At number 1746th in the list of Australian suburbs ordered by increase in median house value over the last year, South Melbourne, 3205 is in the top half with a property value increase of 6.25% recorded in median house prices.
South Melbourne,3205 has offered an average of 6.25% return per annum in house price rises to property investors over the last three years.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.91% offered to property buyers. Sellers in South Melbourne itself are offering an average vendor discount of -8.92% to real estate investors.
On average over the past year, suburb has had 7.83 sales per month, which equates to 94 per year.
A $580 per week rent on the median house gives suburb investors a gross yield of circa 2.29%, without taking into account capital value appreciation, which has been averaging out at 9.46%.
South Melbourne has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -6.17% to date .
The five-year average increase in median property values for South Melbourne,3205 has given property investors a potential capital gain of 16.49% across each of those five years.
The most recent median price for South Melbourne is $585000, with sellers offering an average of -5.40% off the asking price.
At number 525 in a list of fastest selling suburbs, South Melbourne is in the TOP 40% of suburbs in Australia with an average of days on market 66 for properties listed there.
Property investors should expect to get $500 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.