“Start spreadin’ the news” – 115 Oxford Street, Collingwood

Welcome to your first End of Financial Year report for “New York on Oxford” at 115 Oxford Street, Collingwood, from Harcourts City Residential.

You can find this and our many other blogs at http://harcourtscityresidential.wordpress.com/

In this report, Harcourts have prepared an overview of all sales & rental transactions at 115 Oxford Street, Melbourne for the 2008/2009 financial year along with extra details about the building & the fore-cast for the year ahead. Please note, this report relates only to the Residential part of the building.

 

115 Oxford Street Overview:

Top Sale in Financial Year 08-09: 29/115 Oxford St, $660,000

Bottom Sale in Financial Year 08-09: 23/115 Oxford St, $505,000

Number of Transactions in the Building: 2 sales totaling $1,165,000

Average Sale Price in the Building: $555,500

Number of Apartments in Block: 33

Collingwood 3066 08/09 Overview:

Number of Transactions in Collingwood: 128

Clearance Rate in Collingwood:  80% at auction

Average Sale Price in Collingwood:  $525,408

 SALES RESULTS FOR 115 OXFORD ST, COLLINGWOOD YEAR 08/09*

23/115 Oxford Street                 2 bed                            Mar 09                          $505,000

29/115 Oxford Street                2 bed                            Dec 08                          $660,000

RENTAL RESULTS FOR 115 OXFORD STREET, COLLINGWOOD YEAR 08/09*

13/115 Oxford Street                 2 Bed               Feb                  $460.00 per week

(This was the only reported rental figure)

Owners Corporation Fees: The fees differ between apartments depending on the size and location (known as lot liability). Due to the omission of communal facilities, owner’s corp. fee’s are able to be kept reasonable making them a great choice for investors and owner occupiers alike.

Owners Corporation Management: Ace Body Corporate – 9669 2299

www.acebodycorp.com.au

 Plan number – 409770

Demographics: Originally, most of the apartments were sold to owner occupiers. With the introduction of the stimulus package during the Global Financial Crisis and the reduction of interest rates we saw strong influence and buying power from first home buyers and hence the percentage of Owner Occupiers has remained high over the past 18 months. With a light central atrium through the building, and multi-level apartments on level 4, the building is a unique conversion that suits other developments in the “warehouse district” of Oxford street. Their prime location in the ever improving eclectic Oxford Street has been an easy choice for first home buyers, and for the same reasons, rental returns are excellent and vacancy is never an issue for investors.

Developments in the neighbourhood: Several cranes can be spotted from apartments to the North, as developments such as the “Marque apartments” are constructed. There is a great buzz in the area as the inner-city continues to thrive, and demand remains very high.

Overall, the area is beginning to bustle with new cafés and restaurants enticing tenants and owner occupiers alike. Retail in the area maintains its own unique appeal, with boutiques and specialty stores lining the local strips of Gertrude St and Smith St.  Collingwood has a real personality and reflects the diversity of Melbourne’s suburbs.

Forecast for the 09-10 Financial Year: We envisage that continuing first home owner interest and good interest rates will keep the market buoyant in Melbourne for the remainder of 2009. As of Dec 1st, the RBA has conservatively raised the cash rate by a further 0.25%.  Dependant on further interest rate rises, we could experience a stabilizing of the market in 2010 in the pre $600,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose large incentives and as interest rate nerves kick in.

Overall though, Oxford Street has proven a solid performer through the trying economic times which I’m sure has been a relief to many owners. Let’s hope for another good year ahead!

For further information on this, or any other property needs you may have, please contact:

Harcourts City Residential

Ph: 03 9664 8100

E: cityresidential@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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