VIC Suburb Profile: South Melbourne

SUBURB REPORT: SOUTH MELBOURNE

Offering residents a village atmosphere that doesn’t sacrifice proximity to the beach or city, it’s easy to understand why South Melbourne is one of the state capital’s most highly sought-after residential destinations. The well-renowned market, leafy streets, Victorian-era architecture and multitude of eateries and bars provide significant appeal, keeping locals from leaving and visitors coming back.

RESIDENTS

The ABS estimated residential population for South Melbourne for 2019 is 10,535; an increase of 13.1% from the 2011 census. While the median age has reduced by just one year to 36 (VIC; 37 – AUS; 38), the most significant age bracket (accounting for 24.4%) exists with the 25-35 yearold bracket.

When comparing census statistics from 2011 and 2016, there is a noticeable shift away from dwellings with three household members in favour of one-bedroom domiciles, which have absorbed an extra 5.5% of the private dwelling share. 56.5% of residents in South Melbourne are renting (an increase of 3.5%), which is significantly higher than the state average of 28.7%.

CULTURE

Clarendon Street is the heart of the suburb, but there is still much to be found on the intersecting streets that make walking throughout South Melbourne an enjoyable experience. The well renowned South Melbourne Market, with its high-quality produce, independent craft and accessory retailers and live music, delivers a lively atmosphere that entices many visitors from near and far.

With many primary producers in the area, South Melbourne belies its proximity to the city and feels more like a quaint village than a fast-paced urban outfit. Whether it’s high-end restaurants, authentic local pubs, gorgeous parks and architecture, whisky, beer, wine or coffee, South Melbourne provides significant justification for the pride that locals hold for their suburb.

PRICE

Houses: In January 2019, the median price has almost returned to its same position three-years prior. The median house price experienced a peak at $1.52 million in August 2018 and is currently $1.3 million. Current weekly median advertised rent is $650.

Units: The current median price of units $570K. Current weekly median advertised rent is $510.

SIGNIFICANT PROJECTS

Lenny (161 Buckhurst Street): This site was the former head office of Development Ready. Zoned Capital City 1 it has an approved planning permit for 5 luxury full-floor apartments above a ground floor café over 6 levels in total. Located less than 2ks from both the Melbourne CBD and Port Melbourne beach this location has a 94% Walkability Score rating. Each apartment will have private lift access and comprise of 3 bedrooms, 2.5 bathrooms, open plan kitchen / living / dining area, 2 carparks plus city views. Designs by Bayley Ward Architects' and marketed by Eton Property Group.

FIFTEEN85 (15-85 Gladstone Street): This significant high-rise project, developed by CEL Australia and designed by Elenberg Fraser, presents three individual glass towers of 30-storeys each. The development will encompass a total of 746 dwellings, 596 car spaces and 235 bike spaces.

Parent company Chip Eng Seng Corporation are yet to appoint a builder, but are accepting applications for the purchase of dwellings within FIFTEEN85’s Tower 1.

161 Buckhurst Street.

Image Credit: STAB