He purchased his three-bedroom house at 72 Swan Street for $910,000 just two days after seeing it, and had intended to live there long-term and renovate down the track.
However, rising interest rates pushed Frangalas to rent out the property, and he has now decided to sell what he hoped would be a lucrative investment, so he can buy elsewhere.
“I did really like [living there],” he said.“[Footscray] has a lot of character to it, especially when you consider its price and affordability.
“It’s one of the best areas to invest in, in the under $1 million range,” Frangalas said. “It was really odd to me how really affordable Footscray is when you think about what you get. “Give it a couple of years and I think there will be bigger price growth in that area.”
Jellis Craig listing agent Anthony Christakakis said buyers recognised the value in the suburb and Frangalas’ property.
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“The demand has been incredible. People say I can’t buy anything in Yarraville at this level,” he said. “People entering the search for the property want to be in Footscray anyway. It’s got more of a nightlife than anywhere in the inner west.”
Christakakis compared the inner west to more popular nightlife suburbs like Fitzroy ($1,425,000), the 23rd cheapest suburb within 10 kilometres of the city, and said the value offered was attractive to buyers.
“[Footscray has] much better value, but Fitzroy has a really established hospitality and nightlight scene,” he said….
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