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| INTRODUCTION: |
Welcome to your first End of Financial Year report for 250 Elizabeth Street, Melbourne from Harcourts City Residential.
You can find this and our many other blogs at http://harcourtscityresidential.wordpress.com/
In this report, Dionne Wilson has prepared an overview of all sales & rental transactions in 250 Elizabeth Street, Melbourne for the 2008/2009 financial year along with extra details about the building & the fore-cast for the year ahead. Please note, this report relates only to the Residential part of the building, for those of you interested in a report for the Somerset Serviced Apartments, stay tuned and we’ll have that one out to you very soon.
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| Agent Comment:
“…..” |
BUILDING DETAILS & PARTICULARS
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Building Facilities: |
Yes: Pool, Sauna, Gym, Meeting Room & Outdoor BBQ area |
| Building Name: | 250E |
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Year Built: |
Building converted from offices to residence 2001 |
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Owners Corporation: |
SSKBP.O Box 23040 Docklands VIC 8012Phone: 8641 6555 |
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Building Manager: |
John Phone: 0403 122 003Email: 250e@bigair.com.au |
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No. In Block: |
First 10 levels are serviced apartments (via separate entrance with own facilities etc.) then level 11-25 contain 225 residential apartments |
| Council: | Melbourne City Council |
| Zoning: | Capital City Zone Schedule 2 http://tinyurl.com/22clunr |
Top Sale in Financial Year 08-09: 2314/250 Elizabeth Street, $485,000
Bottom Sale in Financial Year 08-09: 1207/250 Elizabeth Street, $274,000
Number of Transactions in the Building: 36 Sales with a total value of $12,291,576
Average Sale Price in the Building: $341,000
Number of Apartments in Block: Approximately 225
Building Completion Date: Approximately 2001
SALES RESULTS FOR 250 ELIZABETH STREET MELBOURNE YEAR 08/09:
1608/250 Elizabeth Street 1 bed Jun 09 $315,000
1908/250 Elizabeth Street 2 bed Jun 09 $405,000
2008/250 Elizabeth Street 2 bed Jun 09 $410,000
1808/250 Elizabeth Street 2 bed May 09 $398,000
1608/250 Elizabeth Street 1 bed May 09 $310,000
2411/250 Elizabeth Street 1 bed Mar 09 $315,000
2015/250 Elizabeth Street 1 bed + study Mar 09 $342,000
1511/250 Elizabeth Street 1 bed Feb 09 $307,500
2301/250 Elizabeth Street 1 bed + study Feb 09 $308,888
2504/250 Elizabeth Street 1 bed + study Feb 09 $325,000
2011/250 Elizabeth Street 1 bed Jan 09 $315,000
1408/250 Elizabeth Street 1 bed Jan 09 $300,600
2401/250 Elizabeth Street 1 bed + study Jan 09 $319,000
2204/250 Elizabeth Street 1 bed + study Dec 08 $325,000
2304/250 Elizabeth Street 1 bed + study Nov 08 $308,000
1414/250 Elizabeth Street 2 bed + study Oct 08 $425,000
1302/250 Elizabeth Street 2 bed Oct 08 $395,000
2212/250 Elizabeth Street 1 bed Oct 08 $288,000
2501/250 Elizabeth Street 1 bed + study Oct 08 $324,000
1207/250 Elizabeth Street 1 bed Oct 08 $274,000
2101/250 Elizabeth Street 1 bed + study Oct 08 $310,000
2202/250 Elizabeth Street 2 bed Oct 08 $440,000
2308/250 Elizabeth Street 2 bed Oct 08 $390,000
2313/250 Elizabeth Street 1 bed Sep 08 $300,000
1303/250 Elizabeth Street 2 bed Sep 08 $395,000
2501/250 Elizabeth Street 1 bed + study Aug 08 $324,000
1801/250 Elizabeth Street 1 bed + study Aug 08 $315,000
1510/250 Elizabeth Street 1 bed + balcony Aug 08 $310,000
1307/250 Elizabeth Street 1 bed Aug 08 $287,000
2001/250 Elizabeth Street 1 bed + study Aug 08 $310,500
1501/250 Elizabeth Street 1 bed + study Aug 08 $303,000
2314/250 Elizabeth Street 2 bed + balcony Aug 08 $485,000
1711/250 Elizabeth Street 1 bed + balcony Aug 08 $300,000
2506/250 Elizabeth Street 2 bed + balcony Jul 08 $412,088
1707/250 Elizabeth Street 2 bed Jul 08 $370,000
2110/250 Elizabeth Street 1 bed + balcony Jul 08 $330,000
RENTAL RESULTS FOR 250 ELIZABETH STREET, MELBOURNE YEAR 08/09:
?/250 Elizabeth Street 2 bed June $575.00 pw
?/250 Elizabeth Street 1 bed May $425.00 pw
?/250 Elizabeth Street 1 bed May $435.00 pw
?/250 Elizabeth Street 1 bed May $390.00 pw
?/250 Elizabeth Street 1 bed April $490.00 pw
1512/250 Elizabeth Street 1 bed March $450.00 pw
?/250 Elizabeth Street 1 bed March $380.00 pw
?/250 Elizabeth Street 1 bed March $370.00 pw
?/250 Elizabeth Street 1 bed March $390.00 pw
?/250 Elizabeth Street 1 bed March $485.00 pw
?/250 Elizabeth Street 1 bed March $400.00 pw
1607/250 Elizabeth Street 1 bed February Undisclosed
?/250 Elizabeth Street 1 bed February $380.00 pw
1807/250 Elizabeth Street 2 bed January $470.00 pw
?/250 Elizabeth Street 2 bed January $500.00 pw
Owners Corporation Fees: The fees differ between apartments. On average the fees range between $1800 - $3000 per annum depending on the size and location (known as lot liability).
Owners Corporation Management: The Owners Corporation and onsite building manager Ashley have been busy coordinating the lift upgrades. All fees have been collected and the work on upgrading each of the lifts is almost finished. The residents experienced some delays during this time but with the end goal in site, safer, more reliable lifts, everyone was very patient and can now reap the rewards.
The Owners Corporation details are:
The Knight Alliance - 9509 3144 - www.theknight.com.au - geoffrey@theknight.com.au
Building Management: Ashley the live in building manager is kept busy with the general day to day activities of the building. All our interactions with Ashley have been very pleasant and we find him to be very efficient and helpful. He is a great resource for the building
The building manager’s details are:
Ashley Wakefield – 9654 9845 - 250e@bigair.com.au
There is also a fantastic website for owners, residents and the public to gain information and stay updated on the building www.250E.com.au
Facilities: The developments pool & gym are good quality and well maintained and are a real-value adds for any new purchasers or tenants to the building. The outdoor BBQ area is certainly a unique feature and one we always mention to new visitors to the building.
Demographics: There is a great mixture of owners in the complex including young professionals, a mix of local and out of town investors as well as several people using it as a second residence “a lock and leave” for people from out of Melbourne.
A newer trend rising throughout the building 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.
Construction Nearby Underway: Several cranes can be spotted from apartments on the South. A few buildings are being re-constructed a couple of blocks back which hasn’t caused too much concern for new purchasers.
Forecast for the 09-10 Financial Year: We envisage that continuing first home owner interest and low interest rates will keep the market buoyant in Melbourne for the remainder of 2009 and especially pre October 1 when the First Home Owners Grant starts to decrease. Dependant on bank interest rates, we could experience a stabilising of the market in 2010 in the pre $600,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose large incentives and as interest rate nerves kick in.
Overall though, 250 Elizabeth Street 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!
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 Mob: 0417 318 705
E: dionne.wilson@harcourts.com.au Web: 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.
