Property value increases in South Melbourne have tracked close to the VIC average of 8.96% over the last 12 months.
Taking the average capital gain, or increase in median house value, South Melbourne,3205 has racked up an average of 10.89% over the period. This ranks it number 288th in the whole country for real estate investors looking at median house price increases.
Property buyers and investors in South Melbourne 3205 should be seeing an average reduction in asking price of around -4.39% . This means that South Melbourne is holding prices well when compared to other suburbs in VIC.
Giving property investors a a poor capital gain of -8.53% for the last year, South Melbourne, 3205 is the 1533th highest performer in Australia in this respect.
While South Melbourne,3205 ranked number 209th in VIC for increase in median house value (annualised) increase, it is ranked 145th over the last 5 years.
Our latest figures would indicate that property sellers in South Melbourne are currently offering property investors an average price cut of -5.59% below the asking price at the moment.
South Melbourne is 158th on a list of best yielding suburbs for rents in VIC with a 4.41% return
South Melbourne has a very strong commercial market, with local industries centred around media, design and marketing.
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Attractive vacancy rates and rental yields await investors looking to enter the commercial market, with renovated two-three level buildings and office warehouses being the most common properties.
Trendy office warehouses with an open plan environment are the most sought after, while the central location makes it attractive to professional tenants.
The area is serviced reasonably well by public transport and the suburb enjoys great access to all of Melbourne's major arterial roads.Full summary
Selling points: Strong vacancy rates for investors and unique smaller style space for owner occupiers.
Most sought after properties: Office warehouses with an open plan environment, or exposed ceilings and concrete are very attractive in this market. In relation to St Kilda Road, high-rise buildings, well fitted, with space are a must. The comparable low rents versus all other Australian building markets are also very attractive.
Most common properties: Renovated two-three level commercial building and unique office warehouses.
Top amenities: Clarendon St shopping area and South Melbourne market are prominent. Two new major developments including the Spotlight complex on Cecil St and Coles development on Clarendon Street.
Local industry and business: AusStereo, Spotlight and Mitchell’s and Partners are the large tenants in the area. Main industries include media, advertising, marketing, design, architects and developers.
Best streets: York Street (right in the hub of the district) and Albert Road (views over the lake and great access).
Public transport: Although it doesn’t have a train station it has two trams, one light rail and bus services.
Main arteries: Great access to all Melbourne major arterial roads and freeways, great access to the CBD only minutes away. Easy access to Port Philip Bay and Albert Park Lake.