At number 4046th in the list of Australian suburbs ordered by increase in median house value over the last year, South Melbourne, 3205 is in the BOTTOM 10% with a property value increase of -14.70% recorded in median house prices.
South Melbourne,3205 was ranked 3950 in Australia by increase in median property value over the quarter.
At number 191th of VIC’s most discounted properties, South Melbourne is in the bottom 30% of the state/territory when listing in order of most discounted to least.
South Melbourne, 3205’s gross rental yield is 2.52%
Over the last year, property investments in South Melbourne, 3205 have given investors a capital gain of 6.03%. This compares averagely with the 6.03% for VIC as a whole.
Taking the average capital gain, or increase in median house value, South Melbourne,3205 has racked up an average of 6.03% over the period. This ranks it number 1058th in the whole country for real estate investors looking at median house price increases.
The most recent median price for South Melbourne is $615000, with sellers offering an average of -5.44% off the asking price.
South Melbourne has a very strong commercial market, with local industries centred around media, design and marketing.
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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.