Suburb Profile Report for Southbank VIC (3006)

Southbank Unit: Median price $539,500, Annual capital growth 1.41%, Number of sales 380, Weekly median advertised rent $570

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • Unit Report

Southbank is an average performer in VIC when comparing median price capital growth over the last year. Southbank gave property investors a average capital gain figure when compared to the rest of the state, with -1.91%.

The five-year average increase in median property values for Southbank,3006 has given property investors a potential capital gain of -3.66% across each of those five years.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Southbank, 3006. Typically our figures indicate that -6.13% is being offered, which puts this VIC suburb at 599th most discounted overall in Australia.

Property investors should expect to get $570 weekly from the median priced house in this suburb.

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.

Metrics i HOUSE UNIT
N/A $539,500
N/A 0.09%
N/A -1.91%
N/A 1.41%
N/A $570
N/A 380
N/A 5.49%
N/A 79.3255033557047

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Balanced (H), Above average (U)
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Demographics
Total population 11235
Median household income ($/weekly) 1837
Median age of persons 29
Median housing loan repayment ($/monthly) 2300
Average household size 1.9
  • Census Count Percent(%)
    20-24 years 2162 19.2
    25-34 years 4328 38.5
    35-44 years 1423 12.7
    45-54 years 948 8.4
    55-64 years 816 7.3
    Others 1559 13.9
    Age Group
    Census Count Percent(%)
    Not Married 5195 57.1
    Registered Married 2510 27.6
    Defacto Relationship 1386 15.2
    Social Marital Status
  • Census Count Percent(%)
    Australia 3936 39.4
    Croatia 908 9.1
    Iraq 757 7.6
    Malta 548 5.5
    Other 821 8.2
    Others 3031 30.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 844 8.8
    Christianity 4223 44.1
    Hinduism 410 4.3
    Islam 304 3.2
    No Religion 3625 37.9
    Others 167 1.7
    Religious Affiliation
  • Census Count Percent(%)
    $1,250-$1,499 349 7.5
    $1,500-$1,999 660 14.1
    $2,000-$2,499 388 8.3
    $2,500-$2,999 852 18.2
    $4,000 or more 355 7.6
    Others 2070 44.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 5316 55.4
    Not in the labour force 2323 24.2
    Employed, worked part-time 1235 12.9
    Unemployed, looking for work 421 4.4
    Employed, away from work 299 3.1
    Person Characteristics
  • Census Count Percent(%)
    Managers 1210 17.7
    Professionals 2870 41.9
    Community & personal service workers 526 7.7
    Clerical & administrative workers 941 13.7
    Sales 493 7.2
    Others 808 11.8
    Occupation
    Census Count Percent(%)
    Infants/Primary 110 4.4
    Secondary 176 7.1
    Technical or Further Educational Institution 265 10.6
    University or other Tertiary Institutions 1727 69.3
    Other type of educational institution 170 6.8
    Others 44 1.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 9492 97.2
    Semi-detached, row or terrace house, townhouse 271 2.8
    House or flat attached to a shop, office 3 0.0
    Separate house 0 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2977 59.3
    Being purchased 1170 23.3
    Fully owned 853 17.0
    Other tenure type 22 0.4
    Tenure Type
Census 2011, ABS
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