Dionne Wilson now presents our January to December update for the residential sales and residential leasing results for the building.
YEAR BUILT: 1914, latest conversion into residential apartments is done in 2003
Brief History: The building was originally occupied by James Spicer & Sons the late nineteenth century, a substantial paper manufacturing and wholesaling business. The company was one of the major agents for printers, paper, inks and machinery and had agencies in Sydney and Wellington, New Zealand.
LEVELS: 6 + basement
NO OF APARTMENTS: 7
STRUCTURAL SIGNIFICANCE: Designated in the Melbourne Planning Scheme as a heritage precinct contributory building
BODY CORPORATE: Colliers International
SITE AREA: 220sqm
Sales Results: January 09 – December 09*
2/313 Flinders Lane Mar 09 ? Bed ? Bath $1,000,000 249 sq m Office
4/313 Flinders Lane Feb 09 2 Bed 2 Bath $470,000 276 sq m Office
20/313 Flinders Lane Feb 09 ? Bed ? Bath $470,000 110 sq m
Rental Results: January 09 – December 09*
6/313 Flinders Lane Mar 09 2 Bed 1 Bath $ 500 pw
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 overall. 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.
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*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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