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Southbank property market doing fine

17 Oct 2011

Southbank property market doing fine Image

Southbank’s property market is not as dire as mainstream media would have you believe, according to the real estate agents on the ground in the area.

The Herald Sun reported during October that Melbourne’s property market was losing money for “thousands of battling homeowners” and that Southbank was one of the biggest loss-making suburbs.

But Gary Cakir, principal at Evolve Real Estate on Queensbridge Rd told the Southbank Local News it wasn’t all doom and gloom.

“Southbank has a lot to offer its residents, and it certainly has great appeal to many investors,” Mr Cakir said, and added: “I can confidently say that Southbank is not any worse off than others (suburbs) around Melbourne.”

Mr Cakir also noted that the story did not explain possible reasons for selling, saying: “People who sell for a loss generally have a genuine reason for selling, whether that be the purchase of another investment, mortgage stress, employment unavailability, or a change in personal circumstances. We should consider all the underlying motives of sales.”

He also said that the type of property within Southbank was another underlying factor. “It’s a different demographic here. Apartments are always better for rental growth, and generally not as strong as houses for capital growth,” Mr Cakir said.

Andrew Salvo from Salvo Real Estate agreed with Mr Cakir, assuring the Southbank market that it certainly had no need to panic.

“I think it is a media beat-up of mass proportions. There is no doubt that the market has paused as people sit back to see what is happening, however we are still getting really good sales in our buildings,” Mr Salvo said.

Mr Salvo went on to say there were plenty of good news stories in the Southbank property market, and plenty of people making money.

“We have had many recent sales that have far exceeded the prices we were selling these apartments for in 2008,” he said.

Anton Wongtrakun from Dingle Partners stressed the importance of looking at time when talking about property investment.

“Property is and has always been a long term investment and Southbank has been no different in showing appreciation over the long term,” Mr Wongtrakun said.

He said Southbank had its up and downs in the market, but the cycle came around and there was no need for panic.

“Southbank like all other inner city suburbs fluctuates and if you happen to have owners who need to sell at any given point in time, conditions could engender a loss but this does not necessary provide a true reflection of the overall performance of the area,” Mr Wongtrakun pointed out.

He went on to say: “Over the last few years we have sold countless properties where owners have enjoyed strong cash-flows and importantly strong capital gains – it’s all about the timing.”

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Comments

  • Hack at 12:15pm on 26/10/11

    Southbank is a superb area and the precinct's best days are ahead, not behind.
  • Hax at 2:20pm on 26/10/11

    Southbank is Beautiful

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