With a capital gain of -2.88% for the last 12 months, Southbank, 3006 has performed for property investments than its average annual 1.40% property growth over the last 5 years.
Across a shorter period, Southbank, 3006 has seen a median price increase of -2.88% over the last quarter.
Property buyers and investors in Southbank 3006 should be seeing an average reduction in asking price of around -5.85% . This means that Southbank is holding prices well when compared to other suburbs in VIC.
Property investors should expect to get $570 weekly from the median priced house in this suburb.
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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.