Southbank, 3006 ranked 266th in VIC when comparing growth in median property values or capital gain over the last 12 months. Southbank is one of 2098 in our list for VIC
While Southbank,3006 ranked number 294th in VIC for increase in median house value (annualised) increase, it is ranked 305th over the last 5 years.
Property investors looking for a bargain in Southbank should be aiming for at least -5.90% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Southbank being $560000 and the advertised rent reaching $535 the gross rental yield for property investors calculates out to be 4.97%
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.