End of Financial Year Report 2008-2009 Liberty Tower – 620 Collins Street, Melbourne Prepared by Bob Budd & Esmè Gordon

 

Common-Buyer-Profiles10Common Buyer Profiles

First-Home-Owners-Grant5First Home Owners Information

Foreign-Investment-Review-Board6Foreign Investment Review Board

Stamp-Duty-Calculator5Stamp Duty Calculator

Whats-my-property-worth5What’s my property worth?

Demographics:There is a great mixture of owners in the complex including young professionals, a mix of local and out of town investors as well as several people using it as a second residence “a lock and leave” for people from out of Melbourne.

A newer trend rising throughout the building is investors who are furnishing the apartments and leasing them either as a traditional fully furnished apartment or in a similar fashion to a serviced apartment.

Construction Underway & Recently Completed:

You can spot a construction site across the road at 567 Collins Street. This will be home to an exciting 33 storey office building. The developers APN Property & Leighton Property expect completion in 2011.

This development has been embraced by investors & owner occupiers. The completion of the building along with the recently developed, $110 million dollar headquarters of The Age adds further value to the cities gate way to the Docklands providing more opportunities to secure new tenants or prospective purchasers when the time comes

http://www.theage.com.au/articles/2007/12/13/1197135597809.html?page=fullpage

A few steps across the road and you come to Southern Cross Station which has seen its own total revamp at a cost of $700 Million. Now being one of the city’s major train stations and also containing 120 specialty shops and food courts. Convenience has never looked so good!

http://www.transport.vic.gov.au/doi/internet/transport.nsf/AllDocs/51A6FE0B0EA5C80BCA2571F800066647?OpenDocument

Forecast for the 09-10 Financial Year:

We expected to see possible levelling 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 Statistics
Top Sale in 2009: 601/620 Collins Street, 25 March $755,000Bottom Sale in 2009: 1206/620 Collins Street, 9 June $288,000

Number of Transactions in the Building: 23 Sales with a total value of $10,256,888

Average Sale Price in the Building: $445,951

Future Reports:

Financial Report 2010 Financial Report 2011 Financial Report 2012 Financial Report 2013
BUILDING DETAILS & PARTICULARS

Building Facilities:

Indoor Heated Pool, Gym with Showers, Spa.
Building Name: Liberty Tower

Year Built:

2002

Owners Corporation:

Gough Partners

Building Manager:

Gary Morton –
Ph: 9620 9825
E: bm@libertytower.com.au

No. In Block:

237
Council: City of Melbourne
Zoning: Capital City Zone Schedule  http://tinyurl.com/23clumr
REPORTED SALES – Financial Year 2008-2009 BED BATH Offstreet Price Date
2504 2 1 1 455,000 September
1606 1 1 0 288,000 August
2508 2 2 1 670,000 August
1110 1 1 0 378,000 August
701 2 2 1 525,000 August
501 2 1 1 755,000 July
401 2 1 0 745,000 July
1104 2 1 0 445,888 July
1302 2 1 0 405,000 July
1206 1 1 0 288,000 June
1612 1 1 0 300,000 May
2211 2 1 0 470,000 April
101A 2 1 0 660,000 April
1706 1 1 0 295,000 April
1502 2 1 0 428,000 March
601 2 2 1 755,000 March
1310 2 1 0 385,000 March
301 2 1 0 755,000 March
2603 2 1 1 460,000 February
1802 2 1 0 404,000 February
1304 2 1 0 390,000 February
REPORTED RENTALS – Financial Year 2008-2009 BED BATH Rent (pw) Month
2111 2 2 600 December
701 2 1 375 September
802 2 2 595 September
1506 1 1 330 August
906 1 1 420 July
2204 2 1 470 July
1506 1 1 330 July
1303 2 1 475 June
906 1 1 420 March
802 2 2 595 February
2608 2 1 555 February
2201 2 1 570 February
1403 1 1 440 February
811 2 1 450 January
2502 2 1 455 January
1106 1 1 400 January
Contact

 

Bob Budd – Harcourts City ResidentialPh: 03 9664 8100Mob: 0411 456 770

E: bobb.budd@harcourts.com.au

Web: www.cityresidential.harcourts.com.au

 

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**Harcourts City Residential has gathered this information to provide an interesting read for apartment owners and prospective purchasers. Harcourts City Residential may not have concluded 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 accuracy of 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 advice or fact. If your property is exclusively listed with another agent please disregard this communication.

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