End of Financial Year Report – Victoria Alberts apartment complex, East Melbourne 2008 – 2009 Prepared by Dionne Wilson

UPDATE!! Financial Report 2014 NOW AVAILABLE

 

Hi and Welcome, to your third End of Financial Year Blog from Harcourts City Residential.

This week, Dionne will focus on one of the most respected and popular developments in East Melbourne – the Victoria Albert Town Residences.

Victoria Alberts Town Residences East Melbourne

Top Sale in Financial Year 08-09: $626,000 14/400 Victoria Parade

Bottom Sale in Financial Year 08-09: Equal 50/190 Albert Street & 1/400 Victoria Parade

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:

190 Albert Street, East Melbourne:

56/190 Albert Street, East Melbourne 2 br 2 bath 1 car $592,000
50/190 Albert Street, East Melbourne 2 br 2 bath 1 car $530,000

400 Victoria Parade, East Melbourne:

14/400 Victoria Parade, East Melbourne 3 br, 2 bath, 2 car $626,000
1/400 Victoria Parade, East Melbourne 3 br, 1.5 bath, 1 car $530,000

Leases:

190 Albert Street, East Melbourne:

60/190 Albert Street – 2 br 2 bathroom $500 per week
11/190 Albert Street – 2 br 2 bathroom $440 per week
18/190 Albert Street – 3 br, 2 bathroom $580 per week

400 Victoria Parade, East Melbourne:

26/400 Victoria Parade – 3 br 3 bathroom $560 per week
37/400 Victoria Parade – 3 br 2 bathroom $550 per week

Body Corporate Fees: The fees differ between units depending on their size – for example an 100 square metre unit would have body corporate fees of approx $4000 per annum, and a larger unit again would have fees of approx $6000 per annum.

You do get a lot of care at VATR in terms of body corporate maintainance, with an on-site building manager, beautifully manicured gardens and walkways, and each side of the building has its own immaculately maintained pool, spa and gym areas. There is also a communal meeting room that can be utilised privately with permission from the building manager.

The body corporate managers have been Binks for a long duration of time. Their phone number is 9536 5700 and their web address is http://www.binksandassociates.com.au/

Facilities: The development has a great sense of community which is encouraged by the communal facilities. It is also very close to practical contemporary amenities at its neighbouring development, Tribeca East Melbourne. Tribeca has commercial tenants such as The Grocery Bar, IGA supermarket and liquor, Brunelli’s casual café, Kiwi Gourmet Fish and Chips, Kellee Flowers and a local dentist. There is also a Kings Parking onsite which offers convenience to your guests.

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: 1993

Developer: Vynotas Pty Ltd

Number of Apartments in Block: Approximately 120 across both buildings

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. VATR 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.

Leave a Reply