Market Summary – 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.
87 Franklin St, Melbourne – Fin Year July 09- December 09:
Top Reported Sale: $580,000
Bottom Reported Sale: $375,000
Number of Auctions: 0
Auction Clearance Rate: N/A
Number of Private Sales: 5
SALES RESULTS – Financial Year July 09 – December 09:
(Aug 09) 2302/87 Franklin St 2Bed 1Bath ?Car $579,950 (87sqm)
(Aug 09) 2514/87 Franklin St 2Bed 1Bath 1Car $579,950 (86sqm)
(Aug 09) 1502/87 Franklin St 2Bed 1Bath $450,000 (87sqm)
(Oct 09) 2303/87 Franklin St 2Bed 1Bath 1Car $580,000 (85sqm)
(Nov 09) 1105/87 Franklin St 1Bed 1Bath $375,000 (62sqm)
RENTAL RESULTS – Financial Year July 09-December 09:
***/87 Franklin St 2Bed 1Bath 1Car $550 pw
706/87 Franklin St 1Bed 1Bath $350 pw
***/87 Franklin St 1Bed 1Bath ?Car $410 pw
2107/87 Franklin St 1Bed 1Bath 1Car $400 pw
1105/87 Franklin St 1Bed 1Bath $400 pw (Furnished)
1108/87 Franklin St 2Bed 1Bath 1Car $460 pw
To discuss any of your property management options or if you would like a rental appraisal on your property please contact Dionne Wilson of Harcourts City Residential – 9664 8100
For the full 2008-2009 Financial year review for Franklin Lofts please visit http://wp.me/py25G-3q
For further information on this, or any other property needs you may have, please contact:
Director – Harcourts City Residential
Ph: 03 9664 8100 03 9664 8100 Mob: 0417 318 705 0417 318 705
*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