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
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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.