Investment property in South Yarra has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 42.31%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in South Yarra has increased when compared to the 5 year average annual rate.
On average over the past year, suburb has had 8.67 sales per month, which equates to 104 per year.
South Yarra, 3141’s gross rental yield is 2.18%
At number 697th in the list of Australian suburbs ordered by increase in median house value over the last year, South Yarra, 3141 is in the top half with a property value increase of 1.93% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in South Yarra has fallen somewhat when compared to the 5 year average annual rate.
Sellers are offering property buyers an average discount of -7.07% to buyers in South Yarra at the moment, which is less than average for the rest of VIC.
In the last year 364 properties changed hands in South Yarra, which puts it as the 5th most active market in VIC when comparing the number of sales per suburb.
Situated 3.86km from the CBD, South Yarra is one of Stonnington (C) localities in the postcode 3141.
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Tenants flood into the inner city
Median unit price: $570,000
Vacancy rate: 2.9%
Three-year growth: -0.9%
The tenant population swelled in the suburb of South Yarra as the average vacancy rate dropped from 3.6% in May 2017 to 2.9% 12 months later.
This inner-city suburb sits just 4km southeast of the Melbourne CBD, making it a very accessible for working professionals. The average weekly rent comes in at $465, with landlords gaining an average return of 4.2%. This is a reasonable rate considering South Yarra’s location.
The suburb is a shopping and café district, with most of the action centred along Toorak Road and Chapel Street. It is also a hub of public transport, with two railway stations, namely, the South Yarra and Hawksburn stations.
Nonetheless, growth is starting to slip in this suburb despite its convenience. Unit prices started falling in 2015, and this trend has continued, with values decreasing by 1.2% in the May 2017-2018 period.