Giving property investors a an unimpressive capital gain of -4.57% for the last year, Southbank, 3006 is the 1382th highest performer in Australia in this respect.
Taking the average capital gain, or increase in median house value, Southbank,3006 has racked up an average of -4.57% over the period. This ranks it number 1282th in the whole country for real estate investors looking at median house price increases.
Southbank, 3006 is offering VIC ‘s 84th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this VIC.
In the last year 673 properties changed hands in Southbank, which puts it as the 2nd most active market in VIC when comparing the number of sales per suburb.
With the median price for a house in Southbank being $550000 and the advertised rent reaching $530 the gross rental yield for property investors calculates out to be 5.01%
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.