South Melbourne has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 12.86% to date .
Comparing South Melbourne,3205 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
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 South Melbourne, 3205. Typically our figures indicate that -8.92% is being offered, which puts this VIC suburb at 560th most discounted overall in Australia.
At number 1489th in the list of Australian suburbs ordered by increase in median house value over the last year, South Melbourne, 3205 is in the BOTTOM 20% with a property value increase of -6.75% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, South Melbourne comes in at number 170th in VIC.
LACK OF BUYER INTEREST may well be the reason that South Melbourne is offering property investors an average of -5.08. This rate of discount on properties puts Suburb at number 181th in terms of most discounted suburbs in VIC
Property investors should expect to get $499 weekly from the median priced house in this suburb.
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.