South Melbourne- I think Im in LOVE

[Shonnie]

I think I've discovered the most perfect suburb in Victoria..

It's SOUTH MELBOURNE.. 2 secs from the city, 2 secs from the beach, 2 secs to the market, 2 secs to the parks, 2 secs to restaurants.. it is just 2 secsy .. sorry that was bad..

Anyway- It's slightly out of our first PPOR price range- starting prices are at $240k for a one bedroom apartment in a high rise.. I was just wondering if anyone has some stats on how this area performs- or perhaps if anyone owns anything in this area? Even info about areas surrounding it..

ANY information/opinions would be fantastic.. thanks!

 

[beech]

hi there,

search the Valuer generals guide to victoria and purchase it for all suburbs in VIC over the last 10 years growth rates.

Its an anual book.

 

[The Y-man]

hi there,

search the Valuer generals guide to victoria and purchase it for all suburbs in VIC over the last 10 years growth rates.

Its an anual book.

....which will tell you that Sth Melb houses has grown at 10.9% pa compunding which is great (similar to Port Melb).

Units haven't been as crash hot - 5.6%...

Cheers,

The Y-man

 

[lll]

yes , a great suburb, but i dont think you will fall in love with the price now!

cheers

Lozza

 

[Michael Yardney]

Shonnie

You can see how South Melb has perfomed using the graph an stats feature at:

http://propertydata.reiv.com.au/trendchart/

And you can get some more info at

http://www.domain.com.au/Public/SuburbReport.aspx?searchTerm=south+melbourne&mode=buy

 

[Bandita]

Hi Shonnie,

We're in love with South Melbourne too! What a fantastic area!

We bought a 2-bed apartment there in June 05 for $285k, it was rented out at $325/week. We had used the first home buyers grant to purchase it, so moved into it in December 05 - and stayed until last month. We just got new tenants in there for $370/week

We absolutely fell in love with the area while we there, and I started a thread before about how we were trying to justify to ourselves staying put because we loved it so much. But we bought it as an investment, and can't turn down $370 per week in rent! We wanted to stay in the area, but couldn't find anything in the rent range we wanted to pay - so we ended moving into Yarraville for $240/week. And now we're falling in love with Yarraville!

But I can't say enough about South Melbourne! And if you're looking for inner city living, because it's postcode is 3205 - the banks will lend 95%+ on it -compared to 80% for Southbank, Docklands, St. Kilda Rd, and CBD. That was are initial attraction to the area when we were looking- we needed a 95% lend, but the banks just wouldn't do it near the CBD - but moving a few blocks behind Southbank and West of St. Kilda Rd - and it was too easy!

Cheers,
Jen

 

[pieman]

I too love south melbourne in fact one of the first houses i purchased was there, a double fronted vico, that had 2 owners. I paid, wait for it..........220k. That was in fact alot of money in 96. If you can live with <3% yield and you want capital growth, buy a single fronted victorian in a good spot. You will not go wrong, of course if its your PPOR yield is not in the equation but remeber land is the bigest appreciator in the RE equation, howver scarcity (Victorian/edwardian/Deco/QueenAnne/Gothic etc) is another component that will increase growth and i think south melbourne has got it all as you have found out
pieman