Suburb Profile Report for Southbank VIC (3006)

Southbank Unit: Median price $580,000, Annual capital growth 3.68%, Number of sales 736, Weekly median advertised rent $540

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • Unit Report
  • Expert Report

Property investors who have had real estate in Southbank, 3006 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 6.42%

Across a shorter period, Southbank, 3006 has seen a median price increase of 2.56% over the last quarter.

The most recent median price for Southbank is $580000, with sellers offering an average of -5.56% off the asking price.

YIP MAG Information supplied by:

YIP MAG
February 2016

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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.Full summary

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.

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.

Close
HOUSE UNIT
N/A $580,000
N/A 2.56%
N/A 6.42%
N/A 3.68%
N/A $540
N/A 736
N/A 4.84%
N/A 102.04

Source: CoreLogic

DSR Score for property investment : Balanced (H), Above average (U)
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Demographics
Total population 11235
Median household income ($/weekly) 1837
Median age of persons 29
Median housing loan repayment ($/monthly) 2300
Average household size 1.9
  • Census Count Percent(%)
    20-24 years 2162 19.2
    25-34 years 4328 38.5
    35-44 years 1423 12.7
    45-54 years 948 8.4
    55-64 years 816 7.3
    Others 1559 13.9
    Age Group
    Census Count Percent(%)
    Not Married 5195 57.1
    Registered Married 2510 27.6
    Defacto Relationship 1386 15.2
    Social Marital Status
  • Census Count Percent(%)
    Australia 3936 39.4
    Croatia 908 9.1
    Iraq 757 7.6
    Malta 548 5.5
    Other 821 8.2
    Others 3031 30.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 844 8.8
    Christianity 4223 44.1
    Hinduism 410 4.3
    Islam 304 3.2
    No Religion 3625 37.9
    Others 167 1.7
    Religious Affiliation
  • Census Count Percent(%)
    $1,250-$1,499 349 7.5
    $1,500-$1,999 660 14.1
    $2,000-$2,499 388 8.3
    $2,500-$2,999 852 18.2
    $4,000 or more 355 7.6
    Others 2070 44.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 5316 55.4
    Not in the labour force 2323 24.2
    Employed, worked part-time 1235 12.9
    Unemployed, looking for work 421 4.4
    Employed, away from work 299 3.1
    Person Characteristics
  • Census Count Percent(%)
    Managers 1210 17.7
    Professionals 2870 41.9
    Community & personal service workers 526 7.7
    Clerical & administrative workers 941 13.7
    Sales 493 7.2
    Others 808 11.8
    Occupation
    Census Count Percent(%)
    Infants/Primary 110 4.4
    Secondary 176 7.1
    Technical or Further Educational Institution 265 10.6
    University or other Tertiary Institutions 1727 69.3
    Other type of educational institution 170 6.8
    Others 44 1.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 9492 97.2
    Semi-detached, row or terrace house, townhouse 271 2.8
    House or flat attached to a shop, office 3 0.0
    Separate house 0 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2977 59.3
    Being purchased 1170 23.3
    Fully owned 853 17.0
    Other tenure type 22 0.4
    Tenure Type
Census 2011, ABS
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