Suburb Profile – South Yarra
Dotted with world-class restaurants, boutique fashion stores and trendy cafes, South Yarra is a cultural hub that offers investors some of Melbourne’s most prestigious residential addresses.
Drawn to the area for its nightlife, cosmopolitan café culture and high-end shopping, South Yarra is a popular suburb for young professionals with the median age being 33 years 1
The Australian Bureau of Statistics 2 indicates that 60 per cent of private dwellings in South Yarra are rented, nearly twice the national average. The high demand for rental properties in the suburb reduces the number of vacancy days allows landlords to select high quality tenants.
According to property data, at October 2016 the median sale price of a South Yarra apartment was $545,000. At this time the average rent for an apartment in South Yarra is $4203 , with apartments averaging an annual growth of 4.32% 4.
South Yarra is consistently ranked as one of Melbourne’s most liveable suburbs. Conveniently located on the doorstep of the Royal Botanic Gardens and a short train trip away from the Melbourne CBD, its leafy streets provide all the attractions of metropolitan living.
Open parks, high quality schools and landmark icons including the Chapel Street shopping strip, the Jam Factory and historic Prahran Market continue to make South Yarra one of Melbourne’s most sought-after residential areas. As demand for this blue-chip suburb continues to grow, South Yarra is set to remain a premium investment opportunity.
– Last updated November 2016.