Recent figures show that approximately 40 per cent of the population living in inner ring suburbs 5 kilometres from the city centre are young independents aged between 20 and 34. By the suburbs, 42.3 per cent are in this age group who live in South Yarra, 40.6 per cent in Prahran, 39.7 per cent in Brunswick, 37.8 per cent in Hawthorn, and 39 per cent in Footscray.
Footscray, in particular, is an attractive option for a place to live, with agent F.R. Chee saying the Footscray area is host to increased infrastructure investment, affordable unit prices approximately $130,000 lower than in nearby suburb South Yarra, and access to transport and amenities.
“More and more young people are turning to Melbourne’s inner ring markets as a way to maintain their lifestyles and a level of convenience, while finding an affordable entry to the market,” Mr Chee said.
“Compared to a suburb like South Yarra, which is similarly located 5 kilometres from the city centre, [it’s] also a 10-minute train ride from the CBD and has an equivalent proportion of young residents; Footscray is offering incredible value.”
These inner-ring suburbs are also recording high levels of apartment sales, according to a report by Urbis.
“Footscray’s apartment market is providing a viable option for young professionals and families who want to enter the market and remain close to the city,” Mr Chee said.
“Young people are increasingly willing to trade in a suburban backyard for apartment living and convenience. And with first home concessions now in place, we’re sure Footscray will continue to attract a younger market.”