A very narrow gap between gross rental yields and mortgage interest rates is a buy signal for investors.
The many faces of St Kilda and where to invest
Perhaps one of Melbourne's most famous suburbs, St Kilda is a blend of beach, social hangouts and entertainment hubs with offerings for all ages and personality types. It is home to Australia's first Luna Park, an adventure playground and three theatres - Palais Theatre, The National Theatre and Astor Theatre. With a focus on entertainment, the suburb is host to an assortment of festivals including the St Kilda Festival, the St Kilda Film Festival and St Kilda Foreshore Slam Beach Festival. It also stages weekly markets: The Esplanade Market and The VegOut St Kilda Farmers’ Market.
St Kilda's local shopping precincts are well known with great cafes, restaurants, bars and shops along Acland Street and Fitzroy Street. Along the water, the suburb offers a variety of activities from walking tracks, skateboard park to water sports. For nature lovers, there is the botanical gardens or the pier which small penguins call home. Several tram lines service the area helping to make it easily accessible.
Over the years, St Kilda has been a haven for the wealthy, bohemians and backpackers alike. The suburb's history, mix of residents and rapid gentrification is apparent in the stark social contrasts between areas.
There aren't many suburbs that have gone through as many historical waves as St Kilda. The influence of each wave is apparent when exploring the suburb. With the wealthy came mansions, with the bohemians apartments and with the backpackers came hostels! Its mixed and colourful streetscape means not all of St Kilda is suitable for investors. Would-be St Kilda investors should look at one to two bedroom apartments in low rise blocks with allocated parking. Buy close to the St Kilda Triangle, around but not on Acland Street.
St Kilda's continued appeal to all walks of life cements its position as one of our go to suburbs. And after years of buying properties in the area, not to mention our on-the-street observations and analysis of thousands of sales over 21 years, Wakelin Property Advisory has a St Kilda suburb expertise unmatched by any other buyer’s advocate or buyer’s agent.