Southbank, 3006 ranked 156th in VIC when comparing growth in median property values or capital gain over the last 12 months. Southbank is one of 2098 in our list for VIC
Taking the average capital gain, or increase in median house value, Southbank,3006 has racked up an average of 4.55% over the period. This ranks it number 1360th in the whole country for real estate investors looking at median house price increases.
Southbank3006 is located in VIC which offers an average discount of -5.08% to property investors. Southbank itself is showing figures that indicate -5.39% is the average achievable by property buyers investing in the suburb.
Situated 0.98km from the CBD, Southbank is one of Melbourne localities in the postcode 3006.
Concerns about an oversupply of apartments in inner-city Melbourne have been raised frequently in recent months, and the vacancy rate in Southbank could show there is something behind those worries.Full summary
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Concerns about an oversupply of apartments in inner-city Melbourne have been raised frequently in recent months, and the vacancy rate in Southbank could show there is something behind those worries.Close
Just a kilometre from the Melbourne CBD, the riverside suburb currently has a vacancy rate of 11.3%.
Landlords who do manage to find a tenant are getting decent returns, with the average weekly rent of $530 meaning owners are seeing yields of 5%.
Properties aren’t performing too well on the capital growth side of the picture either: the median house price has fallen by 3% over the past year and currently sits at $560,000.
Vendors are also having to offer an average discount of 6% to see sales completed, with apartments spending on average 104 days on the market.