First Half 09/10 Financial report for 109 Oxford Street, Collingwood, from Harcourts City Residential.
You can find this and our many other blogs at http://harcourtscityresidential.wordpress.com/
In this report, Harcourts have prepared an overview of all reported sales transactions at 109 Oxford Street, Collingwood during H1 of 09/10 financial year, along with extra details about the building, suburb & a forecast for the months ahead.
Owners Corporation Fees: The fees differ between apartments depending on the size and location (known as lot liability). Due to the omission of communal facilities, owner’s corp fee’s are able to be kept reasonable making them a great choice for investors and owner occupiers alike.
Owners Corporation Management: “Guardians” – Plan 503317R Demographics:Collingwood is located 3km north-east of the CBD. Collingwood is a small densely settled residential and industrial suburb in Melbourne’s inner north.
It has a high proportion of overseas-born population, especially from Vietnam. The population is also young, with more than 40% between the ages of 18 and 34.
Collingwood features the Northern Metropolitan College of TAFE-Collingwood Campus and After Care hospital.
Collingwood has a mixture of property types, from period homes, to ultra-cool warehouse conversions, one particular location being Oxford St, where the Gibson and Foy warehouses of old have been separately converted into a number of different buildings, and present some “New York” style loft and warehouse style apartments that have recently been fetching some fantastic results.
(Refer to blogs on Oxford St for specifics in Harcourts Wordpress)
The area has a high number of units/flats, representing 53% of the area’s housing, followed by semi-detached homes at 35%, and separate houses and “other” being the remaining 11%. As a result, the area is very popular with young buyers, and compliments a busy city lifestyle, that still maintains lots of personality and character.
Rent vs Own:11% of residents own their dwellings, and 36% of occupants are renting, and a further 22% of occupants are looking to buy into the area that they are currently living in, which shoes that your tenant could be a prospective purchaser for your property! The remaining 30% are in government housing.
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.
Prices and growth:Capital growth – “The increase in value of an asset or investment ie.The difference between the current values and the original purchase price”. In other words, selling the property would result in you having more capital than you had when you originally purchased them.
Since Dec ’04, the suburb has experienced excellent growth, and has increased 65% to date. Currently median price is $495,000, and to put this into perspective, pls see the yearly results below: June 05: -300k June 06: 480k June 07: 440k June 08: 500k June 09: 440k Food and venues:I can’t claim to have been to all of Collingwood’s hot-spots, nor all of their eateries, but I have found a site that will help you find your way your way to the old classics, and the newly re-invented kitchens and pubs of Collingwood. There are links to many Melbourne restaurants and bars, so I hope this helps to fill up your belly, and deliver some memorable meals.
http://www.melhotornot.com/grace-darling-hotel-114-smith-st-collingwood/ Forecast for the 09-10 Financial Year:We envisage that softening first home owner interest and “historically” low interest rates will keep the market buoyant in Melbourne for the first half of 2010. Dependant on bank interest rates, we could experience a stabilizing of the market in 2010 in the pre $600,000 sector.
Mum and Dad investors are making a comeback in 2010, as first home owners have lost large incentives and interest rate nerves are kicking in.
Recent data shows property prices increasing as much as $750 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: http://wp.me/py25G-dE
Overall Collingwood has proven a solid performer through the trying economic times which I’m sure has been a relief to many owners. Let’s hope for another good year ahead!
*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.