350 Victoria Street, North Melbourne
Yearly Report – January 01 – December 31
Harcourts City Residential
Dionne Wilson presents our January to December update for the residential sales and residential leasing results for the building.
Market Summary – January 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.
Sales Results: January 09 – December 09*
114/350 Victoria Street Nov 21 2 Bed 1 Bath $520,000
107/350 Victoria Street Oct 20 2 Bed 1 Bath $531,500
401/350 Victoria Street Jul 09 2 Bed 1 Bath $552,500
101/350 Victoria Street Jul 09 ? Bed 1 Bath $522,000
403/350 Victoria Street Jan 09 1 Bed 1 Bath $351,000
Rental Results: January 09 – December 09
122/350 Victoria Street Oct 09 2 Beds 1 Bath $550.00pw
113/350 Victoria Street Oct 09 2 Beds 2 Bath $435.00pw
1.21/350 Victoria Street Sept 09 2 Beds 2 Bath $440.00pw
122/350 Victoria Street June 09 2 Beds 1 Bath $570.00pw (furnished)
3.23/350 Victoria Street May 09 2 Beds 1 Bath $410.00pw
1.16/350 Victoria Street Mar 09 2 Beds 1 Bath $430.00pw
203/350 Victoria Street Mar 09 1 Beds 1 Bath $330.00pw
113/350 Victoria Street Feb 09 2 Beds 2 Bath $430.00pw
324/350 Victoria Street Jan 09 2 Beds 1 Bath $440.00pw
You can find this and our many other blogs at http://harcourtscityresidential.wordpress.com/
For further information on this, or any other property needs you may have, please contact:
Dionne Wilson
Director – Harcourts City Residential
Ph: 03 9664 8100 Mob: 0417 318 705
Email: dionne.wilson@harcourts.com.au
Web: www.dionnewilson.harcourts.com.au
www.cityresidential.harcourts.com.au
*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.
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