Southbank has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -1.67% to date .
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Southbank has fallen somewhat when compared to the 5 year average annual rate.
Property buyers and investors in Southbank 3006 should be seeing an average reduction in asking price of around -6.02% . This means that Southbank is holding prices well when compared to other suburbs in VIC.
Often selling an investment property can take time, and in Southbank the average time real estate has been on the market is 76.56 days.
Using the current median advertised rental of $560 and the average annual increase in value of a median property of 2.15%, investors should hope to achieve an overall return of 5.34%
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Information supplied by:
October 2018
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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.