St Kilda has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 12.33% to date .
Across a shorter period, St Kilda, 3182 has seen a median price increase of 5.21% over the last quarter.
Vendor discounting in St Kilda is giving property investors an average Vendor Discount of around -1.74%. This puts suburb at number 602th in VIC when ranking the most discounted suburbs.
Investment property in St Kilda has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 2.94%
When looking at the potential capital gains offered to property investors over the last 3 years, St Kilda comes in at number 293th in VIC.
Property buyers and investors in St Kilda 3182 should be seeing an average reduction in asking price of around -5.41% . This means that St Kilda is holding prices well when compared to other suburbs in VIC.
St Kilda, 3182’s gross rental yield is 4.19%
Next to Balaclava, St Kilda is a popular lifestyle suburb with strong historical capital growth rates that’s right on the bay, but also within 10km of Melbourne’s CBD. Apartments dominate the market, and WBP’s Sean Thomson suggests that it’s this section of the market that investors will want to target. Full summary
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Next to Balaclava, St Kilda is a popular lifestyle suburb with strong historical capital growth rates that’s right on the bay, but also within 10km of Melbourne’s CBD. Apartments dominate the market, and WBP’s Sean Thomson suggests that it’s this section of the market that investors will want to target.
“For an investor, with the way that lifestyles are changing in those areas, I’d suggest looking at one- or two-bedroom apartments and staying in boutique style blocks of six to 20 apartments and where the land value is quite substantial,” he says.
“Within those boutique blocks, look for something that is unique,” advises Thomson. “This could be the position within the block, the floor plan or the condition of the property.”
He adds that modern high rise apartments tend to be quite small, and that the body corporate fees in high rises can be quite high.
“There could be lifts, cleaning, swimming pools and services that as an investor you don’t need to be forking out for. The land component per unit is also small compared to a boutique development.”
He also suggests looking at the more picturesque St Kilda and St Kilda West, rather than heading inland to St Kilda East.
“St Kilda West backs up to Middle Park, and you’re in close proximity to Fitzroy Street – one of the main streets in St Kilda where a lot of cafés, restaurants and amenities are – and the Bay area,” he says. “It’s got the bay on one side, and parkland on the other. It’s a stunning location with easy access to the city by light rail.”