South Melbourne Real Estate
South Melbourne Real Estate Overview:
South Melbourne is a leafy residential suburb located close to the city. The central shopping strip along Clarendon St with its restaurants, cafes and pubs attracts many visitors, and makes the suburb a popular place to live for many young professionals and families.
Approximately 2 square kilometres in size, it borders Albert Park to the south and has several main arterials to the CBD to its east and north. Accessibility is mainly via several tramlines and the St Kilda light rail line, as well as Kings Way, Albert Road and the West Gate Freeway.
The predominant age group is 30-39 years. The population of South Melbourne grew 13% from 2001-2006, and is now 10,481. Households in South Melbourne are primarily single parents.
South Melbourne amenities:
South Melbourne is one of the oldest neighbourhoods in Melbourne, and many of its residential areas date back to the Victorian era. It also contains a number of commercial offices, industrial locations and warehouses, as well as 6 small gardens.
Busy Clarendon St recently underwent a major retail redevelopment, and South Melbourne market to the west of the main strip is considered one of Melbourne’s finest fresh food and retail areas. Other notable buildings and associations include the South Melbourne Town Hall, South Melbourne Soccer Ground and the Victorian Tapestry Workshop.
South Melbourne real estate statistics:
Currently, the median sales price of houses in the area is $950,000, with the median price for units $517,500. There were 190 houses sold in South Melbourne in the last 12 months.
The suburb comprises mostly single parents (35%), childless couples (25%) and lone households (17%). Many South Melbourne residents are wealthier than the average Melbourne resident: 23% report an income over $103,000.
South Melbourne’s proximity to the CBD has seen the development of many high-rise apartment buildings. Over half of South Melbourne residents are renters (54%), with 23% purchasers and 19% owning their home outright. Owner-occupied homes leapt from 38.3% in 2001 to 42% in 2006. These homeowners pay on average over $2,000 per month on mortgage repayments.