Welcome to your first End of Financial Year report for George Street, East 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 George Street, East Melbourne for the 2008/2009 financial year along with a forecast for the year ahead.
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George Street, East Melbourne (Residential Apartments):
Top Reported Sale in Financial Year 08-09: $423,000
Bottom Reported Sale in Financial Year 08-09: $307,500
Number of Auctions: 2
Auction Clearance Rate: 100%
Number of Private Sales: 4
Total transactions: 6
East Melbourne Overview:
Number of Apartment Transactions in East Melbourne: 129
Number of Auctions in East Melbourne: 51
Number of Auctions Sold in East Melbourne: 47
Clearance Rate in East Melbourne: 92%
Average Sale Price in East Melbourne: $494,157
APARTMENT SALES RESULTS FOR GEORGE STREET, YEAR 08/09:
16/187 George St 1 bed, 1 bath $350,000
3/175 George St 1 bed, 1 bath $350,000
26/101 George St 1 bed, 1 bath (serviced apt) $150,000
12/187 George St 1 bed $307,500
5/174 George St 1 bed, 1 bath, 1 car $423,000
9/187 George St 1 bed, 1 bath, 1 car $322,500
APARTMENT RENTAL RESULTS FOR GEORGE STREET, YEAR 08/09:
5/32 George St Studio $220.00 pw
*/53 George St Studio $260.00 pw
*/108 George St 1 bed, 1 bath $300.00 pw
3/37 George St 1 bed, 1 bath $325.00 pw
5/109 George St 2 bed, 1 bath $420.00 pw
9/179 George St 2 bed, 2 bath, 1 car $450.00 pw
1/108 George St 2 bed, 1 bath, 1 car $360.00 pw
9/174 George St 1 bed, 1 bath $340.00 pw
11/37 George St Studio $230.00 pw
3/187 George St 1 bed, 1 bath $280.00 pw
*/32 George St 1 bed, 1 bath, 1 car $330.00 pw
*/2 George St 2 bed, 1 bath $365.00 pw
12/187 George St 1 bed, 1 bath $300.00 pw
*/ 174 George St 1 bed, 1 bath, 1 car $350.00 pw
14/187 George St 1 bed, 1 bath, 1 car $280.00 pw
1/37 George St 1 bed, 1 bath $260.00 pw
*/6 George St 1 bed, 1 bath $300.00 pw
*/ 187 George St 1 bed, 1 bath, 1 car $300.00 pw
5/109 George St 2 bed, 1 bath, 1 car $420.00 pw
*/4 George St 2 bed, 1 bath $380.00 pw
6/37 George St 1 bed, 1 bath $300.00 pw
*/ 108 George St 1 bed, 1 bath, 1 car $300.00 pw
Demographics: East Melbourne has a great mixture of owner occupiers, young professionals, out of town investors and a more mature generation of owners as well as those utilising their apartments for a secure lock-up & leave city base.
Construction Nearby Underway: 150 Clarendon Street (luxury high-end apartments in the former Mercy Hospital site), 1 East Melbourne (high end apartments in old train yard site next to Wellington Gardens on Wellington Parade South).
Forecast for the 09-10 Financial Year: We envisage that continuing first home owner interest and buying power will keep the market buoyant in East Melbourne for the remainder of 2009. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the $500,000 plus sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. George Street offers a great mixture of apartments & a unique buying opportunity in an expensive blue chip neighbourhood which should cushion it from too many market fluctuations.
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.
