2009 Yearly Report for Northbank Place – 555 Flinders Street, Melbourne

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Overview:

Top Sale in 2009: 1503/555 Flinders Street, 23 June $895,000

Bottom Sale in 2009: 1007/555 Flinders Street, 20 January $315,000

Number of Transactions in the Building: 27 Sales with a total value of $12,467,189

Average Sale Price in the Building: $461,748

Number of Apartments in Block: Approximately 196

Developer: L.U.Simonhttp://www.lusimon.com.au/ 

Architects: Peddle Thorp Architects

SALES RESULTS FOR 555 FLINDERS STREET MELBOURNE YEAR 2009*

1308/555 Flinders Street            1 Bed    1 Bath               Dec 09                          $325,000

1017C/555 Flinders Street          ? Bed   1 Bath               Sep 09                          $395,000

909/555 Flinders Street              1 Bed   2 Bath               Sep 09                          $337,000

804C/555 Flinders Street           1 Bed                            Aug 09                          $352,000

1320/555 Flinders Street            ? Bed                           July 09                          $325,000          

1310/555 Flinders Street            2 Bed   1 Bath               July 09                          $565,000

1503/555 Flinders Street            ? Bed                           June 09                         $895,000

1314/555 Flinders Street            ? Bed                            June 09                         $370,000

1222/555 Flinders Street            ? Bed                           May 09                                     $425,000

923/555 Flinders Street              1 Bed                           April 09                         $429,009

1312/555 Flinders Street            2 Bed                            Mar 09                          $530,000

1403/555 Flinders Street            ? Bed                           Mar 09                          $625,000

1216/555 Flinders Street            ? Bed                           Mar 09                          $550,000

1016/555 Flinders Street            ? Bed                           Mar 09                          $499,000

1126/555 Flinders Street            2 Bed   2 Bath               Mar 09                          $545,000

713/555 Flinders Street              1 Bed    1 Bath              Mar 09                          $365,000

1311/555 Flinders Street            1 Bed    1 Bath              Mar 09                          $465,000                      

907/555 Flinders Street              1 Bed    1 Bath              Feb 09                          $360,180

1007/555 Flinders Street            1 Bed    1 Bath              Jan 09                          $315,000

1010/555 Flinders Street            1 Bed    1 Bath              Jan 09                          $345,000

RENTAL RESULTS FOR 555 FLINDERS, MELBOURNE YEAR 2009*

1207/555 Flinders Street            1 Bed   1 Bath               Oct                   $365.00 pw

1204/555 Flinders Street            1 Bed   1 Bath               Aug                  $340.00 pw

1301/555 Flinders Street            1 Bed   1 Bath               Jul                    $360.00 pw

1218/555 Flinders Street            1 Bed   1 Bath               Jul                    $340.00 pw

1304/555 Flinders Street            1 Bed   1 Bath               Jul                    $360.00 pw

923/555 Flinders Street              1 Bed   1 Bath               Jul                    $345.00 pw

1603/555 Flinders Street            1 Bed   1 Bath               Jul                    $350.00 pw

1126/555 Flinders Street            2 Bed   2 Bath               Jul                    $600.00 pw

1117/555 Flinders Street            1 Bed   1 Bath               Apr                   $380.00 pw

1211/555 Flinders Street            1 Bed   1 Bath               Mar                   $400.00 pw

704/555 Flinders Street              1 Bed   1 Bath               Mar                   $380.00 pw

712/555 Flinders Street              1 Bed   1 Bath               Mar                   $410.00 pw

714/555 Flinders Street              1 Bed   1 Bath               Mar                   $355.00 pw

1012/555 Flinders Street            1 Bed   1 Bath               Mar                   $360.00 pw

703/555 Flinders Street              1 Bed   1 Bath               Feb                  $380.00 pw

Northbank Place has been developed on the site of the former Melbourne Fish Market which was demolished in the 1950’s. This valuable site was then used as a car park and a lock up yard for impounded vehicles until its extensive transformation.

The three towers that now reside on the site which cost approximately $200 Million, all have retail shops on the ground level. The east tower is an office tower consisting of 10 stories. Due to the overwhelming success of pre sales of the Central tower which contains 196 apartments over 15 stories they decided that the West tower which was originally meant to be offices was to be residential tower consisting of 188 apartments over 17 stories including a one 3 bedroom penthouse.

Attractions Near By:

The leafy oasis, Batman Park is a great place for residents and business owners to get away from the hustle and bustle of the city beat. Just behind Northbank Place on the banks of the river.

Observation Decks;

The Rialto observation deck which was opened in 1994 (One of Melbourne’s longest standing attractions) and standing 253 meters tall. www.rialto.com.au

Or you have one of Melbourne’s newest attractions, The Eureka Sky deck, one of the highest viewing platforms in the Southern Hemisphere. Eureka’s greatest attraction is the `Edge` which is a glass cube that extends out 3 meters from the building, leaving you suspended almost 300 meters above the ground. http://www.skydeck.com.au

Being within 100 meters of Crown Casino Complex makes everything so much easier. There are a variety of different stores, bars, restaurant along with Village cinemas and of course the Casino gambling floor. If you want everything in place you have it a stone’s throw away from your apartment. www.crowncasino.com.au/

Melbourne aquarium is the most state of the art aquarium in Australia and it is right next door. A must see is the 360 degree display that houses sharks and stingrays. Not to be missed is the live feeding. Also a must see is the Great Barrier Reef exhibit, the touch pools and the colourful coral tropical creatures. www.melbourneagauarium.com.au

Construction Underway: The closest development, 567 Collins Street. Will be home to an exciting 33 storey office building. The developers APN Property & Leighton Property expect completion in 2011.

The development at 567 Collins Street 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

Demographics: Given the relevant youth of the building and the off the plan sale of Northbank Place has shown a higher percentage of Investor owned apartments. The majority of the apartments are tenanted and there’s a small number that are owner occupied. These numbers will start to balance out as the building ages and original owners on sell.

Forecast for the 09-10 Financial Year:

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.

 

For the July 09 –December 09 market summary please visit  http://wp.me/py25G-ff

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         03 9664 8100          Mob:               0417 318 705         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.

If your property is exclusively listed with another agent please disregard this communication

One thought on “2009 Yearly Report for Northbank Place – 555 Flinders Street, Melbourne

  1. I would be grateful if Dionne could telephone me on 0417 315 100. I am interested in a unit at 555 Flinders St. Melb. Single b’room and carpark and like river side only and terrace with louvered windows.

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