End of Financial Year Report: The Royal Flagstaff, West Melbourne

It’s that time of year again! Dionne Wilson from Harcourts City Residential has prepared your 2010-2011 End of Financial Year Report for the ‘Royal Flagstaff’ at 33 Jeffcott St, West Melbourne and 480-486 La Trobe Street, Melbourne. We hope you enjoy it and look forward to your feedback.

Melbourne’ Apartment Sales Statistics

 

Royal Flagstaff’ Sales Statistics

Building Details & Particulars Age Completed in 1996 Zoning Mixed Use Zone (MUZ)  http://www.dse.vic.gov.au/planningschemes/aavpp/32_04.pdf Levels 13 Architectural style: Modern Facilities Swimming Pool, Sauna, Tennis Court, Gym and garden courtyard with children’s play equipment.   Owners Corp. Melbourne Inner City Management (03) 9697 8888   Council City of Melbourne P.O Box 1603 Melbourne VIC 3001 Ph: 9658 9658 enquiries@melbourne.vic.gov.au www.melbourne.vic.gov.au   Water City West Water Locked Bag 350 St Albans Road Sunshine  VIC  3020 Ph: 131 691 www.citywestwater.com.au Building Comment: It has been a turbulent year for the Melbourne property market however West Melbourne has fortunately fared quite well through this difficult time. The Royal Flagstaff in particular has seen steady growth across the board with the average sale increasing and sitting healthily above the Melbourne average. Owners who picked the right agents to sell their apartments enjoyed excellent results in a difficult market. Unfortunately there were some owners who were lured with promises of low commission and no cost advertising campaigns and paid the price, one poor owner missing out $25,000 when they sold their renovated three bedroom apartment for $615,000 at the same time we sold a smaller un-renovated apartment on a lower floor for $640,000 (see sales below). One of the biggest draw cards for many buyers within the area is the sheer size of the apartments at the Royal Flagstaff compared to new developments within the CBD and surrounding area.  An excellent range of facilities, close proximity to the Flagstaff Gardens and a strong sense of community, which is not common in many inner city complexes, makes the Royal Flagstaff an attractive prospect for many potential buyers looking to secure a unique property. It hasn’t been all smooth sailing though, with many owners being affected by the redevelopment of the facilities within the complex.  The ongoing works have left owners with no usable facilities for some months and have proven to be quite noisy.  The final result though will be an impressive improvement that will only add to the overall value of this already sought after complex. Reported Sales Financial Year 2010-2011

Month	Apartment	Beds	Size m2	Car	Price
Jun 11	116	3	109m2	Yes	$615,000
Jun 11	93	3	105m2	Yes	$640,000*
Apr 11	45	2	86m2	Yes	$515,000
Sep 10	182	3	123m2	Yes	$622,888
Sep 10	89	2	86m2	Yes	$543,500
Sep 10	65	2	86m2	Yes	$531,000

*Harcourts City Residential Sale

What’s My Property Worth? http://bit.ly/qJi9SB

Buyer Profiles

Over the past 12 months the most common buyer profiles buying in the building have been emotional investors and upgraders.

Use this link for a full description of these buyer profiles and others we often work with throughout the inner city -http://tiny.cc/mwfbn Dionne Says Do Not Miss…….

Although being spoilt for choice with a myriad of eateries and bars within the area, be sure to check out The Carron pub. Freshly renovated to create a modern, comfortable feel without the pretention of many of its counterparts, The Carron has kept its relaxed atmosphere but added style. Soak up the sun and the summer breeze while quenching your thirst with a large selection of tap beers and a comprehensive wine list. Located at 398 Spencer Street, a stone’s throw from the Royal Flagstaff, it is a great spot to relax with friends for dinner and a cheeky beverage.

What our Vendors say…….

“Thank you again for all your assistance over the past few weeks. You have been able to assist us in achieving a result that we are extremely happy with. The whole process we have felt as if we were your only client and that the result was as important to you as us. Your service and professionalism has been amazing so we appreciate the assistance, again……. We could not have been happier with the process”.

Andrew – Recent Vendor For more testimonials from past, present and potential clients from both sale & leasing please visit - http://harcourtscityresidential.wordpress.com/testimonials/ Reported Rentals

Month	Apartment	Bedrooms	Size m2	Rent P/W
June 11	79	2	86m2	$550
May 11	16	3	109m2	$630
Apr 11	36	3	109m2	$650
Nov 10	83	3	105m2	Undisclosed
Aug 10	99	2	86m2	$800
Aug 10	41	3	105m2	Undisclosed

What’s My Property Worth? - http://bit.ly/qJi9SB

What our Landlords say…….

“Harcourts City Residential were terrific. I had a vacant Melbourne City apartment in a prime location for three months with my previous Melbourne city agent. I then spoke to Dionne Wilson from Harcourts City Residential. As soon as speaking to Dionne, I knew her professionalism and helpfulness would ensure my apartment would be tenanted very soon. Not only did Dionne find me tenants within 10 days, Dionne was able to market my apartment at the market price (which was my asking price) and not a much lower price that my previous agent had my apartment advertised at .Thank you Dionne and Harcourts City Residential my stress is finally over.”

Antonio – Landlord For more testimonials from past, present and potential clients from both sale & leasing please visit - http://harcourtscityresidential.wordpress.com/testimonials/ Your ‘Royal Flagstaff’ Expert Agent – Dionne Wilson Mortgage Express:

Mortgage Express is a mortgage broking company that has been in operation for over 10 years. With access to over 30 lenders and 300 loan products, we believe we can source mortgage finance that will be tailored to best suit your needs. Mortgage Express implements the latest technologies and software to give you comprehensive comparisons of the very best options in the market place. We help you understand the features of each loan ideal for you so you can make an educated and informed decision. Whether it be first home mortgage finance, subsequent mortgage finance requirements, refinancing of an existing facility, commercial or investment finance, or just a general enquiry, Email us to have your local broker contact your today. cityresidential@harcourts.com.au Lexus Conveyancing:

Lexus provide conveyancing services to the Melbourne property market. They represent clients purchasing or selling real estate property in all areas of Melbourne including the inner city and outer suburbs and also country Victoria. Lexus Conveyancing are a highly organised, efficient and professional property conveyancing service. Email us today for more information or to have a Lexus consultant call you cityresidential@harcourts.com.au Real Property Matters:

 

Depreciation schedules are an essential tool for investors to make sure you’re getting the maximum tax benefits from your property investment. Real Property Matters are experts in this field and have a range of innovative, market leading tools adding additional value to this important service. As a client of Harcourts you’ll receive a special rate and additional services; email us so we can ensure you get the Harcourts special rate. cityresidential@harcourts.com.au

Helpful Links:

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Foreign Investment Review Board – FIRB

Recent change in legislation has affected foreigners purchasing property in Australia. It’s important to be aware of any restrictions that may be placed on you when considering purchasing property in Australia if you’re not an Australian or New Zealand Citizen. You can seek further information from the FIRB website –http://www.firb.gov.au/content/real_estate/real_estate.asp

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State Revenue Office – SRO

The State Revenue Office are responsible for the calculation and collection of Stamp Duty and also govern the First Home Owners Grant FHOG among other things.

State Revenue Office Stamp Duty Calculator http://tinyurl.com/33f99jc

First Home Owners Grant – FHOG

Information – http://tinyurl.com/3ybukne

Application – http://tinyurl.com/36ahvjg

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Australian Tax Office – ATO

From Capital Gains Tax to allowable deductions you’ll find lots of helpful information on the ATO website or contact your qualified accountant.

http://www.ato.gov.au/

Dionne Wilson

Harcourts City Residential Ph: 03 9664 8100 E: dionne.wilson@harcourts.com.au Web: www.cityresidential.harcourts.com.au *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.