Southbank has had a pretty average year for property investment returns compared to the rest of VIC, giving investors a capital gain of 5.56% to date .
The five-year average increase in median property values for Southbank,3006 has given property investors a potential capital gain of -2.56% across each of those five years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.27% offered to property buyers. Sellers in Southbank itself are offering an average vendor discount of -5.52% to real estate investors.
Residents and property investors in Southbank have been waiting around 99.91 days to sell a property.
Using the current median advertised rental of $540 and the average annual increase in value of a median property of 3.58%, investors should hope to achieve an overall return of 4.93%
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.