Suburb Profile Report for South Melbourne VIC (3205)

South Melbourne House: Median price $1,200,000, Annual capital growth 5.55%, Number of sales 94, Weekly median advertised rent $695

South Melbourne Unit: Median price $565,000, Annual capital growth 1.83%, Number of sales 101, Weekly median advertised rent $540

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

  • Expert Report
  • House Report
  • Unit Report

Over the last year, property investments in South Melbourne, 3205 have given investors a capital gain of -7.69%. This compares badly with the -1.79% for VIC as a whole.

Over the longer term, South Melbourne has seen property prices show investors a -13.67% return over the last 3 years. This is an improvement over the last 12 months

Sellers are offering property buyers an average discount of -7.02% to buyers in South Melbourne at the moment, which is less than average for the rest of VIC.

Often selling an investment property can take time, and in South Melbourne the average time real estate has been on the market is 71.4091 days.

Using the current median advertised rental of $695 and the average annual increase in value of a median property of 5.55%, investors should hope to achieve an overall return of 3.01%

At number 1171th in the list of Australian suburbs ordered by increase in median house value over the last year, South Melbourne, 3205 is in the BOTTOM 30% with a property value increase of -9.16% recorded in median house prices.

A 4.63% growth in median value for property investors in South Melbourne,3205 puts this suburb at number 255th in terms of best performing suburbs in VIC

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.31% offered to property buyers. Sellers in South Melbourne itself are offering an average vendor discount of -5.84% to real estate investors.

Advertised rents are around the $540 mark per week – giving a return of 4.97% based on the median price in Suburb

Jay Pavey Information supplied by:

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Lemon Baxter

M 0412 566 962
O 03 9699 7500

W lemonbaxter.com.au
E jay@lemonbaxter.com.au

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.  

Metrics i HOUSE UNIT
$1,200,000 $565,000
13.74% -1.74%
-7.69% -9.16%
5.55% 1.83%
$695 $540
94 101
3.01% 4.97%
71.4090909090909 73.4189189189189

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (U)
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Demographics
Total population 9317
Median household income ($/weekly) 1668
Median age of persons 37
Median housing loan repayment ($/monthly) 2500
Average household size 2
  • Census Count Percent(%)
    20-24 years 706 7.6
    25-34 years 2131 22.9
    35-44 years 1733 18.6
    45-54 years 1170 12.6
    55-64 years 1000 10.7
    Others 2578 27.7
    Age Group
    Census Count Percent(%)
    Not Married 3507 49.7
    Registered Married 2418 34.3
    Defacto Relationship 1132 16.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 5444 63.6
    Iraq 210 2.5
    Papua New Guinea 290 3.4
    United Kingdom 538 6.3
    Other 646 7.5
    Others 1434 16.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 252 3.1
    Christianity 4322 53.2
    Islam 183 2.3
    Judaism 230 2.8
    No Religion 2966 36.5
    Others 170 2.1
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 277 7.4
    $400-$599 281 7.5
    $1,500-$1,999 390 10.4
    $2,500-$2,999 590 15.7
    $4,000 or more 372 9.9
    Others 1857 49.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 3590 47.7
    Not in the labour force 2266 30.1
    Employed, worked part-time 1140 15.1
    Unemployed, looking for work 267 3.5
    Employed, away from work 263 3.5
    Person Characteristics
  • Census Count Percent(%)
    Managers 998 20.0
    Professionals 2057 41.2
    Community & personal service workers 327 6.5
    Clerical & administrative workers 656 13.1
    Sales 366 7.3
    Others 593 11.9
    Occupation
    Census Count Percent(%)
    Pre-school 137 8.1
    Infants/Primary 380 22.4
    Secondary 259 15.3
    Technical or Further Educational Institution 175 10.3
    University or other Tertiary Institutions 655 38.6
    Others 92 5.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 3584 43.6
    Semi-detached, row or terrace house, townhouse 2705 32.9
    Separate house 1795 21.8
    House or flat attached to a shop, office 138 1.7
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2182 53.9
    Being purchased 976 24.1
    Fully owned 871 21.5
    Other tenure type 21 0.5
    Tenure Type
Census 2011, ABS
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