VIC has seen average median house prices change by 7.35% which means that Southbank, 3006 has done well for property investors by showing a capital gain of -0.49% over the last year
The five-year average increase in median property values for Southbank,3006 has given property investors a potential capital gain of -0.67% 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 -4.90% is being offered, which puts this VIC suburb at 733th most discounted overall in Australia.
At number 458 in a list of fastest selling suburbs, Southbank is in the TOP 40% of suburbs in Australia with an average of days on market 67.1963 for properties listed there.
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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.