Property investors who have had real estate in Southbank, 3006 should be relatively unhappy 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 -4.31%
If we look at median property appreciation over just the last three months, Southbank has given property investors a paper return of -0.89%. This puts Suburb as 292 on a list of fastest fasting appreciating suburbs in VIC
Sellers are offering property buyers an average discount of -5.85% to buyers in Southbank at the moment, which is less than average for the rest of VIC.
Using the current median advertised rental of $535 and the average annual increase in value of a median property of 1.94%, investors should hope to achieve an overall return of 5.01%
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
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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.Close
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.