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Dionne Wilson now presents our July to December update for the residential sales and residential leasing results for the building.
July 09 –December 09
Well, we moved through the Global Economic Crisis counting our blessings and relatively unscathed in-fact our market went from strength to strength in the second half of last year. We were obviously well stimulated with the record low interest rates and the increased first home owners grant (FHOG) and that assisted us in setting several new records in terms of prices achieved for apartments throughout the inner city areas as first home buyers clambered to secure the increased incentives before they were cut back in October and again in December.
The lower to mid market was strongest in the second half of the year however we did see a huge return of confidence to the upper end of the market as interest rates started to rise again bringing with it a feeling that we were over the worst of the financial crisis.
Market Forecast – The year ahead 2010
We expected to see possible leveling of the market as the increased first home owners incentives ceased and as interest rate speculation caused nerves in the market. However this has not been the case. The market has started much stronger than we’d anticipated, we’ve again had several record setting prices achieved and our company reported a record month overall. We have seen a change in the demographic of the buyer which was expected. There has been a definite return to the market by investors, they’d been pushed out of the market by the frenzy of first home buyers but are now back in the market on a more level playing field. We now expect we’ll see an upward swing of figures for the first half 2010.
Sales Results: July 09 – December 09*
6B/27 Feb 09 $ 596,000
12/30 Sep 09 $ 305,000
5B/27 Jun 09 $ 525,500
4A/27 Mar 09 $ 605,000
61/30 Dec 08 $ 290,000
Rental Results: July 09 – December 09*
54/30 Russell St Jan 09 1 Bed 1 Bath $ 350 pw
71/30 Russell St Sep 09 1 Bed 1 Bath undisclosed
43/30 Russell St Nov 09 2 Bed 2 Bath $ 500 pw
?/33 Russell St Aug 08 2 Bed 1 Bath $ 420 pw
Melbourne City Statistics 27-37 Russell St Statistics
Sale Properties 1404 5
Average Sale Price $ 495,030 $ 256,200
Lease Properties 3625 4
Average Weekly Rent $ 475 $ 423
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*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.