Santorini – 3-7a Alma Rd, St Kilda

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In this report, Harcourts have prepared an overview of all sales & rental transactions in 3-7a Alma Rd, Melbourne, for 2009.

Also included are extra details about the building, & the forecast for the year ahead.


3-7a Alma Rd, “Santorini” Overview: 

Top Sale in 2009:  December, Apartment 501, $750,000** (Sold by Harcourts)

Most recent sale 2009: December, Apartment 602, $643,500 (Sold by Harcourts)

Bottom Sale in 2009: February, Apartment 302, $340,000

Number of Transactions in the Building: 8 sales in 2009 totaling $3,750,500

Average Sale Price in the Building: $468,800

Number of Apartments in Block: 88

Building Completion Date:  2004 Hansen-Yuncken


602/3-7a Alma Rd                     2 bed, 2 bath, 2 car       December 09                $643,500**

501/3-7a Alma Rd                     2 bed, 2 bath, 2 car       December 09                $750,000**

318/3-7a Alma Rd                     2 bed, 1 bath, 1 car       October 09                   $465,000

G7/3-7a Alma Rd                      1 bed, 1 bath, 2 car       September 09               $425,000

201/3-7a Alma Rd                     2 bed, 1 bath, 1 car       August 09                     $395,000

207/3-7a Alma Rd                     1 bed, 1 bath, 1 car       May 09                         $340,000

109/3-7a Alma Rd                     1 bed, 1 bath, 1 car       April 09                        $357,000

302/3-7a Alma Rd                     1 bed, 1 bath, 1 car       February 09                  $375,000


**Denotes “Harcourts City Residential” sale.


With very few rentals reported in the building, I have not listed any rental returns for 2009.

The rent reported for 2 bedroom, 2 bathroom properties pre-2009 are very conservative, and should be revised. Properties that are leased furnished, or on a short term basis will attract higher rental returns again. To discuss any of your property management options, please contact Dionne Wilson of Harcourts City Residential, to discuss how you can maximize your return, and explore other leasing options on 9664-8100.

Owners Corporation Fees: The fees differ between apartments. On average the fees range between $2500 – $6000 per annum depending on the size and location (known as lot liability).  The Owner’s Corporation has introduced a maintenance fund, and this has seen costs rise slightly, but this is better for owners in the building overall, as this fund covers things like painting, pool maintenance, security upgrades etc.

Owners Corporation Management:

“Select Ownerscorp” – 9862 3700 – Rowena

Building Management: 

The building and facilities are maintained quite well, and the security in the lifts has recently been upgraded, and will soon take passengers only to their correct floor. This improves security and minimizes disturbance to residents, and also takes guests directly to where they are supposed to go, so everybody wins.


The developments pool & exercise room are well maintained and are a real-value adds for any new purchasers or tenants to the building. The exercise room has A/C and some cardio equipment to wind down after a hectic working day.  These type of facilities are valuable when leasing your apartment as they add to the list of features to a building when a person searches a property.  Facilities must be respected by all tenants, to ensure that equipment and safety are maintained.


St Kilda is 6km south of the CBD. Located in Melbourne’s inner southern suburbs, St Kilda is a mixed use suburb, with significant commercial areas along Fitzroy and Acland St’s. St Kilda features a young population, mainly from the 24-35 yr age group, with 60% of occupants renting, which means it is a great location for an investment property.

75% of the dwellings in St Kilda are flats/units, the remainder being semi-detached properties or houses.  His also supports the rental market in this area.

21% of the people living in the area are trying to purchase there, which means that people who are living in properties that come up for sale, often look to purchase, or purchase close by. This is great news for owners as their properties are in demand, and following recent sales by Harcourts City Residential, we have a surplus of buyers that want to buy in now.

The suburb is also a popular tourist destination, with fantastic local beaches through the foreshore precinct, trendy bars and cubs, and some great casual and finer dining too.  There are lots of parks, sports grounds and all of these spots are within walking distance of this location, which improves the lifestyle aspect of St Kilda during peak times, as traffic can get a little congested.

Another rising trend is investors who are furnishing the apartments and leasing them either as a traditional fully furnished apartment or in a similar fashion to a serviced apartment. We have information on how this can be done, and the return that can be achieved, so pls contact us on 9664 8100 to discuss these exciting options.

Construction soon to be underway:

The Maxx” Apartments are selling next door, and selling fast. With creative noise reduction designs, Fender Katsalidis had designed the new residential building to be both eye-catching, and functional.  In general, the apartments in The Maxx are smaller than that of Santorini, and with limited car-parking, Santorini’s quality is reinforced and pricing is secure next to this OTP development.  Owner occupiers at the east end of the building may consider selling prior to construction beginning, as there will be considerable noise and disturbance through the daylight hours.  This would be critical if residents worked from home.  Some units will benefit long-term due to “The Maxx” blocking noise from Nepean Hwy, however this may have a similar effect on lighting too.

Check the link below to see what the neighbours will look like sometime in the next 18 months.

Forecast for the 09-10 Financial Year:

We envisage that softening first home owner interest and “historically” low interest rates will keep the market buoyant in Melbourne for the first half of 2010.  Dependant on bank interest rates, we could experience a stabilizing of the market in 2010 in the pre $600,000 sector.

Mum and Dad investors are making a comeback in 2010, as first home owners have lost large incentives and interest rate nerves are kicking in.

Recent data shows property prices increasing as much as $750 per day, and this is both thrilling and shocking news for home investors, and new home buyers.

Refer to Harcourts City Residential blog for details:

Overall this fantastic St Kilda address 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:    Web:

*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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