VIC has seen average median house prices change by 10.47% which means that South Melbourne, 3205 has done well for property investors by showing a capital gain of 10.33% over the last year
If we look at median property appreciation over just the last three months, South Melbourne has given property investors a paper return of 0.16%. This puts Suburb as 488 on a list of fastest fasting appreciating suburbs in VIC
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.08% offered to property buyers. Sellers in South Melbourne itself are offering an average vendor discount of -5.39% to real estate investors.
With the median price for a house in South Melbourne being $1522500 and the advertised rent reaching $620 the gross rental yield for property investors calculates out to be 2.12%
South Melbourne is in the bottom 30% in VIC when comparing median price capital growth over the last year. South Melbourne gave property investors a disappointing capital gain figure when compared to the rest of the state, with 1.71%.
A 15.53% growth in median value for property investors in South Melbourne,3205 puts this suburb at number 181th in terms of best performing suburbs in VIC
South Melbourne3205 is located in VIC which offers an average discount of -4.70% to property investors. South Melbourne itself is showing figures that indicate -4.95% is the average achievable by property buyers investing in the suburb.
Residents and property investors in South Melbourne have been waiting around 80.82 days to sell a property.
Using the current median advertised rental of $530 and the average annual increase in value of a median property of 2.50%, investors should hope to achieve an overall return of 4.63%
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.