Melbourne Area Profile: Southbank, VIC 3006

Thinking about buying an off the plan property in Southbank, VIC? You'll want to discover the Location Demographics, Travel & Infrastructure and Investor Insights. 

I bought an investment property in Southbank. Here’s why:

Dave is a first time home buyer who just bought an off the plan apartment in Southbank. 

Last year, I decided to buy a home for the very first time. I had been living in an apartment where I was renting but wanted to achieve my goal of purchasing a property that I could call my own. After a few months of research and looking for an area that had everything I wanted, I finally settled on an off-the-plan apartment in Southbank. It has been the best property decision I’ve ever made and here’s why: 

Location

The energetic suburb of Southbank can be found only 2 km from Melbourne’s prominent Central Business District and right next to the famous Yarra River. It is also widely known for having cultural venues, a booming business centre, and some of Australia’s tallest buildings including the Australia 108 Skyscraper and the Eureka Tower.  Some of the suburbs close by are South Melbourne, Docklands, South Yarra and Albert Park.

I can find loads of clothing stores and malls at Southbank especially with the Queensbridge Arcade Shopping Centre and at the DFO South Wharf Shopping Centre. To unwind after work, I also like to have delicious meals at the Soho Restaurant and Bar with live music and taste quality Japanese dishes with riverside views at Nobu. I often catch a show at the Southbank Theatre or check out the contemporary exhibits at the Australian Centre for Contemporary Art. On Sturt Street, the Malthouse Theatre has monthly events and a comedy festival. During a night out with friends, I enjoy visiting Crown Towers dining at the Deck Southbank Restaurant which offers modern Australian cuisine at an elegant balcony overlooking the skyline.

People

Being a place that is rich in resources and amenities, professionals, singles and families have all happily moved into the lively neighbourhood of Southbank. From information gathered by the Australian Bureau of Statistics, there are over 22 600 residents making up the entire population and around 5 300 families within the community. The amount of private dwellings are close to 17 500 properties with more being built in the following years. Furthermore, the median age is 31 years old with most people between 25 to 30 years old. 

Looking for a great option for families and professionals? Check out these listings.

Transport 

Southbank is surrounded by several public transport hubs and has trams running regularly with stops at Sturt Street and City Road. The iconic Flinders Street Railway Station is within walking distance and serves the entire metropolitan rail network at a central location. Less than 2 km away, the Southern Cross Railway Station has 16 platforms with trains following both metropolitan and regional lines.

If you’re driving, you will be directly linked to the West Gate Freeway for added convenience. At a central location, you can enjoy quick journey times and access to a range of transport services. The Alexandra Gardens also has walking and cycling trails available. 

Looking for a property near public transport? Check out these listings. 

Developments and Infrastructure

Recognised as one of the city’s busiest public spaces, the Melbourne City Council are looking forward to bringing the Southbank Promenade Upgrade project to life. The goal is to revitalise a 300 metre section from Princes Bridge to Evan Walker Bridge for greater safety and improved amenity for all users. It will involve adding lighting upgrades, creating new seating, placing accessible stairs and ramps and planting new native trees. Delivered in two stages, works are set to be completed by mid-2023.

Investor Insights 

Learn more about the growth and rental yields for the surrounding suburbs in Southbank - South Melbourne, Docklands, South Yarra and Albert Park.

If you are keen on what Southbank brings to the table, why not look into buying an off the plan property there? You can start your search here or book an appointment to speak with our team of property experts to see if this is the right area for your property needs.