166 Wellington Parade Performance FY09

Welcome to your first End of Financial Year report for Jolimont Vista – 166 Wellington Pde, East Melbourne from Harcourts City Residential.

You can find this and our many other blogs at http://harcourtscityresidential.wordpress.com/

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

166 Wellington Parade
166 Wellington Parade

 166 Wellington Pde, East Melbourne

Top Reported Sale in Financial Year 08-09: $920,000

Bottom Reported Sale in Financial Year 08-09: $322,500

Number of Auctions: 2

Auction Clearance Rate: 100%

Number of Private Sales: 5

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 166 WELLINGTON PDE, YEAR 08/09:

1201/166 Wellington Pde           2 bed, 2 bath, 2 car                      $920,000

702/166 Wellington Pde             2 bed, 1 bath, 1 car                      $370,000

604/166 Wellington Pde             2 bed, 2 bath, 1 car                      $475,500

1005/166 Wellington Pde           2 bed, 2 bath                                  $370,000

508/166 Wellington Pde             2 bed, 1 bath, 1 car                       undisclosed

208/166 Wellington Pde             1 bed + study, 1 bath                   $322,500

402/166 Wellington Pde             1 bed + study, 1 bath, 1 car       $362,000

RENTAL RESULTS FOR 166 WELLINGTON PDE, YEAR 08/09:

*/ 166 Wellington Pde                1 bed, 1 bath,1 car                $375.00 pw

308/166 Wellington Pde             1 bed, 1 bath, 1 car             $390.00 pw

307/166 Wellington Pde            2 bed, 1 bath (furnished)  $440.00 pw

*/ 166 Wellington Pde                2 bed, 1 bath, 1 car               $395.00 pw

305/166 Wellington Pde             2 bed, 2 bath, 1 car             $430.00 pw

708/166 Wellington Pde             1 bed + study, 1 bath, 1 car       $400.00 pw

1003/166 Wellington Pde           2 bed, 1 bath, 1 car             $400.00 pw

906/166 Wellington Pde             1 bed, 1 bath, 1 car              $380.00 pw

*/ 166 Wellington Pde                  1 bed, 1 bath                          $450.00 pw

607/166 Wellington Pde             1 bed, 1 bath, 1 car (furnished)  $470.00 pw

*/ 166 Wellington Pde                2 bed, 2 bath, 1 car                $560.00 pw

903/166 Wellington Pde             2 bed, 1 bath, 1 car              $540.00 pw

402/166 Wellington Pde             2 bed, 1 bath, 1 car              $480.00 pw

301/166 Wellington Pde             2 bed, 2 bath, 1 car              $550.00 pw

908/166 Wellington Pde             2 bed, 1 bath, 1 car              $420.00 pw

907/166 Wellington Pde             2 bed, 1 bath, 1 car             $390.00 pw

*/ 166 Wellington Pde                1 bed, 1 bath                            $340.00 pw

407/166 Wellington Pde             2 bed, 1 bath, 1 car             $390.00 pw

*/ 166 Wellington Pde                1 bed, 1 bath                            $400.00 pw

401/166 Wellington Pde             2 bed, 2 bath, 1 car              $440.00 pw

*/166 Wellington Pde                 1 bed, 1 bath, 1 car                $340.00 pw

*/ 166 Wellington Pde                2 bed, 1 bath                            $380.00 pw

*/ 166 Wellington Pde                2 bed, 1 bath                            $370.00 pw

403/166 Wellington Pde             2 bed, 1 bath, 1 car              $420.00 pw

508/166 Wellington Pde             1 bed, 1 bath, 1 car              $320.00 pw

Jolimont Vista: The development contains 95 unique 1, 2 and 3 bedroom apartments designed to include the very latest in designer vogue interiors and open plan living. Overlooking the MCG, Yarra River, the Botanical Gardens and East Melbourne, are these sophisticated, and executive styled apartments. Perfectly positioned amongst Melbourne’s premier sporting facilities, moments from the CBD and the retail precinct of Bridge Road, Richmond.

Facilities: These include an outdoor swimming pool, sauna & gymnasium, secure undercover car parking & security intercom entrance.

Body Corporate Fees: These are quite average fees when compared with other similar blocks in the area. Depending on the size of the apartment (apartment liability) these can range from $3000 – $6000 on average.

Developer: New World Group http://www.newworldgroup.com.au

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 as well as owners utilizing as a secure lock up & leave city base.

Date of conversion from office to Residential apartments: August 1997

1st Settlement Date: March 1999

Number of Apartments in Block: Approximately 95

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 166 Wellington Parade on Wellington Parade South).


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. Jolimont Vista 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:

DW_1802_200dpi_HS

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.

2 thoughts on “166 Wellington Parade Performance FY09

Leave a Reply