Arts centre revamp cements Southbank's investor appeal
- 06/07/2018
IMAGINE enjoying a theatre performance one night and taking in a contemporary art exhibition or live music gig the next.
Southbank residents have all this and more at their doorstep, with the area home to a wide array of arts and cultural organisations.
Leading performing arts venues, institutions and galleries are the backbone of the area?s thriving arts scene, all within close proximity to the Melbourne CBD.
Combine this with high-quality dining and shopping experiences, and it's not hard to see why Southbank is an increasingly attractive option for local investors looking to expand their portfolio.
Southbank is also earmarked for an impressive revamp that is set to grow visitor numbers, job opportunities and the property market into the future, helping to capitalise on the area's potential as a major destination.
The Victorian government is investing more than $200 million over the next two years as part of a bold and visionary strategy to transform the arts precinct, complete with Australia's largest contemporary art gallery, to be built on the former Carlton and United Breweries site. The redevelopment is set to cement Melbourne as the culture capital of Australia.
But the vibrant arts scene is not the only reason this area offers plenty of investment appeal.
Over the past few decades, Southbank has shaken off its industrial roots to become one of Melbourne's fastest growing residential and business areas.
Further growth is predicted in coming years, driven by high rental demand, dynamic development projects and proximity to the Melbourne CBD.
Melbourne Square by OSK Property is set to be at the epicentre of the Southbank evolution and has been touted as a game-changer in terms of inner-city living.
Featuring world-class dining and retail amenities, Southbank is rapidly securing a reputation for enviable lifestyle options and investment performance.
Melbourne Square provides a unique opportunity to invest in this vibrant and active destination.
Situated close to the city's iconic arts, entertainment and shopping hubs, this five-acre mixed-use development is envisioned as a gateway to the city and has been meticulously designed with lifestyle in
mind.
Major revitalisation plans happening on the doorstep to Melbourne Square will see improvements to Southban's street life, pedestrian access and connections to other city arts venues, helping unlock the area's creative potential and create a truly Melbourne experience.
Southbank's residential population is expected to double by 2031, and the area continues to experience strong growth in median unit prices year on year, recording a gross rental yield of 5.1% in 2017.
Greater affordability and low vacancy rates also point to a healthy rental market, with the area registering a higher volume of unit sales over the past year than other surrounding suburbs. This means that, on
average, investment units within Southbank generate higher rental income relative to the purchase price when compared to both Greater Melbourne and Greater Sydney.
It's not surprising then that local and international buyers alike are recognising the value of Southbank as an exceptional investment opportunity.
