End of Financial Year Report: 283 Spring Street, Melbourne Report for 2008-2009, Prepared by James Edmundson & Esme Gordon

 

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INTRODUCTION

Agent Comment:283 Spring St Forecast for the 09-10 Financial Year: Whilst early stagnation in 2009 caused by the GFC saw a reduction in clearance rates, the stimulus package saw the sub $600K market flourish and now confidence is returning to the high end market.Given the good mix of units in the building there is likely to be continuing interest from first home buyers hoping to secure an entry level apartment in the city through to established buyers and investors looking to expand their portfolios.

Demographics: 283 Spring street caters to a mix of owner occupied and rental clientele, with very affordable entry level properties all the way to the four penthouses apartments. The property is of particular interest to people looking to live and work from the city especially young professionals and Commercial renters with a large number of the apartments being offered for rental fully furnished.

Near-by Construction Underway: 260 million dollar plans to restore and extend the Historic Windsor Hotel have drawn mixed reactions, with some questioning the impact the 25 storey extension located at the rear of the property would have on the heritage feel of the Paris end of Melbourne. With construction slated to commence late 2010 it is sure to remain a discussion point.

Sales Statistics

283 Spring St, Melbourne FY 08-09Top Reported Sale: $675,000

Bottom Reported Sale: $450,000

Number of Sales: 7

Melbourne Apartment Overview FY 08-09:

Apartment Sales in Melbourne:    1753

Clearance Rate in Melbourne: 79%
Average Sale Price in Melbourne:
$503,347

 

Future Reports: Financial Report 2011
BUILDING DETAILS & PARTICULARS
Building Facilities: Secure car space, video intercom at entry, indoor heated lap pool, gym, tennis court, BBQ and courtyard.
Building Name: Spring Towers
Year Built: 1997
Owners Corporation: Owners Corporation

MICM

Level 1, 178 City Road

Southbank   VIC  3006

8256 1192

Anna – annab@micm.com.au

Building Manager: John 0411 748 256 – johntsambardas@hotmail.com
No. In Block: 231 apartments over 22 floors
Council: City of Melbourne
Zoning: Capital City Zone Schedule 2 http://tinyurl.com/23clumr
REPORTED SALES – Financial Year 2008-2009 BED BATH Price Date
16th floor 2 1 498,000 06/2009
11th floor 2 2 595,000 02/2009
2nd floor 2 1 455,000 12/2008
18th floor 3 2 675,000 10/2008
19th floor 2 1 450,000 10/2008
14th floor 3 1 615,000 08/2008
17th floor 2 1 592,000 09/2008
REPORTED RENTALS – Financial Year 2008-2009 BED BATH Rent (pw) Date
2nd floor/283 Spring Street 2 2 490 04/2009
9th floor/283 Spring Street 2 1 480 04/2009
12th floor/283 Spring Street 2 2 575 03/2009
9th floor/283 Spring Street 2 1 550 03/2009
7th floor/283 Spring Street 3 2 650 03/2009
10th floor/283 Spring Street 3 1 650 03/2009
12th floor/283 Spring Street 3 2 650 03/2009
14th floor/283 Spring Street 3 2 650 03/2009
14th floor/283 Spring Street 2 1 650 03/2009
14th floor/283 Spring Street 3 2 600 02/2009
Ground floor/283 Spring Street 3 2 650 02/2009
15th floor/283 Spring Street 3 2 630 01/2009
17th floor/283 Spring Street 2 2 540 01/2009
Ground floor/283 Spring Street 2 1 500 12/2008
4th floor/283 Spring Street 2 2 550 11/2008
20th floor/283 Spring Street 2 1 550 11/2008
18th floor/283 Spring Street 3 2 650 11/2008
1st floor/283 Spring Street 2 1 580 11/2008
8th floor/283 Spring Street 3 2 620 09/2008
4th floor/283 Spring Street 2 2 550 08/2008
Ground floor/283 Spring Street 3 2 610 07/2008
Contact

 

James EdmundsonSales Agent – Harcourts City ResidentialPh: 03 9664 8100      

Mob: 0411 456 770

E: james.edmundson@harcourts.com.au

Web: www.cityresidential.harcourts.com.au

 

 

 

**Harcourts City Residential has gathered this information to provide an interesting read for apartment owners and prospective purchasers. Harcourts City Residential may not have concluded 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 accuracy of 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 advice or fact. If your property is exclusively listed with another agent please disregard this communication.

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