Giving property investors a a poor capital gain of -21.05% for the last year, South Melbourne, 3205 is the 4185th highest performer in Australia in this respect.
Taking the average capital gain, or increase in median house value, South Melbourne,3205 has racked up an average of -21.05% over the period. This ranks it number 3612th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in South Melbourne are currently offering property investors an average price cut of -6.12% below the asking price at the moment.
South Melbourne, 3205’s gross rental yield is 2.90%
South Melbourne is an average performer in VIC when comparing median price capital growth over the last year. South Melbourne gave property investors a good capital gain figure when compared to the rest of the state, with 1.84%.
While South Melbourne,3205 ranked number 189th in VIC for increase in median house value (annualised) increase, it is ranked 218th over the last 5 years.
Property buyers and investors in South Melbourne 3205 should be seeing an average reduction in asking price of around -5.47% . This means that South Melbourne is holding prices well when compared to other suburbs in VIC.
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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.