Grey Street, East Melbourne End of Financial Year Review

This week, Dionne will focus on one of the most beautiful streets in East Melbourne – Grey Street.

Grey Street

Grey Street, East Melbourne runs East-West through the heart of the neighbourhood and is bordered at either end by Hoddle Street and Clarendon Street. The street has a range of different architectural styles in play from the 1940’s deco style of Belgravia Square, to 1970’s stark modernism, as well as Victorian mansions. Powlett Reserve and Darling Gardens are two lovely parks that run off Grey Street, and they are often used for community meetings. Powlett Reserve also has a childcare centre, tennis courts and playground. The location to all of the cities services and also some of the major sporting arenas like the MCG, Rod Laver Arena and the Yarra River make the choice of living here easy.

Top Sale in Financial Year 08-09: 60 Grey Street $1,480,000

Bottom Sale in Financial Year 08-09: ‘Hayling’ 9/129 Grey Street $420,000

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

Sold:

60 Grey Street 2 bedroom home $1,480,000

9/129 Grey Street 1 bedroom apartment $420,000

Leased:

19/18-30 Grey Street 1 br $300 per week

12/18-30 Grey Street 1 br $300 per week

10/18-30 Grey Street 1 br $320 per week

3/18-30 Grey Street 1 br $265 per week

8/129 Grey Street 1 br $300 per week

9/129 Grey Street 1 br $350 per week

16/84 Grey Street 1 br $350 per week

5/84 Grey Street 1 br $340 per week

3/11 Grey Street 1 br $310 per week

10/11 Grey Street 1 br $320 per week

121 Grey Street 3 br house $1200 per week

21 Grey Street 3 br house $595 per week

Body Corporate Fees: Compared to many other body corporates in the local area, the fees for the art deco and 70s apartments along Grey Street are fairly low. This is because they do not have amenities such as pools, gyms and lifts.

Demographics: In our homes along Grey Street there are a high number of long-term owner occupiers. Apartments are very evenly spread between investors and owner-occupiers.

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. Grey 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:

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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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