Santorini, 3-7a Alma Road – St Kilda. January to March 2010 Update

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In this report, Harcourts have prepared an overview of all reported sales transactions at 3-7a Alma Rd, Melbourne, from 1st January up to 30 March 2010.

There are also some sales that were previously not reported included in the 2009 section, and I have highlighted those in red.  For any further information on this property, or the market value of your own property, please contact me on 0410 432 363, or 9664 8100.

We specialise in this location and are proud of our relationship with vendors, owners and buyers alike, and look forward to working with all through 2010.

Latest listing by Harcourts City Residential – Apartment G4

Use this link to view our marketing and summary.

3-7a Alma Rd, “Santorini”, St Kilda Overview:

Top Sale in 2010:  January, Apartment 602, $643,500** (Sold by Harcourts)

Most recent sale 2010: December, Apartment 503, $630,000 (Sold by Harcourts)

Number of Transactions in the Building: 2 sales in 2010 totaling $1,273,500**

Average Sale Price in the Building: $636,750

Number of Apartments in Block: 88

Building Completion Date:  2004 Hansen-Yuncken

CURRENT LISTINGS AT 3-7a Alma Rd, St Kilda 2010*

G4/3-7a Alma Rd      1 bed, 1 bath, 1 car  Auction 17th April      TBA**           77 sqr mtr


SALES RESULTS FOR 3-7a Alma Rd, St Kilda 2010*

503/3-7a Alma Rd     2 bed, 2 bath, 2 car  February 10             $630,000**    97 sqr mtr

602/3-7a Alma Rd     2 bed, 2 bath, 2 car  January 10              $643,500**    101sqr mtr    

**Denotes “Harcourts City Residential” sale.


501/3-7a Alma Rd     2 bed, 2 bath, 2 car  December 09           $750,000**    109sqr mtr

306/3-7a Alma Rd     1 bed, 1 bath, 1 car  December 09           $412,000

604/3-7a Alma Rd     2 bed, 2 bath, 2 car  October 09              $682,000

318/3-7a Alma Rd     2 bed, 1 bath, 1 car  October 09              $465,000

G7/3-7a Alma Rd      1 bed, 1 bath, 1 car  September 09          $425,000       77 sqr mtr

303/3-7a Alma Rd     1 bed, 1 bath, 1 car  September 09          $430,000       72 sqr mtr

201/3-7a Alma Rd     2 bed, 1 bath, 1 car  August 09                $395,000

305/3-7a Alma Rd     1 bed, 1 bath, 1 car  July 09                    $420,000       73 sqr mtr

207/3-7a Alma Rd     1 bed, 1 bath, 1 car  May 09                             $340,000

109/3-7a Alma Rd     1 bed, 1 bath, 1 car  April 09                   $357,000

302/3-7a Alma Rd     1 bed, 1 bath, 1 car  February 09             $375,000

Denotes “Harcourts City Residential” sale or listing **

Measurement are internal, approximate and supplied by Port Phillip City Council.

Sales in red were not previously reported.


With very few rentals reported in the building, I have not listed any rental returns for 2009.

To discuss any of your property management options, please contact Dionne Wilson of Harcourts City Residential, to discuss how you can maximize your return, and explore other leasing options on 9664-8100.

Owners Corporation Fees: The fees differ between apartments. On average the fees range between $2500 – $6000 per annum depending on the size and location (known as lot liability).  The Owner’s Corporation has introduced a maintenance fund, and this has seen costs rise slightly, but this is better for owners in the building overall, as this fund covers things like painting, pool maintenance, security upgrades etc.

Owners Corporation Management:

“Select Ownerscorp” – 9862 3700 – Rowena

Building Management:

The building and facilities are maintained quite well, and the security in the lifts has recently been upgraded, and will soon take passengers only to their correct floor. This improves security and minimizes disturbance to residents, and also takes guests directly to where they are supposed to go, so everybody wins.


The developments pool & exercise room are well maintained and are a real-value adds for any new purchasers or tenants to the building. The exercise room has A/C and some cardio equipment to wind down after a hectic working day.  These type of facilities are valuable when leasing your apartment as they add to the list of features to a building when a person searches a property.  Facilities must be respected by all tenants, to ensure that equipment and safety are maintained.


St Kilda is 6km south of the CBD. Located in Melbourne’s inner southern suburbs, St Kilda is a mixed use suburb, with significant commercial areas along Fitzroy and Acland St’s. St Kilda features a young population, mainly from the 24-35 yr age group, with 60% of occupants renting, which means it is a great location for an investment property.

75% of the dwellings in St Kilda are flats/units, the remainder being semi-detached properties or houses.  His also supports the rental market in this area.

21% of the people living in the area are trying to purchase there, which means that people who are living in properties that come up for sale, often look to purchase, or purchase close by. This is great news for owners as their properties are in demand, and following recent sales by Harcourts City Residential, we have a surplus of buyers that want to buy in now.

The suburb is also a popular tourist destination, with fantastic local beaches through the foreshore precinct, trendy bars and cubs, and some great casual and finer dining too.  There are lots of parks, sports grounds and all of these spots are within walking distance of this location, which improves the lifestyle aspect of St Kilda during peak times, as traffic can get a little congested.

Another rising trend 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. We have information on how this can be done, and the return that can be achieved, so pls contact us on 9664 8100 to discuss these exciting options.

Construction soon to be underway:

The Maxx” Apartments are selling next door, and selling fast. With creative noise reduction designs, Fender Katsalidis had designed the new residential building to be both eye-catching, and functional.  In general, the apartments in The Maxx are smaller than that of Santorini, and with limited car-parking, Santorini’s quality is reinforced and pricing is secure next to this OTP development.  Owner occupiers at the east end of the building may consider selling prior to construction beginning, as there will be considerable noise and disturbance through the daylight hours.  This would be critical if residents worked from home.  Some units will benefit long-term due to “The Maxx” blocking noise from Nepean Hwy, however this may have a similar effect on lighting too.

Check the link below to see what the neighbours will look like sometime in the next 18 months.

Forecast for 2010 Q2, and Q1 market wrap up:  30th March

After a strong start to 2010 in Melbourne property sales, we are happy to report that things are still going strong.  Last week for the first time ever one billion dollars in property sold in Melbourne.  One billion dollars!  However it is still a market that does not have enough stock, and this is part of the reason for prices to be pushed up, it’s the competition, and the hope of the Australian dream of investing in bricks and mortar.

We believe that this will continue due to the effects of migration, a healthy economy and also as our employment figures remaining promising, but with the reserve bank meeting in the first week of every month, there are 3 interest rate rises tipped for the remainder of the 09/10 financial year, each one projected between 25 and 50 basis points.

The clearance rate this week was 84 per cent, a result in line with the year to date clearance rate before today of 86 per cent, well above this weekend last year when it was 77 per cent and the corresponding weekend in 2008 when it was 63 per cent. It is clear that as a result of a healthy economy and a stock shortage that the Melbourne residential market is very strong and it has not recorded such a demand level before Easter in recent times. There were 1004 auctions reported this week with a total of 842 selling and 162 being passed in, 76 of those passed in on a vendors bid.

Mum and Dad investors have made a strong comeback in 2010, as first home owners have lost large incentives and interest rate nerves are kicking in.  Investors are reading the writing on the wall as the rental market is currently under-stocked as people look to move closer to work in the city, or come to Melbourne for work and school.

Revision to foreign investment laws have also seen many new buyers in the market, however the “Foreign Investment Review Board”, or FIRB, still has a criteria that must be followed, and this is available via the following link.

FIRB: Real Estate

Recent data shows property prices increasing as much as $762 per day, and this is both thrilling and shocking news for home investors, and new home buyers.

Refer to Harcourts City Residential blog for details:

Overall this fantastic St Kilda address has proven a solid performer over the last few months, and with St Kilda’s lifestyle and location being in high demand, we expect that this suburb will continue to do well for owners and investors, which I’m sure has been a relief to all. Let’s hope for another good quarter ahead!

Depreciation schedules:

Many people think that a depreciation schedule is only relevant for the first 7-10 years of a property’s lifespan, however this is not true.  We have a very good contact who has been working with Harcourts on educating investors on the benefits of their services, and I am happy to provide some information on why this is relevant to you.  Santorini is coming on 7 years of age and typically this is when depreciation starts to minimize, however our services will be able to advise where to go from here. With tax time coming up soon, it is best to be prepared, and one thing I recently learned is that they can be back-dated, and this could mean more money in the pocket for you. Please contact me to discuss this opportunity.

Financial services, and comparing your current deal.

Also, our financial services have been saving customers quite a bit of money and heartache lately, as banks review their reliance on mortgages.  If you would like our financial guru to give you a call to discuss your options, let me know, as he has had some excellent results for Harcourts customers in recent times, and comes with our recommendation.

To conclude, we have had amazing results for vendors in the last 6 months, and intend to maintain our relationships with owners as time goes on, and we hope that our track record speaks for itself, and look forward to discussing your options in the property market when you have any questions or needs. I look forward to keeping you updated with results and returns, and of course any new listings.

To read the previous blog on Santorini, use the following link:

For further information on this, or any other property needs you may have, please contact:

Harcourts City Residential

Ph: 03 9664 8100

E:     Web:

*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.

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