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8 Franklin St & 483 Swanston St, Melbourne Top Reported Sale in Financial Year 08-09: $700,000 Bottom Reported Sale in Financial Year 08-09: $355,000 Number of Auctions: 0 Auction Clearance Rate: N/A Number of Private Sales: 27 Melbourne 3000 (Residential Apartment) Overview: Number of Apartment Transactions in Melbourne: 1753 Clearance Rate in Melbourne: 79% Average Sale Price in Melbourne: $503,347 SALES RESULTS FOR 8 FRANKLIN STREET, YEAR 08/09: 1707/8 Franklin St 2 Beds 2 Baths 1 Car $565,000 3208/8 Franklin St 1 Bed 1 Bath $400,000 1303/8 Franklin St 2 Beds 2 Baths 1 Car $540,000 1408/8 Franklin St 2 Beds 1 Bath $485,000 3204/8 Franklin St 2 Beds 2 Baths $535,000 1708/8 Franklin St 2 Beds 1 Bath $355,000 2901/8 Franklin St 2 Baths 2 Beds 1 Car $499,000 3403/8 Franklin St 2 Beds 2 Baths $538,000 3003/8 Franklin St 2 Beds 2 Baths 1 Car $570,000 3105/8 Franklin St 2 Beds 2 Baths $490,000 RENTAL RESULTS FOR 8 FRANKLIN STREET, YEAR 08/09: Only one was reported. ( **/8 Franklin St, price undisclosed, leased on 28/01/09) SALES RESULTS FOR 483 SWANSTON STREET, YEAR 08/09: 3403/483 Swanston St 1 Bed 1 Bath $428,000 1206/483 Swanston St 2 Beds 2 Baths 1Car $530,000 3904/483 Swanston St 2 Beds 2 Baths 1 Car $600,000 2408/483 Swanston St 1 Bed 1 Bath 1 Car $440,000 3806/483 Swanston St 2 Beds 2 Baths 1 Car $550,000 4204/483 Swanston St 2 Beds ? Bath $546,000 1606/483 Swanston St 2 Beds 1 Bath $440,000 1701/483 Swanston St 3 Beds 2 Baths 1 Car $700,000 3208/483 Swanston St 2 Beds 1 Bath $420,000 2506/483 Swanston St 2 Beds 1 Bath 1 Car $498,000 1307/483 Swanston St 2 Beds 1 Bath 1 Car $498,000 1708/483 Swanston St 2 Beds 1 Bath 1 Car $400,000 2105/483 Swanston St 1 Bed 1 Bath $385,000 2808/483 Swanston St 1 Bed 1 Bath 1 Car $390,000 1402/483 Swanston St 2 Beds 1 Bath $483,000 3507/483 Swanston St 2 Beds 1 Bath 1 Car $530,000 2308/483 Swanston St 1 Bed 1 Bath $380,000 RENTAL RESULTS FOR 483 SWANSTON STREET, YEAR 08/09: *NOTE: Rentals might have occurred throughout the financial YEAR 08/09, but may not have been recorded
Introduction: The $110m "Milano" apartments and mixed use development on the corner of Franklin & Swanston Streets. Milano shares the corner with the $130m "Verve" apartments and mixed use development including the renowned in-built rock climbing gym. Verve is an innovative structure designed by highly skilled Architect practice, Urban Design and was developed by one of Australia’s most successful builders, L.U. Simon. Combined both buildings produce 293 apartments.
Facilities: These include Indoor Pool, Spa, Sauna, Gymnasium, Club Lounge & Cinema, Tennis Court, security entrance and under cover, on title, secure parking. Also an ALDI store next to the entrance of the building.
Developer: F.D.G (First Delta Group) www.fdg.net.au
Demographics: There is a great mixture of owners in the complex including young professionals, out of town investors, some more mature owner occupiers as well as owners utilizing as a secure lock & leave city base. Milano and Verve also houses international owners and students.
Year of Construction: 2004Construction nearby underway: 19-37 Abeckett St – High residential tower, reaching up to 32 floors. Predicted to be finished in mid 2010. It is going to attract mainly international students, who are coming to study in Melbourne.
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. Dependant on bank interest rates, we could experience a leveling of the market in 2010 in the pre $500,000 range. Investors could well make a comeback in 2010 once first home owners run out of puff and buying power.
For the July 09 –December 09 market summary please visit http://wp.me/py25G-ff
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 03 9664 8100 Mob: 0417 318 705 0417 318 705
Email: dionne.wilson@harcourts.com.au
Web: www.dionnewilson.harcourts.com.au
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
