Southbank Real Estate
Southbank Real Estate Overview:
Southbank is one of Melbourne’s leading arts, cultural and leisure precincts. Covering approximately 2 square kilometres, Southbank is bordered by the Yarra River to the north as well as an extensive network of major parks and gardens to the east.
This densely populated suburb has grown significantly in recent years; since 2001 it grew over 84 per cent and now has a population of 10,500. Most Southbank residents are aged between 20-34 years and usually live alone or in a couple. They are highly educated and work in professional occupations. Residents generally live in high-rise apartments, nearly two thirds of them rented.
Southbank contains some of the major cultural and arts institutions of Melbourne, including Melbourne Arts Centre, Concert Hall, Melbourne Exhibition Centre, Melbourne Recital Centre, National Gallery of Victoria, the Malthouse Theatre, the Australian Centre for Contemporary Art and Victorian College of the Arts. Amongst the many high-rise apartments in the suburb is the 92-storey Eureka Tower, one of the world’s tallest residential buildings.
Southbank Promenade is the central retail and entertainment hub of the suburb. The area contains hundreds of cafes, shops and restaurants, as well as apartments, hotels and the Crown Casino. ‘South Wharf’, a new suburb created in 2008, comprises the western section of Southbank. It is a growing area soon to be developed with hotels, shops and more.
Southbank real estate statistics:
The suburb contains primarily lone households (33%), single parents (27%) and childless couples (24%). In comparison to the city of Melbourne these are more affluent households, with 23% of residents with an income of over $103,000pa.
The median sales price of properties in the suburb is in excess of $580,000. In the last 12 months, 478 homes were sold in the suburb. Owners of property in Southbank are likely to be repaying over $2000 per month on mortgage repayments. Southbank residents are mostly renters (64%). Owner-occupied properties are on the rise; in 2006, 34.2% of homes were owner-occupied, up from 30.5% in 2001.
The population is expected to grow to 19,730 residents by 2031. These population projections are based on continued growth in new dwellings, a relatively stable migration profile and the influx of younger residents (18-24) attracted to the inner city for education and employment opportunities.