Grollo
March 7th, 2005, 05:28 AM
http://www.propertyreview.com.au/archives/2005/02032005/headline/02032005005.html
Flinders Wharf price spike as upmarket
towers take-off
Nelson Yap
March 02, 2005
Who ever said the Melbourne apartment market was dead?
Wrong!
Private sales at Flinders Wharf have taken off since the end of a forgettable 2004 for most inner City and in particular Dockland developments.
Propertyreview.com.au has learned that five apartments have sold in the first eight weeks of the New Year. Two were first sales the other three were resales.
Flinders Wharf marketing agent Butler & Co., Mark Butler would not confirm the sales other than to say the development had a number of sales since the end of last year.
“The market has seen consolidation in the first few months of 2005. We have had a number of sales with three of those being resales,” Butler said.
“The speculators left the investment apartment mid way through last year and this has had a positive impact on the inner city market,” Butler added.
Propertyreview.com.au has found that one apartment bought off-the-plan for $965,000 sold three week ago for $1.089 million. The sub-penthouse has three bedrooms and looks back down the Yarra River toward the Bolte Bridge.
Another apartment was bought off-the-plan for $430,000 was sold for $490,000; and yet another resale saw the same investor take a profit on an apartment on the 6th floor he bought for $650,000 and sold mid January for $740,000.
The other two sales, which were handled by Butler & Co., on behalf of developer Far East Consortium, sold for $525,000 and $865,000.
“There is a fair bit of activity in the upper end of the residential market and Flinders Wharf has been the recipient of an improved, more conservative marketplace.
“This activity is expected to continue throughout the year with a park being developed shortly on the west side of the building,” Butler concluded.
Sales at Flinders Wharf for penthouses have eclipsed the $2.5 million mark.
Royal Domain Tower foyer
Butler, who is also marketing one of Melbourne’s most prestigious apartment towers the Royal Domain Tower, in St Kilda Road, said a number of sales over the $1 million mark have been achieved in the first two months of 2005.
“Royal Domain has become one of Melbourne’s most sought after addresses. It is Melbourne’s most expensive towers, but it is also its best address,” Butler confidently added.
The success at Flinders Wharf and Royal Domain will certainly buoy an apartment market that needed some good news after it took a superficial battering from the media in 2004.
Australand’s Rob Pradolin reports that sales at rival upmarket tower Freshwater Place have also been increasingly strong so far in 2005.
“The choice of high quality residential apartments in Melbourne is limited and becoming more and more limited as the weeks go by.”
Flinders Wharf price spike as upmarket
towers take-off
Nelson Yap
March 02, 2005
Who ever said the Melbourne apartment market was dead?
Wrong!
Private sales at Flinders Wharf have taken off since the end of a forgettable 2004 for most inner City and in particular Dockland developments.
Propertyreview.com.au has learned that five apartments have sold in the first eight weeks of the New Year. Two were first sales the other three were resales.
Flinders Wharf marketing agent Butler & Co., Mark Butler would not confirm the sales other than to say the development had a number of sales since the end of last year.
“The market has seen consolidation in the first few months of 2005. We have had a number of sales with three of those being resales,” Butler said.
“The speculators left the investment apartment mid way through last year and this has had a positive impact on the inner city market,” Butler added.
Propertyreview.com.au has found that one apartment bought off-the-plan for $965,000 sold three week ago for $1.089 million. The sub-penthouse has three bedrooms and looks back down the Yarra River toward the Bolte Bridge.
Another apartment was bought off-the-plan for $430,000 was sold for $490,000; and yet another resale saw the same investor take a profit on an apartment on the 6th floor he bought for $650,000 and sold mid January for $740,000.
The other two sales, which were handled by Butler & Co., on behalf of developer Far East Consortium, sold for $525,000 and $865,000.
“There is a fair bit of activity in the upper end of the residential market and Flinders Wharf has been the recipient of an improved, more conservative marketplace.
“This activity is expected to continue throughout the year with a park being developed shortly on the west side of the building,” Butler concluded.
Sales at Flinders Wharf for penthouses have eclipsed the $2.5 million mark.
Royal Domain Tower foyer
Butler, who is also marketing one of Melbourne’s most prestigious apartment towers the Royal Domain Tower, in St Kilda Road, said a number of sales over the $1 million mark have been achieved in the first two months of 2005.
“Royal Domain has become one of Melbourne’s most sought after addresses. It is Melbourne’s most expensive towers, but it is also its best address,” Butler confidently added.
The success at Flinders Wharf and Royal Domain will certainly buoy an apartment market that needed some good news after it took a superficial battering from the media in 2004.
Australand’s Rob Pradolin reports that sales at rival upmarket tower Freshwater Place have also been increasingly strong so far in 2005.
“The choice of high quality residential apartments in Melbourne is limited and becoming more and more limited as the weeks go by.”