VIC has seen average median house prices change by 8.06% which means that South Melbourne, 3205 has done well for property investors by showing a capital gain of 17.55% over the last year
South Melbourne,3205 was ranked 2158 in Australia by increase in median property value over the quarter.
Our latest figures would indicate that property sellers in South Melbourne are currently offering property investors an average price cut of -9.06% below the asking price at the moment.
With a capital gain of -7.76% for the last 12 months, South Melbourne, 3205 has performed for property investments than its average annual 4.50% property growth over the last 5 years.
Taking the average capital gain, or increase in median house value, South Melbourne,3205 has racked up an average of -7.76% over the period. This ranks it number 912th in the whole country for real estate investors looking at median house price increases.
At number 190th of VIC’s most discounted properties, South Melbourne is in the middle of the state/territory when listing in order of most discounted to least.
On average over the past year, suburb has had 11.17 sales per month, which equates to 134 per year.
Property investors should expect to get $495 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.