Over the last year, property investments in South Melbourne, 3205 have given investors a capital gain of 7.81%. This compares averagely with the 9.04% for VIC as a whole.
While South Melbourne,3205 ranked number 580th in VIC for increase in median house value (annualised) increase, it is ranked 2nd over the last 5 years.
Property investors looking for a bargain in South Melbourne should be aiming for at least 0.00% off the asking price, which is the average vendor discount being achieved at the moment.
South Melbourne, 3205 ranked 358th in VIC when comparing growth in median property values or capital gain over the last 12 months. South Melbourne is one of 2098 in our list for VIC
South Melbourne,3205 was ranked 1302 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -5.99% to buyers in South Melbourne at the moment, which is less than average for the rest of VIC.
Residents and property investors in South Melbourne have been waiting around 71.29 days to sell a property.
Advertised rents are around the $500 mark per week – giving a return of 4.52% 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.