Southbank has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 5.64% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Southbank comes in at number 295th in VIC.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Southbank, 3006. Typically our figures indicate that -5.48% is being offered, which puts this VIC suburb at 622th most discounted overall in Australia.
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.