Harcourts City Residential
In this report, Dionne Wilson has prepared an overview of all sales & rental transactions* for 22-24 Jane Bell Lane, for the July 09 – December 09 financial year along with extra details about the building and a forecast for the year ahead.
You can find this and more Real Estate blogs at http://harcourtscityresidential.wordpress.com/
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 in January and the beat it again in February. 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. We are still in the midst of a rental crisis and we expect rents during the first half of 2010 will continue to rise, Melbourne’s rapidly rising population is a strong factor here.
22-24 Jane Bell Lane, Melbourne – Fin Year July 09- December 09
Top Reported Sale: $951,000
Bottom Reported Sale: $403,000
Number of Auctions: 3
Auction Clearance Rate: 100%
Number of Private Sales: 9
Building Completion Date: Aprox. 2001
Number of Apartments in the building: Aprox. 591
SALES RESULTS – Financial Year July 09 – December 09:
(Sep 09) 3310/22-24 Jane Bell Lane 2Bed 1Bath 1Car $560,000
(Oct 09) 2801/22-24 Jane Bell Lane 3Bed 2Bath ?Car $951,000
(Nov 09) 3613/22-24 Jane Bell Lane 2Bed 2Bath 2Car $760,000
(Dec 09) 1809/22-24 Jane Bell Lane 2Bed 1Bath 1Car $560,000
(Nov 09) 3408/22-24 Jane Bell Lane 2Bed 1Bath 1Car $640,000
(Nov 09) 2306/22-24 Jane Bell Lane 2Bed 1Bath 1Car $550,000
(Oct 09) 3712/22-24 Jane Bell Lane 1Bed 1Bath 1Car $403,000
(Sep 09) 3804/22-24 Jane Bell Lane 2Bed 1Bath 1Car $542,000
(Aug 09) 2811/22-24 Jane Bell Lane ?Bed ?Bath ?Car $397,000
(Aug 09) 3113/22-24 Jane Bell Lane 2Bed 2Bath 2Car $720,000
(Jul 09) 2208/22-24 Jane Bell Lane ?bed ?Bath ?Car $553,888
(Jul 09) 3708/22-24 Jane Bell Lane 2Bed ?Bath 1Car $638,888
To discuss how much your property is worth in today’s market, please feel free to contact Bassel on 0411 096 792.
RENTAL RESULTS – Financial Year July 09-December 09:
***/22-24 Jane Bell lane 2Bed 1Bath 1Car $540 pw
4211/22-24 Jane Bell Lane 1Bed 1Bath 1Car $400 pw
3206/22-24 Jane Bell Lane 2Bed 1Bath 1Car $550 pw
3713/22-24 Jane Bell Lane 2Bed 2Bath 2Car $680 pw
3012/22-24 Jane Bell Lane 1Bed 1Bath 1Car $520 pw
1704/22-24 Jane Bell Lane 2Bed 1Bath 1Car $620 pw
3613/22-24 Jane Bell Lane 2Bed 2Bath 2Car $580 pw
1810/22-24 Jane Bell Lane 1Bed 1Bath 1Car $430 pw
4212/22-24 Jane Bell Lane 1Bed 1Bath 1car $450 pw
2811/22-24 Jane Bell Lane 1Bed 1Bath 1Car $450 pw
1010/22-24 Jane Bell Lane 1Bed 1Bath 1Car $450 pw
1014/22-24 Jane Bell Lane 2Bed 1Bath 1Car $530 pw
3106/22-24 Jane Bell Lane 2Bed 1Bath 1Car $560 pw
4105/22-24 Jane Bell Lane 2Bed 1Bath 1Car $560 pw
3301/22-24 Jane Bell Lane 3Bed 2Bath 2Car $820 pw
1110/22-24 Jane Bell Lane 1Bed 1Bath $390 pw
2206/22-24 Jane Bell Lane 2Bed 1Bath 1Car $550 pw
1906/22-24 Jane Bell Lane 2Bed 1Bath 1Car $550 pw
1001/22-24 Jane Bell Lane 1Bed 1Bath 1Car $450 pw
4104/22-24 Jane Bell Lane 2Bed 1Bath 1Bath $600 pw
1515/22-24 Jane Bell Lane 1 Bed 1Bath $460 pw
1011/22-24 Jane Bell Lane 2Bed 1Bath 1Car $560 pw
1612/22-24 Jane Bell Lane 1Bed 1Bath $450 pw
2001/22-24 Jane Bell Lane 1Bed 1Bath 1Car $470 pw
3611/22-24 Jane Bell Lane 1Bed 1Bath 1Car $550 pw
1006/22-24 Jane Bell Lane 2Bed 1Bath $550 pw
3808/22-24 Jane Bell Lane 2Bed 1Bed 1Car $600 pw
2713/22-24 Jane Bell Lane 2Bed 2Bath 2Car $650 pw
3813/22-24 Jane Bell Lane 2Bed 2Bath 2Car $570 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
The History of QV
QV takes its name from the Queen Victoria Hospital, Melbourne. Originally the Melbourne Hospital, built in the 1860s and designed in the gothic revival style, it was completely rebuilt between 1911–1912 by architect John James Clarke to accommodate a larger number of patients. The hospital was composed of several Edwardian pavilions or loggia, each of them with fanciful domed cupolas except for a corner building, which was based on a square plan and more of the Richardsonian Romanesque style. A women’s hospital opened on the site in 1946. The hospital was closed in 1987, and the site was valued at AUD$63 million in 1987. It was eventually sold for merely $15 million to property developer David Mariner in 1992. All but three of the hospital pavilions were demolished in the following year.
During the early 1990s, the site was home to a series of failed ventures, including a craft market, mini golf course, and skateboard rink, before becoming a simple car park.
Two of the three buildings which remained standing in 1994 were demolished after requests for heritage protection were rejected by then Planning Minister Rob Maclellan. The final remaining building later became the Queen Victoria Women’s Centre, and the rest of the site was sold to the country of Nauru, which owned several other sites in the city, notably Nauru House, for $50.3 million.
As the site continued to remain relatively unused and abandoned in the centre of Melbourne’s business district, it was called a “bloody disgrace” by then Premier Jeff Kennett. After Nauru struggled to pay for the empty block, it was returned to the Melbourne City Council in 1999, which announced plans to develop the site. Grocon was awarded the tender to develop a $600 million “urban village” on the site.
The “urban village” of QV is a high-density, mixed use precinct containing retail, business, and residential. Its different components were designed by several architects: Denton Corker Marshall, Lyons, John Wardle, and Robert McBride.
The site is split into four main structures, named QV1 through QV4, two of which are skyscrapers, the remainder being low-rise structures along Swanston Street (owing to strict height limits along the Swanston Street axis). The spaces between buildings were specifically designed as shop-filled laneways, pointing to Melbourne’s historic lanes and arcades, many of which no longer exist due to the amalgamation of plots to build office buildings. These new laneways are named for figures in medicine: Jane Bell Lane, Albert Coates Lane, Artemis Lane, and Red Cape Lane. At the centre of the site is an open-air public square, behind the historic Women’s Centre.
QV began to open progressively from late 2003.
There is a very diverse mix of retailers at QV. Some of the major retailers at QV include:
- Woolworths – supermarket
- Big W – discount department store
- Harvey Norman/Domayne – furniture and electronics retailer
- Officeworks – office products
- Cactus Jam
As well as retail outlets, there are many options for entertainment at QV. There are many restaurants at QV, as well as bars and a bowling venue.
Leisure & Entertainment
- Strike Bowling Bar – 12 bowling lanes, bar, 4 pool tables, karaoke room
- Flight Experience – flight simulator for the general public
- Match Bar & Grill – bar and restaurant
- Jwow Bar – wine bar
Apartments are located in two buildings at QV, both of which are located along Little Lonsdale Street. One of the apartment buildings is the slender skyscraper located at the Russell Street corner, whilst the other is a lower-rise structure on the Swanston Street corner. The latter is low-rise to meet height restrictions on Swanston Street, intended to allow greater view ability of the dome of The State Library of Victoria.
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