or hawthorn - BUT, I do feel like inner western suburbs could be compared with inner north suburbs - which 10, 15, 20 years ago were considered dodgy, rough and not at all desirable.

I think the northern suburbs still retain a lot of the grittiness that they once had, they aren't necessarily beautiful, picturesque suburbs like south eastern suburbs - but they are close to the city, have undergone gentrification and as a result highly sought after (stop me if i'm over-simplifying that!) .

My dad loves to tell the story that when he was growing up in Melbourne people didn't want to go anywhere near suburbs like Fitzroy, Brunswick, Northcote - even Carlton!

Currently there is still a pretty big discrepancy between inner west and inner north (see my comparison below) and i'm interested into peoples opinions as to whether they think that will eventually close ? Or am I missing other big draw-cards to the inner north that the inner west might never catch up on ?

INNER WEST

-- FOOTSCRAY
6.6km from CBD
4km from Highpoint

3 bed houses
Annual Growth – 5%
Median – 760k
Median Rent – 450 pw
Yield – 3.1%
Demand – high
Cashflow - $609pm negative

-- WEST FOOTSCRAY
8.6km to CBD
3.2km to highpoint

3 bed houses
Annual Growth – 6.7%
Median – 748k
Median rent – 420pw
Yield – 2.9%
Demand – high
Cashlflow - $698 negative

-- MAIDSTONE
10.5km from city
1km from Highpoint

3 bed houses
Annual growth – 4%
Median - $670k
Median Rent - $400pw
Yield– 3.1%
Demand – average
Cashflow - $523pm negative

INNER NORTH

-- NORTHCOTE
8.1km from CBD
5.4km from Northland

3 bed houses
Annual growth – 6%
Median – 1.14 million
Median rent - $620 pw
Yield – 2.8%
Demand – high
Cash flow - $1147 pm negative

-- THORNBURY
10km from CBD
3.7km from Northland

3 bed houses
Annual growth – 9.9%
Median – 1.11m
Median rent - $550 pw
Yield – 2.6%
Demand – high
Cashflow - $1337pm negative

-- COBURG
13.3km from CBD
10km from Highpoint

3 bed houses
Annual growth – 6.1%
Median – 838k
Median rent - $480 pw
Yield – 3%
Demand – high
Cashflow - $740pm negative

Thoughts?

 

Oh and I should probably say that we currently do have a property in Footscray .. we are looking to purchase our first IP; we started thinking about areas like werribee, sunshine west, frankston but can't let go of the idea of the inner west and feel like it's still got a lot to give in terms of growth..

 

Since you posted this back in November - All your figures are now quite outdated already as the market has grown so rapidly in the inner west suburbs in mentioned. I believe i have read the data from somewhere that both Footscray and West Footscray have both had growth of around 20% just in the past year alone. I think it will still continue to grow as these suburbs gentrification continues, but definitely already missed the boat on the fast accelerated growth curve in the current cycle. IMHO

 

median house price list of suburb is fake, do u think in Footscray u can buy house with the budget of 760k? I will give u 760 k buy house for me with decent size (500m2 ) block of land.

 

Median prices include townhouse, flats and aparments. Its an average for all.

I think inner west is more under valued than inner north since the stigma is worse.

However is it quicker to get to the city from inner west than north because there are less train/bus stops to the city since the 1sr 5km of travel from the city to the west are the shipping containers port area.