200 Spencer St, Melbourne “Neo”

2008-2009 Financial Year Report

 

200 Spencer St, Melbourne

 

Harcourts City Residential

 

In this report, James Edmundson has prepared an overview of all sales & rental transactions* for 200 Spencer St, for the 2008/2009 financial year along with extra details about the building and a forecast for the year ahead.

You can find this and more Real Estate blogs at https://harcourtscityresidential.wordpress.com/

 

200 Spencer St, Melbourne FY 08-09

Top Reported Sale:                 $995,000

Bottom Reported Sale:           $322,000

Number of Private Sales: 79

 

 

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:*

18 th floor     SPENCER ST $495,000 14 Apr 2009
40 th floor     SPENCER ST $515,000 10 Mar 2009
13 th floor     SPENCER ST $470,000 27 Feb 2009
16 th floor     SPENCER ST $375,000 27 Feb 2009
37 th floor     SPENCER ST $600,000 19 Feb 2009
24 th floor     SPENCER ST $549,000 18 Feb 2009
28 th floor     SPENCER ST $450,000 16 Feb 2009
8 th floor     SPENCER ST $468,000 27 Jan 2009
39 th floor     SPENCER ST $500,000 16 Jan 2009
8 th floor     SPENCER ST $445,000 12 Jan 2009
28 th floor     SPENCER ST $440,000 15 Dec 2008
37 th floor     SPENCER ST $446,500 9 Dec 2008
11 th floor     SPENCER ST $487,000 1 Dec 2008
28 th floor     SPENCER ST $414,000 21 Nov 2008
41 st floor     SPENCER ST $995,000 7 Nov 2008
15 th floor     SPENCER ST $545,000 27 Oct 2008
37 th floor     SPENCER ST $614,500 9 Oct 2008
15 th floor     SPENCER ST $355,000 2 Oct 2008
12 th floor     SPENCER ST $379,500 26 Sep 2008
10 th floor     SPENCER ST $283,000 25 Sep 2008
40 th floor     SPENCER ST $585,000 19 Sep 2008
35 th floor     SPENCER ST $440,500 15 Sep 2008
32 th floor     SPENCER ST $422,000 12 Sep 2008
29 th floor     SPENCER ST $582,000 10 Sep 2008
40 th floor     SPENCER ST $453,500 9 Sep 2008
22 th floor     SPENCER ST $564,000 8 Sep 2008
18 th floor     SPENCER ST $567,000 5 Sep 2008
10 th floor     SPENCER ST $498,000 3 Sep 2008
19 th floor     SPENCER ST $575,500 1 Sep 2008
16 th floor     SPENCER ST $383,500 1 Sep 2008
15 th floor     SPENCER ST $388,500 29 Aug 2008
17 th floor     SPENCER ST $443,500 25 Aug 2008
14 th floor     SPENCER ST $383,500 25 Aug 2008
34 th floor     SPENCER ST $605,500 25 Aug 2008
  th floor     SPENCER ST $385,000 25 Aug 2008
34 th floor     SPENCER st $620,500 22 Aug 2008
14 th floor     SPENCER ST $525,000 19 Aug 2008
10 th floor     SPENCER ST $495,000 19 Aug 2008
34 th floor     SPENCER ST $437,500 19 Aug 2008
  th floor     SPENCER ST $437,000 19 Aug 2008
14 th floor     SPENCER ST $329,000 12 Aug 2008
31 th floor     SPENCER ST $595,000 12 Aug 2008
38 th floor     SPENCER ST $600,000 12 Aug 2008
12 th floor     SPENCER ST $376,000 11 Aug 2008
39 th floor     SPENCER ST $620,500 11 Aug 2008
12 th floor     SPENCER ST $490,000 11 Aug 2008
33 th floor     SPENCER ST $437,500 8 Aug 2008
24 th floor     SPENCER ST $407,500 7 Aug 2008
9 th floor     SPENCER ST $418,000 7 Aug 2008
12 th floor     SPENCER ST $370,000 6 Aug 2008
25 th floor     SPENCER ST $575,000 5 Aug 2008
21 st floor     SPENCER ST $548,000 5 Aug 2008
9 th floor     SPENCER ST $455,000 1 Aug 2008
38 th floor     SPENCER ST $449,500 1 Aug 2008
14 th floor     SPENCER ST $495,000 28 Jul 2008
39 th floor     SPENCER ST $455,000 27 Jul 2008
39 th floor     SPENCER ST $455,000 27 Jul 2008
16 th floor     SPENCER ST $386,500 25 Jul 2008
20 th floor     SPENCER ST $575,000 24 Jul 2008
22 th floor     SPENCER ST $590,000 23 Jul 2008
19 th floor     SPENCER ST $392,000 21 Jul 2008
20 th floor     SPENCER ST $403,500 21 Jul 2008
13 th floor     SPENCER ST $542,500 21 Jul 2008
35 th floor     SPENCER ST $620,000 18 Jul 2008
35 th floor     SPENCER ST $603,500 14 Jul 2008
10 th floor     SPENCER ST $368,500 14 Jul 2008
35 th floor     SPENCER ST $440,000 14 Jul 2008
35 th floor     SPENCER ST $608,500 9 Jul 2008
13 th floor     SPENCER ST $379,000 8 Jul 2008
25 th floor     SPENCER ST $408,500 8 Jul 2008
16 th floor     SPENCER ST $387,000 3 Jul 2008
14 th floor     SPENCER ST $542,000 3 Jul 2008
20 th floor     SPENCER ST $548,000 3 Jul 2008
23 th floor     SPENCER ST $574,000 3 Jul 2008
11 th floor     SPENCER ST $373,500 2 Jul 2008

 

RENTAL RESULTS – Financial Year 08-09:*

 

        bed bath
907/200 Spencer Street $350 pw 19-06-2009 1 1
913/200 Spencer Street UNDISCLOSED 01-05-2009 1 1
2703/200 Spencer Street $430 pw 20-04-2009 1 1
3908/200 Spencer Street $450 pw 18-03-2009 1 1
808/200 Spencer Street $400 pw 17-03-2009 1 1
1113/200 Spencer Street $400 pw 26-02-2009 1 1
LVL10/200 Spencer Street UNDISCLOSED 12-02-2009 1 1
2502/200 Spencer Street UNDISCLOSED 09-02-2009 2 1
200 Spencer Street $370 pw 23-01-2009 1 1
1609/200 Spencer Street $1695 pm 16-12-2008 1 1
1402/200 Spencer Street UNDISCLOSED 28-11-2008 2  
3503/200 Spencer Street UNDISCLOSED 28-11-2008 1 1
1906/200 Spencer Street $520 pw 27-11-2008 2 1
2209/200 Spencer Street $535 pw 25-11-2008 2 1
1101/200 Spencer Street $550 pw 05-11-2008 2 1
1904/200 Spencer Street $400 pw 10-10-2008 1 1
200 Spencer Street $350 pw 29-09-2008 1 1
1508/200 Spencer Street UNDISCLOSED 02-09-2008 1 1
3410/200 Spencer Street $600 pw 30-08-2008 2 1
3410/200 Spencer Street $600 pw 27-08-2008 2 1
LVL10/200 Spencer Street UNDISCLOSED 11-07-2008 1  
2710/200 Spencer Street UNDISCLOSED 10-07-2008 2 1

Facilities: Security entrance, Gym, intercom, Pool, Terrace BBQ, Concierge and Lift

Demographics: Originally marketed to international and interstate investors 200 Spencer Street is a majority tenanted building. The property is especially well suited to people looking to live and work from the city especially young professionals, students and more mature buyers, all who appreciate the central location and public transport on the doorstep.

 

Development in the area: The old power station on the corner of Spencer and Little Bourke directly opposite the Neo is due for demolition to give way in part for four residential towers from 30 to 50 stories in height that will cover the blocks from little Bourke to Little Lonsdale st. If the current plans are approved the project  is expected to bring 2555 (approx) new units, over 3000 m2 of retail, but surprisingly just 700 car parks (an attach rate of less than one car park per three unit.) Remaining will be the heritage portion of the power station that still acts as a substation to the docklands area.

Units facing the site may experience a temporary cooling of clearance rates once construction commences but should return to full market once the new development comes online.

200 Spencer St Forecast for the 09-10 Financial Year: The first resales started in the middle of 2008 with the last recorded sale from the developer being early in 2009.  Whilst early stagnation in 2009 caused by the GFC saw a reduction in clearance rates in other buildings 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 may 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: 0411 456 770

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



Categories: End Of Financial Year Review, EOFYB, James Edmundson

Tags: , , , , , , , ,

4 replies

  1. thanks !! very helpful post!

  2. Of course, what a great site and informative posts, I will add backlink – bookmark this site? Regards, Reader

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