Property investors who have had real estate in South Melbourne, 3205 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 4.83%
South Melbourne,3205 was ranked 2659 in Australia by increase in median property value over the quarter.
Property buyers and investors in South Melbourne 3205 should be seeing an average reduction in asking price of around -6.90% . This means that South Melbourne is holding prices well when compared to other suburbs in VIC.
Advertised rents are around the $590 mark per week – giving a return of 2.08% based on the median price in Suburb
VIC has seen average median house prices change by 6.52% which means that South Melbourne, 3205 has done well for property investors by showing a capital gain of -2.52% over the last year
Taking the average capital gain, or increase in median house value, South Melbourne,3205 has racked up an average of -2.52% over the period. This ranks it number 1310th in the whole country for real estate investors looking at median house price increases.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.58% offered to property buyers. Sellers in South Melbourne itself are offering an average vendor discount of -6.17% to real estate investors.
Often selling an investment property can take time, and in South Melbourne the average time real estate has been on the market is 86.35 days.
With the median price for a house in South Melbourne being $580000 and the advertised rent reaching $520 the gross rental yield for property investors calculates out to be 4.66%
South Melbourne has a very strong commercial market, with local industries centred around media, design and marketing.
Information supplied by:
0412 566 962
03 9699 7500
Attractive vacancy rates and rental yields await investors looking to enter the commercial market, with renovated two-three level buildings and office warehouses being the most common properties.
Trendy office warehouses with an open plan environment are the most sought after, while the central location makes it attractive to professional tenants.
The area is serviced reasonably well by public transport and the suburb enjoys great access to all of Melbourne's major arterial roads.Full summary
Selling points: Strong vacancy rates for investors and unique smaller style space for owner occupiers.
Most sought after properties: Office warehouses with an open plan environment, or exposed ceilings and concrete are very attractive in this market. In relation to St Kilda Road, high-rise buildings, well fitted, with space are a must. The comparable low rents versus all other Australian building markets are also very attractive.
Most common properties: Renovated two-three level commercial building and unique office warehouses.
Top amenities: Clarendon St shopping area and South Melbourne market are prominent. Two new major developments including the Spotlight complex on Cecil St and Coles development on Clarendon Street.
Local industry and business: AusStereo, Spotlight and Mitchell’s and Partners are the large tenants in the area. Main industries include media, advertising, marketing, design, architects and developers.
Best streets: York Street (right in the hub of the district) and Albert Road (views over the lake and great access).
Public transport: Although it doesn’t have a train station it has two trams, one light rail and bus services.
Main arteries: Great access to all Melbourne major arterial roads and freeways, great access to the CBD only minutes away. Easy access to Port Philip Bay and Albert Park Lake.