If you compare the increase in value of investment property in Southbank, 3006 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -1.34%.
Southbank,3006 was ranked 936 in Australia by increase in median property value over the quarter.
Our latest figures would indicate that property sellers in Southbank are currently offering property investors an average price cut of -5.60% below the asking price at the moment.
At number 939 in a list of fastest selling suburbs, Southbank is in the bottom 40% of suburbs in Australia with an average of days on market 81.77 for properties listed there.
Advertised rents are around the $550 mark per week – giving a return of 5.18% based on the median price in Suburb
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Information supplied by:
October 2018
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Southbank has not had an excellent reputation of late, but it remains favoured by many residents, including rentersFull summary
Vacancies being filled
Postcode: 3006
Median unit price: $555,000
Vacancy rate: 11.4%
Three-year growth: 1.5%
Southbank has not had an excellent reputation of late, but it remains favoured by many residents, including renters.
The average vacancy rate fell from 11.4% in July 2017 to 9.8% after 12 months, suggesting that the $550 average weekly rent rate is not affecting tenant demand. Moreover, investors enjoy considerable yields of 5.2% on average. The cash flow gained suggests that investments here could pay off very well and that the stock on market can be effectively filled.
This inner-city Melbourne suburb has experienced a strong inflow of high-rise apartments, given that it’s one of the city’s most populated areas. Southbank is regarded as one of Greater Melbourne’s main business hubs, and is home to many major firms. Southbank is served by a shopping precinct on the river that is also home to Southgate Restaurant.
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