Harcourts City Residential Tribeca Apartments Performance FY09

Hi, and welcome to your first End of Financial Year Blog from Harcourts City Residential.

This week, Dionne will focus one of her favourite developments in East Melbourne – Tribeca.

Tribeca East Melbourne

Top Sale in Financial Year 08-09: 402A/158 Albert Street $833,000

Bottom Sale in Financial Year 08-09: P07K/211 Powlett Street $291,000

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

Aitken:

G03K/211 Powlett Street $341,000 1 bedroom
305K/211 Powlett Street $338,000 1 bedroom
P07K/211 Powlett Street $291,400 1 bedroom
304K/211 Powlett Street $425,000 2 bedrooms
104K/211 Powlett Street $360,000 1 bedroom plus study

Victoria:

1013V/162 Albert Street $405,000 2 bedrooms
1111V/162 Albert Street $810,000 2 bedrooms, 2 bathrooms
713V/162 Albert Street $415,000 2 bedrooms
1203V/12 Albert Street $465,000 2 bedrooms
1104V/162 Albert Street $390,000 2 bedrooms
514V/162 Albert Street $421,000 2 bedrooms
1307V/162 Albert Street $385,000 2 bedrooms
512V/162 Albert Street $385,000 2 bedrooms
1001V/162 Albert Street $395,000 2 bedrooms
1107V162 Albert Street $408,000 2 bedrooms
1012V/162 Albert Street $412,000 2 bedrooms
405V/162 Albert Street $385,000 2 bedrooms
214V/162 Albert Street $420,000 2 bedrooms

Powlett:

P08P/191 Powlett Street $448,000 2 bedrooms and study
405P/191 Powlett Street $415,000 2 bedrooms
204P/191 Powlett Street $440,000 2 bedrooms
111P/191 Powlett Street $320,000 1 bedroom
104P/191 Powlett Street $500,000 2 bedrooms
G012P/191 Powlett Street $327,500 1 bedroom
106P/191 Powlett Street $500,000 2 bedrooms
P04P/191 Powlett Street $500,000 2 bedrooms
107P/191 Powlett Street $500,000 2 bedrooms
P05P/191 Powlett Street $606,000 2 bedrooms 2 bathrooms
202P/191 Powlett Street $491,000 2 bedrooms
P06P/191 Powlett Street $605,000 2 bedrooms 2 bathrooms

Albert:

205A/158 Albert Street $378,000 1 bedroom
505A/158 Albert Street $360,000 1 bedroom
102A/158 Albert Street $520,000 2 bedroom
203A/158 Albert Street $460,000 2 bedrooms
402A/158 Albert Street $833,000 2 bedrooms, 2 bathrooms
P03A/158 Albert Street $415,000 2 bedrooms

Wharton:

G02W/189 Powlett Street $630,000 2 bedrooms plus study
P10W/189 Powlett Street $635,000 2 bedrooms, 2 bathrooms plus study
P07W/189 Powlett Street $480,000 2 bedrooms
202W/189 Powlett Street $580,000 2 bedrooms 2 bathrooms

Milne:

304M/201 Powlett Street $415,000 2 bedrooms

Body Corporate Fees: The fees differ between all the buildings in the body corporate, and the fee itself is divided into three parts. On average, most compact apartments over only one floor (ie in the Victoria and Milne) range from $2600-$3100 per annum. The larger two storey units, or Philippe Starck units in the Wharton and Cohen can range from $4000-5500 per annum. Recently the fees have come down and the body corporate Teys http://www.teys.com.au appears to have a healthy surplus for emergencies.

Facilities: The development has a great sense of community which is encouraged by the facilities of pool (outdoor heated with glamorous glass bottom elements) and new swanky gym house. There are also on-site maintenance team head by Geoff Flint and his assistant Adam. Geoff is contactable on 0413 368 634. There is an added focus on security at Tribeca, with guards patrolling with regularity and security cameras installed.

There is also a thriving retail element at Tribeca, which provides great convenience and is appeals to many of the owners and tenants in the block. The Grocery Bar is a pumping restaurant which does casual or more complete meals with great service. There is an IGA supermarket and liquor store on site, which stocks most necessities. There is also Brunelli’s Café, Kiwi Gourmet Fish and Chip shop, Kellee Flowers and Tribeca Serviced Apartments www.tribecaservicedapartments.com.au, plus a dentist. There is also a Kings Parking onsite which services the local hospitals and visitors.

Demographics: Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. Most purchasers at Tribeca are young professionals who work locally in the CBD. There are a few more mature owners or families from the country who utilise their apartment as a ‘lock up and leave’ second home. There are investors also who lease privately or through serviced apartment arrangements.

Year of Build: 2004

Developer: Red C Corporation Website: http://www.rcorporation.com.au/index.asp

Number of Apartments in Block: Approximately 440

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).

Forecast for the 09-10 Financial Year: We invisage 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. Tribeca 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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