At number 722th in the list of Australian suburbs ordered by increase in median house value over the last year, Southbank, 3006 is in the top half with a property value increase of -1.82% recorded in median house prices.
Southbank,3006 has offered an average of -1.82% return per annum in house price rises to property investors over the last three years.
Southbank, 3006 is offering VIC ‘s 121th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this VIC.
In the last year 405 properties changed hands in Southbank, which puts it as the 2nd most active market in VIC when comparing the number of sales per suburb.
With the median price for a house in Southbank being $540000 and the advertised rent reaching $560 the gross rental yield for property investors calculates out to be 5.39%
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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.