Giving property investors a an unimpressive capital gain of -1.53% for the last year, Southbank, 3006 is the 1042th highest performer in Australia in this respect.
Over the longer term, Southbank has seen property prices show investors a -2.32% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Southbank should be aiming for at least -5.71% off the asking price, which is the average vendor discount being achieved at the moment.
In the last year 571 properties changed hands in Southbank, which puts it as the 2nd most active market in VIC when comparing the number of sales per suburb.
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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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