Property investors who have had real estate in Southbank, 3006 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -0.09%
Taking the average capital gain, or increase in median house value, Southbank,3006 has racked up an average of -0.09% over the period. This ranks it number 1013th in the whole country for real estate investors looking at median house price increases.
Southbank3006 is located in VIC which offers an average discount of -6.24% to property investors. Southbank itself is showing figures that indicate -5.54% is the average achievable by property buyers investing in the suburb.
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Vacancies being filled
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.