In this report, Dionne Wilson has prepared an overview of all sales & rental transactions* for 233 Collins St, for the Jul 09 – Dec 09 along with extra details about the building and a forecast for the year ahead.
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Melbourne Apartment Overview FY 08-09
Apartment Sales in Melbourne: 1753
Clearance Rate in Melbourne: 79%
Average Sale Price in Melbourne: $503,347
Sales Results: July 09 – December 09*
1109/233 Collins St Nov 09 ? Bed ? Bath $320,000
509/233 Collins St Oct 09 ? Bed ? Bath $295,000
604/233 Collins St Oct 09 1 Bed ? Bath $280,000
1210/233 Collins St Oct 09 2 Bed 2 Bath $370,500
804/233 Collins St Sep 09 ? Bed ? Bath $269,950
901/233 Collins St Sep 09 ? Bed ? Bath $339,950
612/233 Collins St Sep 09 2 Beds 1 Bath $292,000
1104/233 Collins Sep 09 ? Beds ? Bath $305,000
405/233 Collins Aug 09 ? Beds ? Bath $240,000
Rental Results: July 09 – December 09*
514/233 Collins Aug 09 1 Beds 1 Bath $395 Fully Furnished
Building Information – With a number of serviced apartments the “Darling tower apartments” occupy many properties in 233 Collins Street. Situated in the very heart of Melbourne this former office building has been developed in to apartments and totally renovated with another two stories been added to the building. It is now home to 155 sun filled apartments. With a mix of 1 and 2 bedrooms, each apartment features European kitchen appliances, modern bathrooms and video security. A new series of balconies to the west wall provides a stunning architectural feature as well as creating the opportunity for residents to take advantage of the northerly and westerly sunlight.
Market Summary – July 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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