Eldridge St sell-off: What’s driving owners to abandon a Footscray street?
One street in Melbourne's inner west has gone viral because everyone is trying to get out. Now the locals and experts have explained why.
A street in Melbourne’s inner west has seen a wave of homeowners and investors put their properties on the market, with many wondering what’s behind the sudden exodus.
The street in question – Eldridge St in Footscray, has multiple homes on the market and another four sold in the past year.
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Once considered one of the less desirable streets in Footscray, the area is now caught between past perceptions and its newly polished facade.
But local agents have suggested that Eldridge St has undergone significant gentrification.
The street, which has garnered attention on Reddit, offered potential explanations for the sell-off.
“(They’re) probably doing it because you have two years to sell otherwise you’re liable for capital gains tax,” One Reddit user speculated.
Others were less optimistic, with one commenter branding Eldridge as “one of the worst streets in Footscray.”
“That part of Footscray behind McDonald’s/Kinnears like Eldridge and Empire street has lots of social problems like crime and residents without proper supports in place. It’s been like that for years.” another online user remarked.
But not everyone agrees. Woodards Coburg local property consultant Alex Mauro, who has sold multiple apartments in the area said the street was in a great location and position.
“I’ve lived in the immediate area for my entire adult life and only have wonderful things to say about it,” Mr Mauro said.
“You can easily catch the 82 tram to Highpoint Shopping Centre.
“Over the past decade, the transformation of Buckley Street and Hopkins Street has been remarkable.”
Mr Mauro emphasised the area’s diversity, its vibrant lifestyle, and amenities at locals’ fingertips.
He recently sold an apartment in the street for a single woman who had traded the eastern suburbs for Footscray, drawn by the promise of getting more bang for her buck in the inner west.
“For anyone passing judgment on the area, I encourage you to come and explore it for yourself,” he said.
“Just give it a try and spend some time, it’s a great place to be on a Friday or Saturday night.
“Whether you’re interested in food, finance, or parks, this area has it all.”
Hocking Stuart Yarraville principal Leo Dardha agrees that Eldridge Street has come a long way from its former days as a neglected cluster of 1970s flats.
“Eldridge Street was once a neglected area featuring run-down flats,” Mr Dardha said.
“It wasn’t considered an attractive location, but it has certainly transformed over time.”
Mr Dardha said the street now finds itself at the heart of trendy Footscray, benefiting from infrastructure upgrades such as the upcoming Footscray Hospital and improved public transport.
Developers have renovated entire blocks, creating 13 brand-new apartments that have elevated the area’s appeal.
“It’s a prime spot,” he said.
“Residents can easily walk to Maribyrnong, Highpoint, and Barkly St.
“The western suburbs are moving forward, and Eldridge St is no exception – while some sellers may be cashing in on Footscray’s rising property values, it’s an ideal time for buyers to pounce.
“With property prices stabilising and interest rate cuts on the horizon, the market offers opportunities for those looking to invest in the area.”
The Hocking Stuart Yarraville principal said the market in the inner west was expected to remain steady for the next six months, but potential interest rate cuts could lead to an increase in property values – leaving first-home buyers priced out.
Other online users also pointed out that there may be “hundreds of apartments in that street, so the odds are higher that there will be multiple up for sale at any time.”
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Originally published as Eldridge St sell-off: What’s driving owners to abandon a Footscray street?
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