Southbank is an average performer in VIC when comparing median price capital growth over the last year. Southbank gave property investors a average capital gain figure when compared to the rest of the state, with 4.09%.
Over the longer term, Southbank has seen property prices show investors a -0.85% return over the last 3 years. This is an improvement over the last 12 months
Sellers are offering property buyers an average discount of -5.63% to buyers in Southbank at the moment, which is less than average for the rest of VIC.
Often selling an investment property can take time, and in Southbank the average time real estate has been on the market is 97.28 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.