Southbank is a large suburb in Victoria within the Melbourne local government area (postcode 3006). With a population of 22,631, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $100K per year, with an average household size of 1.8 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are Chinese, English, Australian.
Units have a median price of $600,000 (-0.8% YoY). The current median weekly rent is $630. This gives a gross rental yield of approximately 5.5%. The median monthly mortgage repayment is $1,900.
Southbank is served by 2 schools, including 1 primary, 1 secondary. The average ICSEA score is 1142, which is well above the national average of 1,000. Public transport access includes 4 tram stops, 32 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, Southbank offers a gross rental yield of 5.5%, rated as high yield. Property prices sit below the state median ($600K/$875K), suggesting a potential value opportunity. The price-to-income ratio of 6.0x is considered affordable. House prices have moved -0.8% year-on-year.
Southbank is a large suburb in Victoria within the Melbourne local government area (postcode 3006). With a population of 22,631, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $100K per year, with an average household size of 1.8 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are Chinese, English, Australian.
Units have a median price of $600,000 (-0.8% YoY). The current median weekly rent is $630. This gives a gross rental yield of approximately 5.5%. The median monthly mortgage repayment is $1,900.
Southbank is served by 2 schools, including 1 primary, 1 secondary. The average ICSEA score is 1142, which is well above the national average of 1,000. Public transport access includes 4 tram stops, 32 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, Southbank offers a gross rental yield of 5.5%, rated as high yield. Property prices sit below the state median ($600K/$875K), suggesting a potential value opportunity. The price-to-income ratio of 6.0x is considered affordable. House prices have moved -0.8% year-on-year.