Southbank is in the bottom 40% in VIC when comparing median price capital growth over the last year. Southbank gave property investors a disappointing capital gain figure when compared to the rest of the state, with 0.00%.
A -2.61% growth in median value for property investors in Southbank,3006 puts this suburb at number 320th in terms of best performing suburbs in VIC
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.03% offered to property buyers. Sellers in Southbank itself are offering an average vendor discount of -5.84% to real estate investors.
A $540 per week rent on the median house gives suburb investors a gross yield of circa 5.01%, without taking into account capital value appreciation, which has been averaging out at 2.86%.
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.