Giving property investors a an unimpressive capital gain of 3.50% for the last year, South Melbourne, 3205 is the 2612th highest performer in Australia in this respect.
While South Melbourne,3205 ranked number 374th in VIC for increase in median house value (annualised) increase, it is ranked 47th over the last 5 years.
At number 619 in a list of fastest selling suburbs, South Melbourne is in the TOP 20% of suburbs in Australia with an average of days on market 45.64 for properties listed there.
Investment property in South Melbourne has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -5.83%
Comparing South Melbourne,3205 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
South Melbourne, 3205 is offering VIC ‘s 80th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this VIC.
Advertised rents are around the $500 mark per week – giving a return of 4.60% based on the median price in 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.