Harcourts City Residential
In this report, James Edmundson has prepared an overview of all sales & rental transactions* for 51 Spring St for the 2008/2009 financial year along with extra details about the complex & a forecast for the year ahead.
You can find this and all our Real Estate blogs at http://harcourtscityresidential.wordpress.com/ 51 Spring St, Melbourne FY 08-09 Top Reported Sale: $1,150,000 Bottom Reported Sale: $1,150,000 Number of Auctions: 0 Auction Clearance Rate: N/A Number of Private Sales: 1 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:* 5th floor 3 Beds 2.5 Bath 1 Car $1,150,000 RENTAL RESULTS - Financial Year 08-09:*No Rentals are recorded for 51 Spring St
Introduction: Converted from an existing office block in the late 90’s with the help of renowned architects Fender Katsalidis (Architects of the Eureka tower) 51 Spring street represents a rare opportunity with many views that can never be built out.
Characterised by their half and whole floor layouts these much sought after, but rarely available units, offer irreplaceable views over the old treasury building and adjoining gardens.
Facilities: security entrance, lift and secure parking.
Architects: Fender Katsalidis. Recent works include the Espy hotel of St Kilda and the Eureka Tower. http://fkaustralia.com/
Demographics: 51 Spring street caters to an almost exclusively Owner occupied clientele. The property is of interest to people looking to live and work from the city especially young professionals as well as dual occupiers wishing to use the unit as a second home.
Year of Remodelling: 1999
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. www.thewindsor.com.au
(Artist impression)
51 Spring St Forecast for the 09-10 Financial Year: Whilst early stagnation in 2009 caused by the GFC saw a reduction in clearance rates, confidence is returning to the high end market.
Driven largely by demand 51 Spring St is well placed for owners wishing to profit on their early prudent investment. 2010 may well hold the first $4M+ sale for a whole floor (excluding the penthouse) or $2M+ for a half floor apartment with the best time of year being the Australian summer which often draws attention from international buyers.
City Forecast for the 09-10 Financial Year: We envisage that continuing first home owner interest and buying power will keep the market buoyant in Melbourne for the remainder of 2009. With interest rates tipped to continue to rise, we could experience a leveling of the general market in 2010 particularly in the pre $500,000 range. Investors could well make a comeback in 2010 once first home owners lose their puff and buying power.
For further information on this, or any other property needs you may have, please contact:
James Edmundson
Sales Consultant – Harcourts City Residential
Ph: 03 9664 8100 Mob: 03 9664 8116
E: James.Edmundson@harcourts.com.au
Web: www.cityresidential.harcourts.com.au
Disclaimer: *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
