Echo Apartments | Property Investing Melbourne

South Yarra needs no introduction. It’s a place where most of the young, high-income earners yearn to live in.

From an investment perspective, gross rental yield should be slightly higher than 5% for selected units(with carpark) and according to homepriceguide, the median price of units has grown by 7% between March 2009 and September 2009 and currently the median price of units in the suburb is $442,000.

Property managers have reported that units take roughly 3-6 days to be tenanted the moment an application is received from a prospective tenant, hence the vacancy period of units in this are is reduced dramatically.

Area Profile
The size of South Yarra is approximately 4 km². It has 18 parks covering nearly 19% of the total area. There are 5 schools and 1 childcare centre located in South Yarra. The population of South Yarra in 2001 was 16,646 people. By 2006 the population was 17,076 showing a population growth of 3% in the area during that time. The predominant age group in South Yarra is 20 - 29 years.

Households in South Yarra are primarily sole parent and are likely to be repaying over $2000.00 per month on mortgage repayments. In general, people in South Yarra work in a professional occupation. In 2001, 33% of the homes in South Yarra were owner-occupied compared with 38% in 2006.

Currently the median sale price of houses in the area is $1,831,000.

Echo apartments has everything you could wish for when it comes to savvy inner suburban living.

Located no further than 100 meters from Chapel st, walking distance to Coles as well as all the best eating and social activities Melbourne has to offer.

Ideal for the smart investor as well as the owner occupier.

South Yarra has several local attractions with the best known as Chapel Street. The South Yarra section of the famous street is the most fashionable and upmarket end. A major landmark is the The Jam Factory, old factories converted into upmarket shopping centre and cinemas. The Como Centre is a large shopping centre on the corner of Toorak and Chapel Streets which combines with an office building, South Yarra's tallest, which houses the headquarters for ATV-10 and Global Television's TV production facilities.

The Prahran Market, located in South Yarra, is one of Melbourne's most popular and historic fresh produce markets. Toorak Road runs off Chapel Street and although not known as well as Toorak Village, is a popular strip that contains a wide range of shops.