Capital Growth for Melbourne South Bank Properties going strong
Year 2018 was another great year for Melbourne Real Estate as Capital Growth kept trending upwards. Reports from Ironfish was a whopping 11.1% capital gain for Land and House and 6.3% for Apartments. And there is no sign of weakening as all pointers pointing at uptrend. Be it population growth via natural, interstate migration or overseas migration.
Even unemployment rate is dropping as there are more and more jobs created, especially in the construction and manufacturing sector. Transport infrastructure side is also contributing to the construction growth as new train line building is underway. Southbank, Melbourne is one of the gainer from this as the new Anzac train station will be ready by year 2025 and this station is situated along St Kilda Road near to Shrine of Remembrance.
Melbourne Southbank Apartments rental yield is also on the uptrend with rental yield now at 4.3%. 2018 Vacancy rate is going strong at only 1.6%, this shows that rental yield will still be increasing for years to come. New building approval has dropped in 2018, this will take its toll on the coming years as lesser new apartments will be built and this will be a good news for all existing landlords as there will soon a scarcity of rental space and the population growth will make this even more scarce.
Domain House Apartments
In 2018 – 2019, One of the new upcoming project by Virgate Property Group, Domain House Apartment, is launching for sales which the developer is targeting this apartment to be ready by 2023. With the all-new Anzac train station getting ready to roll by 2025, Domain House dwellers will be enjoying the ease of travelling by walking 7 minutes to the station. Anzac station is just one stop from the heart of CBD and is looking to transport 20,000 Southbank residents when it starts. This train line will eventually link up to all the major schools and colleges like RMIT and university of Melbourne. Whereas Melbourne Grammar and Melbourne Girls’ Grammar are just walking distance away from Domain House Apartment.
Range of one apartment for Domain House is currently priced at $400,000++ and up. Units are going pretty fast as investors and students’ parents are snapping them up. If you are interested in this property, kindly check with us for more information.