Parkside West 30-44 Chetwynd Street End of Year Financial Review

Chetwynd Angle

This week, Dionne will focus on Parkside West located at 30-44 Chetwynd Street, West Melbourne.

Parkside West 30-44 Chetwynd Street, West Melbourne

Historic architecture meets modern day design. The refurbishment of Norwellan House from a run down office to 24 stunning boutique apartments was an extremely complex project. Incorporated into the existing building was an indoor pool and gym on the ground floor. Adjacent to the original building was a double basement holding 80 cars. Located on the podium level were 2 more blocks of contemporary apartments, with 20 apartments in each pod. Located between the 2 building pods isa fully landscaped courtyard.

Top Sale in Financial Year 08-09: 7/44 Chetwynd Street $525,000

Bottom Sale in Financial Year 08-09: 5/30-44 Chetwynd Street $304,500

Number of Transactions in North/West Melbourne: 83

Number of Auctions in North/WestMelbourne: 49

Number of Auctions Sold in North/West Melbourne: 49

Clearance Rate in North/West Melbourne: 100%

Average Apartment Sale Price: $410,000

Sold:

30/30-44 Chetwynd Street 2 br $471000

5/30-44 Chetwynd Street 1 br $304000

7/30-44 Chetwynd Street 2 br $525000

12/30-44 Chetwynd Street 1 br plus study $385000

8/30-44 Chetwynd Street undisclosed

17/30-44 Chetwynd Street undisclosed

Leased:

21/30-44 Chetwynd Street 2 br $420 per week

12/30-44 Chetwynd Street 1 br $395 per week

Body Corporate Fees:

Compared to many body corporates in the area, Parkside West has fairly high outgoings. But, you do get bang for your buck. The property is well maintained by a caretaker, there is a heated indoor pool and gym equipment, and lift access to a third of the properties.

The body corporate who takes care of Parkside West is Community Living Pty Ltd. The contact is Bryan Forby you can contact him bryan@communityliving.com.au or phone 9628 2688.

Facilities:

There are lifts that service 2/3rds of the properties at Parkside West, there is a caretaker on site regularly, as well as a heated indoor pool and gym equipment. The property is also close to public transport on Victoria Parade and very close to the Victoria Markets and the CBD.

Demographics: Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. The demographic is a mixture of younger people, and older owners who use the property as a weekender.

Year of Build: November 2003

Architect: Omiros

Developer: Icon Construction

http://www.iconconstruction.com.au/construction/detail/30-44_chetwynd_street

Project Manager: Agushi Pty Ltd

http://www.agushi.com.au/multistorey.html

Number of Apartments in Block: Approximately 65

Forecast for the 09-10 Financial Year: We envisage that continuing first home owner interest and buying power will keep the market buoyant in West 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. Parkwest apartments offers a unique buying opportunity in a 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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