In this report, James Edmundson has prepared an overview of all sales & rental transactions* for The Herald Sun Building, for the 2008/2009 financial year along with extra details about the building and a forecast for the year ahead.
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The Herald Sun Building” FY 08-09
Top Reported Sale: $1,550,000
Bottom Reported Sale: $430,000
Number of Auctions: 2
Auction Clearance Rate: 100%
Number of Private Sales: 4
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 - Financial Year 08-09:*
OCT 08 5th floor 2 Bedroom 2 Bathroom 2 Carspace Undisclosed
DEC 08 3rd floor 1 Bedroom 1 Bathroom 1 Carspace $430,000
FEB 09 2nd floor 2 Bedroom 2.5 Bathroom 2 Carspace $1,299,000
FEB 09 4th floor 2 Bedroom $1,100,000
MAR 09 2nd floor 1 Bedroom 1 Bathroom 1 Carspace $455,000
JUN 09 5th floor 2 Bedroom 2.5 Bathroom 3 Carspace $1,550,000
RENTAL RESULTS - Financial Year 08-09:*
No new rentals were reported for the financial year 08-09
Introduction: The Herald and Weekly Times Building, or Herald Sun building as it is now known, was built in stages from 1921-1928 with the iconic radio towers added 2 years after completion to accommodate the radio station 3DB which broadcast from the building. It has played host to some of Victoria’s oldest and most recognized periodical and circulars including the Sun, the Herald, Sporting Globe and Home Beautiful .
Designed by architects HW & FB Tompkins and built in the interwar period, The Herald Sun Building remains one of Melbourne's best examples of Beaux Arts architecture. Originally an office block this heritage listed building has been thoroughly refurbished to showcase 61 unique residential apartments, designed for those seeking an elegant inner-city home.
Architects: HW & FB Tompkins Designers of the Myer Department Store, The Canterbury flats of St Kilda and many historic Melbourne icons.
Facilities: Video intercom, security entrance and off street parking.
Demographics: An exclusive block, The Herald Sun building is a majority owner occupied complex. The property is especially well suited for dual occupiers wishing to use the unit as a second home, it is also of interest to people looking to live and work from the city especially young professionals.
Near-by Construction Underway: 260 million dollar plans to restore and extend the Historic Windsor Hotel have drawn mixed reactions, with some questioning the impact the 25 storey extension located at the rear of the property would have on the heritage feel of the Paris end of Melbourne. With construction slated to commence late 2010 it is sure to remain a discussion point.
(Artist impression)
2 Exhibition St Forecast for the 09-10 Financial Year: With a good mix of affordable entry level apartments and higher end units The Herald Sun Building remains a much sought after location. Whilst early stagnation in 2009 caused by the GFC saw a reduction in clearance rates we envisage that continuing first home owner interest and buying power will keep the market buoyant in Melbourne for the remainder of 2009 and early 2010.
For further information on this, or any other property needs you may have, please contact:
James Edmundson
Ph: 03 9664 8100 Mob: 03 9664 8116
E: James.Edmundson@harcourts.com.au
Harcourts Melbourne City has gathered this information to provide an interesting read for apartment owners and prospective purchasers. Harcourts Melbourne City 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.
