VIC has seen average median house prices change by 7.73% which means that Southbank, 3006 has done well for property investors by showing a capital gain of -1.77% over the last year
Comparing Southbank,3006 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
Property buyers and investors in Southbank 3006 should be seeing an average reduction in asking price of around -5.57% . This means that Southbank is holding prices well when compared to other suburbs in VIC.
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YIP MAG
February 2016
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Concerns about an oversupply of apartments in inner-city Melbourne have been raised frequently in recent months, and the vacancy rate in Southbank could show there is something behind those worries.Full summary
Concerns about an oversupply of apartments in inner-city Melbourne have been raised frequently in recent months, and the vacancy rate in Southbank could show there is something behind those worries.
Just a kilometre from the Melbourne CBD, the riverside suburb currently has a vacancy rate of 11.3%.
Landlords who do manage to find a tenant are getting decent returns, with the average weekly rent of $530 meaning owners are seeing yields of 5%.
Properties aren’t performing too well on the capital growth side of the picture either: the median house price has fallen by 3% over the past year and currently sits at $560,000.
Vendors are also having to offer an average discount of 6% to see sales completed, with apartments spending on average 104 days on the market.
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