Today Dionne will focus on luxury low-rise apartment block 322 Albert Street, East Melbourne
322 Albert Street, East Melbourne
Top Sale in Financial Year 08-09: 8/322 Albert Street – undisclosed
Bottom Sale in Financial Year 08-09: 8/322 Albert Street – undisclosed
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
8/322 Albert Street – 1 br undisclosed
8/322 Albert Street – 1 br $450 per week
26/322 Albert Street – 1 br $375 per week
3/322 Albert Street – undisclosed
17/322 Albert Street – 2 bedroom $410 per week
11/322 Albert Street – 2 bedroom $475 per week
Body Corporate Fees: Compared to many other body corporates in the local area, the fees for the 322 Albert Street apartments are fairly low. This is because there is a lift for the building, but no extra amenities such as pools or gyms.
There is also the tramline into the city on adjacent Victoria Parade, and the property is located very close to the lush Fitzroy Gardens. It is only a couple of blocks away from the local IGA supermarket as well as the local cafes.
Demographics: Since original settlement, we have seen the steady shift of higher occupancy rates by owners. The demographic is a mixture of mature owner occupiers and tenants.
Number of Apartments in Block: Approximately 26
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 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. 322 Albert Street 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:
Director – Harcourts City Residential
Ph: 03 9664 8100 Mob: 0417 318 705
*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.