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.
“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….