End of Financial Year Report Tribeca, East Melbourne Report for 2009 – 2010 , Prepared by Stuart Kennett & Esmè Gordon

 

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INTRODUCTION

Agent Comment:

ribeca has performed well over the last financial year after falling significantly from its original off the plan prices.

With Melbourne’s property sales peaking during the 3rd quarter, and buyers frantically looking for inner city investments and residences, competition was fierce and numbers at open homes were high. 

Vendors enjoyed high clearance rates with demand high and stocks low, and some record prices were achieved for our clients.

One of my favorite apartments this year was the Cohen’s “Jewel in the Crown”, apartment 403C, a large one bedroom with powder room off the living, and an amazing Nth facing terrace. 

There were up to 6 active bidders at the auction, and a couple sat on their hands waiting to see where it would finish.  An outstanding result of $554,000 resulted in our buyers celebrating their win in grand fashion, and they have since leased the property through us for $500pw.  Not bad for a one bedroom unfurnished. 

This apartment will continue to age gracefully and is a great example of the combination of the heritage elements, and the Phillipe Stark styling, and this is familiar to the Wharton section of the complex too.

Overall the complex has great interest from buyers, partly for location and access to public transport and the city, but East Melbourne’s old world charm and numerous parks are a hit, and the conveniences of Tribeca’s facilities make every day living that bit easier for our busy lifestyles.

Buyers love the historical façade and its character, blended with a modern fit-out and open plan living.  Properties with heritage features blend the best of both worlds together, and these properties will be the best long term. 

Space is a privilege not a right in apartment living these days, so some of the larger apartments that were for sale have received very high results, and will ensure good sales in the future when properly referenced and used as selling tools. 

I always look forward to finding out more about the complex, as there are so many different aspects and layouts, and buyers are just as intrigued with the common area themes such as coloured carpets and designer lighting that each foyer and passage presents.

Well managed and maintained by a committed group of individuals, the complex still represents good buying, and enjoys a very low vacancy rate due to the number of options that it presents for landlords.

I look forward to more great results and experiences with owners and buyers alike.

Sales Statistics

Future Reports:

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

Building Facilities:

Heated outdoor pool, exercise room, pay parking, commercial IGA, Cafes
Building Name:

“The Aitken” 211 Powlett Street
“The Miln” – 201 Powlett Street
“The Powlett” – 191 Powlett Street
“The Wharton” – 189 Powlett Street
“The Cohen” 170 Albert Street
“Victoria Tower” 162 Albert Street
“The Albert” 158 Albert Street

Year Built:

2004

Owners Corporation:

Whittles – Docklands

Building Manager:

Geoff Flint –   0413 368 634                                                
bm@tribecacommunity.com.au                                  Basement 1 158 Albert Street

No. In Block:

7 Separate Residential Areas ,  Residential apartments totalling 440
Council: City of Melbourne
Zoning: Residential Zone 1

Reported Sales Financial Year 2009-2010

Month

Victoria

Beds

Int Size m2

Car

Price

May

909V

2

 

1

$493,000

May

606V

2

64

1

$483,500*

May

610V

2

 

1

$451,000

April

1305V

2

 

1

$485,000

March

1204V

2

 

1

$489,000

March

102V

2

 

1

$440,000

December

216V

2

 

1

$420,000

December

213V

2

 

1

$396,000

December

317V

2

 

1

$442,500

October

812V

2

 

1

$440,000

October

901V

2

 

1

$414,000

October

513V

2

 

1

$420,000

October

1002V

2

 

1

$473,000

July

1108V

2

 

1

$462,000

Sub total

$5,825,500.00

Month

Powlett

Beds

Int Size m2

Car

Price

June

G02P

2

67

1

$550,000*

March

409P

2

 

1

$600,000

November

505P

2

 

1

$470,000

October

404P

2

82

1

$537,500

July

403P

2

 

1

$540,000

Sub total

$2,147,500.00

Month

Aitken

Beds

Size m2

Car

Price

March

302K

2

65

1

$559,000*

November

105K

2

 

1

$412,000

October

4GK

2

 

1

Undisclosed

October

2GK

2

 

1

$430,000

 

Sub total

$1,401,000.00

Month

Wharton

Beds

Size m2

Car

Price

January

G8

2

 

1

$569,000

September

P8W

2

   

$680,000

Sub total

$1,249,000.00

Month

Milne

Beds

Size m2

Car

Price

June

110M

2

96

1

$560,000

June

1M

2

 

1

$530,000

Sub total

$1,090,000.00

Month

Albert

Beds

Size m2

Car

Price

 

None reported

     

Undisclosed

Month

Cohen

Beds

Size m2

Car

Price

May

203C

1

80

1

$525,000

May

403C

1

65

1

$554,000*

August

102C

1

 

1

$410,000

 

Sub total

     

$1,489,000.00

         

 

Total 2010

     

$12,089,000.00

*Denotes Harcourts City Residential record sale, for that layout, at the time of sale.

Harcourt’s total sales for 2010 in Tribeca was $4,529,000.00, 37% of the market share.

Contact

                                                                                  

Stuart Kennett – Harcourts City Residential

Ph: 03 9664 8100

Mob: 0497 966 989  

E: stuart.kennett@harcourts.com.au

Web: www.cityresidential.harcourts.com.au

 

MHC_7704_72dpi_HS_web

                                                                     

 

**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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