If you compare the increase in value of investment property in Southbank, 3006 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 5.09%.
Across a shorter period, Southbank, 3006 has seen a median price increase of -0.34% over the last quarter.
Property buyers and investors in Southbank 3006 should be seeing an average reduction in asking price of around -5.42% . This means that Southbank is holding prices well when compared to other suburbs in VIC.
Often selling an investment property can take time, and in Southbank the average time real estate has been on the market is 100.87 days.
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.