Harcourts City Residential
In this report, Dionne Wilson has prepared an overview of all sales & rental transactions* for 258 Flinders Lane, for the 2008/2009 financial year along with extra details about the building and a forecast for the year ahead.
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|Melbourne Apartment Overview FY 08-09Apartment Sales in Melbourne: 1753Clearance Rate in Melbourne: 100%
Average Sale Price in Melbourne: $471,449SALES RESULTS – Financial Year 08-09:*
March 09 2 Bed $450,000
Sep 08 2 Bed $652,000
RENTAL RESULTS – Financial 08-09:*
403/258 May 09 2 bed 1 bath $500 pw
17/258 Apr 09 1 bed 1 bath $310 pw
204/258 March 09 1 bed 1 bath undisclosed
?/258 March 09 1 bed 1 bath $450 pw
?/258 Jan 09 1 bed 1 bath $440 pw
15/258 Oct 08 1 bed 1 bath 300 pw
Brief History: The building name was derived from the island that gave inspiration to the detailing of its façade, the Majorca building was constructed as a seven storey office building in 1928-30. Designed by the architect Harry Norris, the Moorish influence in its Terracotta façade places it firmly within the Melbourne tradition of exotic architecture in the Late 1920s (the “Jazz age”)
Source: Victorian Heritage database
Features: An interesting Spanish style Art-Deco building replete with complex mosaic tile work. Secure access
Most apartments with balconies and large windows
Demographics: An exclusive block, 258 Flinders lane has a good mix of owner occupied and investors. The property is especially well suited for dual occupiers wishing to use the unit as a second home, it is also of interest to people looking to live and work from the city especially young professional. Many of the owners have a true love for Melbourne as this quintessential city apartment block is located in the vibrant, Flinders Lane precinct, surrounded by art, street cafes, exclusive boutiques and gorgeous laneways.
258 Flinders Lane Forecast for the 09-10 Financial Year: Whilst early stagnation in 2009 caused by the GFC saw a reduction in clearance rates we envisage that continuing first home owner interest and buying power will keep the market buoyant in Melbourne.
With interest rates tipped to continue to rise, we could experience a leveling of the general market in 2010 particularly in the pre $500,000 range. Investors have started to make a comeback in 2010 with first home owners lose their puff and buying power.
For further information on this, or any other property needs you may have, please contact:
Ph: 03 9664 8100 Mob: 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