Harcourts City Residential Wellington Gardens Performance FY09

Welcome to your first End of Financial Year report for Wellington Gardens, East Melbourne from Harcourts City Residential.

In this report, Dionne Wilson has prepared an overview of all sales & rental transactions in the Wellington Gardens development for the 2008/2009 financial year along with extra details about the complex & a forecast for the year ahead.


Top Sale in Financial Year 08-09:
48/211 Wellington Parade South $736,000

Bottom Sale in Financial Year 08-09: 24/211 Wellington Parade South $501,000

East Melbourne Overview:

Number of Apartment Transactions in East Melbourne: 129

Number of Auctions in East Melbourne: 51  

Number of Auctions Sold in East Melbourne: 47

Clearance Rate in East Melbourne: 92%

Average Sale Price in East Melbourne: $494,157

 

SALES RESULTS FOR ALL BUILDINGS AT WELLINGTON GARDENS YEAR 08/09:

1 Wellington Crescent, East Melbourne

60/1 Wellington Crescent                       2 bed, 1 bath, 1 car                   $502,500

8/1 Wellington Crescent                         1 bed, 1 bath, 1 car                   (undisclosed)

41/1 Wellington Crescent                       3 bed, 1 bath, 2 car                   $725,000

3/1 Wellington Crescent                         2 bed                                               $702,500

 

2 Wellington Crescent, East Melbourne

4/2 Wellington Crescent                         2 bed, 2 bath, 1 car                   $680,000

13/2 Wellington Crescent                       2 bed                                              $602,000

 

6 Wellington Crescent, East Melbourne

No sales for 2008/2009 financial Year

 

8 Wellington Crescent, East Melbourne

32/8 Wellington Crescent                       3 bed, 2 bath, 2 car                   $702,500

39/8 Wellington Crescent                       3 bed, 2 bath, 2 car                   $702,500

 

201 Wellington Parade South, East Melbourne

9/201 Wellington Pde Sth                       2 bed, 1 bath, 1 car                   $730,000

 

211 Wellington Parade South, East Melbourne

36/211 Wellington Pde Sth                     3 bed, 2 bath, 2 car                   $726,000

48/211 Wellington Pde Sth                     3 bed, 1 bath, 2 car                   $736,000

4/211 Wellington Pde Sth                       3 bed                                               $720,000

60/211 Wellington Pde Sth                     2 bed                                              $705,000

24/211 Wellington Pde Sth                     1 bed, 1 bath, 1 car                   $501,000

69/211 Wellington Pde Sth                     3 bed, 2 bath, 1 car                   $702,500

RENTAL RESULTS FOR ALL BUILDINGS AT WELLINGTON GARDENS YEAR 08/09:

 

1 Wellington Crescent, East Melbourne

*/ 1 Wellington Crescent                         1 bed, 1 bath, 1 car                   $370.00 pw

*/ 1 Wellington Crescent                         1 bed, 1 bath, 1 car                   $360.00 pw

10/1 Wellington Crescent                       2 bed, 1 bath, 1 car                   $440.00 pw

9/1 Wellington Crescent                         2 bed, 1 bath, 1 car                   $520.00 pw

41/1 Wellington Crescent                       3 bed, 1 bath, 1 car                   $600.00 pw

*/ 1 Wellington Crescent                         2 bed, 2 bath, 1 car                   $470.00 pw

57/1 Wellington Crescent                       2 bed, 1 bath, 1 car                   $435.00 pw

2 Wellington Crescent, East Melbourne

27/2 Wellington Crescent                       3 bed, 2 bath, 2 car                   undisclosed

9/2 Wellington Crescent                         2 bed, 2 bath, 2 car                   $520.00 pw

3/2 Wellington Crescent                         2 bed, 2 bath, 1 car                   $470.00 pw

4/2 Wellington Crescent                         2 bed, 2 bath, 1 car                   $530.00 pw

16/2 Wellington Crescent  (furnished)   2 bed, 2 bath, 1 car              $580.00 pw

6 Wellington Crescent, East Melbourne

1/6 Wellington Crescent                         3 bed, 2 bath, 2 car                   $750.00 pw

6/6 Wellington Crescent                         2 bed, 3 bath, 2 car                   undisclosed

8 Wellington Crescent, East Melbourne

30/8 Wellington Crescent                       2 bed, 2 bath, 1 car                   $495.00 pw

2/8 Wellington Crescent                         2 bed, 2 bath, 1 car                   $500.00 pw

201 Wellington Parade South, East Melbourne

2/201 Wellington Pde Sth                       2 bed, 1 bath, 1 car                   $430.00 pw

30/201 Wellington Pde Sth                     1 bed, 1 bath, 1 car                   $360.00 pw

*/ 201 Wellington Pde Sth                      2 bed, 2 bath, 1 car                   $480.00 pw

211 Wellington Parade South, East Melbourne

73/211 Wellington Pde Sth                    3 bed, 2 bath, 2 car (furnished)  $720.00 pw

64A/211 Wellington Pde Sth                 2 bed, 1 bath                                       $480.00 pw

*/ 201 Wellington Pde Sth                      2 bed, 2 bath, 1 car (furnished)  $720.00 pw

1/211 Wellington Pde Sth                       2 bed, 2 bath, 2 car                           $500.00 pw

*/211 Wellington Pde Sth                       2 bed, 2 bath, 2 car                           $480.00 pw

80/211 Wellington Pde Sth                     3 bed, 3 bath, 2 car                          $650.00 pw

 

Body Corporate Fees: The fees differ between all the buildings in the body corporate. On average the fees range between $3000 – $6000 per annum depending on the size (apartment liability).

Facilities: The development has a great sense of community which is encouraged by the facilities of 2 outdoor heated swimming pools, a recently renovated gymnasium & access to the ‘Lord Wellington Club’. An onsite caretaker ensures the grounds remain clean & tidy & a dedicated team of gardeners can be seen on the grounds most days of the week. The extremely well kept grounds and amazing gardens are certainly a stand out feature for buyers & owners alike.

Demographics: There is a great mixture of owners in the complex including young professionals, out of town investors & a more mature generation of owner occupiers. There are also a few more mature owners or families from the country who utilise their apartment as a ‘lock up and leave’ second home & investors who lease privately or through serviced apartment arrangements.

Registered Plan of Subdivision Date: March 1993

Developer: Becton   www.becton.com.au

East Melbourne City Homes won the Housing Association Award for the Best Apartment development in Victoria, and is now a Melbourne landmark.

Becton rejuvenated disused rail-yards at Jolimont to create this outstanding medium-density inner urban development, featuring traditional Georgian architecture, and comprising more than 500 homes and a 140-room hotel.

The then Victorian Premier, Jeff Kennett, congratulated Becton for its vision in: “Transforming what was once an eyesore into a very appealing residential environment in keeping with the grand character of East Melbourne.”

Number of Apartments in Block: Approximately 260

Construction Nearby Underway: 150 Clarendon Street (luxury high-end apartments in the former Mercy Hospital site), 1 East Melbourne (high end apartments in old train yard site next to Wellington Gardens on Wellington Parade South).

The recent building works taking place on the CBD corner of Wellington Parade South are soon to come to an end with the completion of a rear apartment block late in 2008 (Clivedon Close), majority of the townhouses are now erected & the main tower is nearing settlement. This should in turn start to ease the lack of parking in the area due to tradesman utilising most of ticketed parking along Wellington Parade South during their trade hours.


Forecast for the 09-10 Financial Year:
We envisage that continuing first home owner interest and buying power will keep the market buoyant in East Melbourne for the remainder of 2009. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the plus $500,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. Wellington Gardens offers a unique buying opportunity in an expensive blue chip neighbourhood which should cushion it from too many market fluctuations.

For further information on this, or any other property needs you may have, please contact:

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Dionne Wilson

Director – Harcourts City Residential

Ph: 03 9664 8100          Mob: 0417 318 705

E: dionne.wilson@harcourts.com.au Web: www.cityresidential.harcourts.com.au

*Harcourts City Residential has gathered this information to provide an interesting document for apartment owners and prospective purchasers. Harcourts City Residential may not have affected any or all of the transactions noted; rather we’ve gathered as much market information as possible on ALL transactions to be as conclusive as possible.

Information contained herein is gathered from a range of sources including but not limited to; The Age Property Results, The Herald Sun Property Results, Valuer General Information & Agents own investigations. All efforts are made to verify the information provided. The information is not to be relied upon or used in dealings with third parties and people should make their own investigations regarding their own property or personal circumstances. Opinions offered are just that, our opinions & observations and should not be treated as fact.

If your property is exclusively listed with another agent please disregard this communication.

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