Footscray's 25-storey tower transforms local real estate market

Construction has begun on a new 25-storey apartment tower on Barkly Street in Footscray, marking a significant shift in the local property market.

The timing of this development is crucial, as it coincides with a surge in demand for housing in the area, driven in part by the ongoing revitalisation of the Footscray waterfront and the expansion of the nearby Victoria University campus. With the population of Footscray expected to grow by over 10% in the next five years, according to the City of Maribyrnong's council projections, the need for new housing stock is becoming increasingly pressing.

In terms of local specifics, the new tower will be situated just a short walk from the Footscray Train Station and the bustling Nicholson Street shopping precinct, with its array of cafes, restaurants, and specialty stores. The development will also be close to the Maribyrnong River and the scenic Footscray Park, making it an attractive option for buyers looking for a mix of convenience, lifestyle, and natural beauty. Organisations such as the Footscray Traders Association and the Maribyrnong City Council have been working to promote the area's unique character and charm, with initiatives such as the Footscray Street Art Walking Tour and the annual Footscray Festival.

Market Trends and Data

According to data from the Real Estate Institute of Victoria, the median apartment price in Footscray has risen by 15% in the past 12 months, to $540,000. Meanwhile, rental yields in the area have remained relatively stable, at around 4.2%. With the new apartment tower set to add over 200 new units to the market, it will be interesting to see how this affects prices and demand in the coming months. As of June 2026, there were 147 apartments for sale in Footscray, with an average asking price of $623,000, according to online real estate platform, Domain.

Looking ahead, the completion of the new apartment tower, slated for 2028, is likely to have a significant impact on the local market. Buyers and renters can expect a range of new amenities and services to spring up in the area, from cafes and restaurants to gyms and retail stores. As the population of Footscray continues to grow and diversify, it will be important for developers, council, and local stakeholders to work together to ensure that the area's unique character and charm are preserved, while still accommodating the needs of new residents and businesses. For those looking to buy or rent in the area, it's essential to stay up-to-date with the latest market trends and developments, and to seek advice from local real estate experts who understand the intricacies of the Footscray market.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.