Sold 210 / 166 Wellington Pde (Sep 2013)

Discussion in 'Buying / Selling' started by Ben, Oct 26, 2013.

  1. Ben

    Ben Member

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    5
    Hi everyone,

    I recently received a call from James Edmundon of Hardcourts a Real Estate informing me that Apartment 210 sold off market for $500k. It is circa 50m² and comprises one bedroom, one bathroom and a small balcony. I think the sale represents a fantastic result for the vendors.

    I understand it took some time to get this one over the line as they had an issue with access to the property being via a common staircase. Thankfully, the body corporate approved a 99 year lease over the staircase in favour to the owners, and they were able to transact.

    This sale looks to have set a new bottom end / base case value for apartments in the building. Perhaps 166 Wellington is starting to see a flow on effect from the uplift shown in the broader East Melbourne apartment market as people get priced out of art deco apartments.

    I would consider the apartment in question to be inferior to the majority of apartments in the complex. It is located to the rear of the block (next to the pool / above rear car park), is smaller than most other apartments, is accessed by two separate flights of stairs and has limited-to-no views.

    There has been a dearth of sales over the past 12 months in the building, showing that the 166 W units are very tightly held. The the only other transaction so far in 2013 was Apartment 1005 ($540k in May 2013) which now looks like decent buying.

    Again, congratulations to the vendor and agent!

    Cheers,

    Ben
     
    Last edited: Oct 26, 2013
  2. Matt F

    Matt F Well-Known Member

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  3. Ben

    Ben Member

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    Last edited: Oct 27, 2013

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