This will be the first of many reviews of Melbourne’s best apartment complexes to purchase a first home or investment in. If you have a block you really love, feel free to email me and I will research further and post for all your Ruby Assembly Lovers.
For years I worked as the main sales agent at Tribeca, in East Melbourne. I regularly sold and auctioned more apartments than any other agent in the area, including the developer’s agent. It holds a special place in my heart! But more than that, I felt that for you newbie buys it might be useful to get a strong snapshot of a well-performing development in Melbourne. I call this the End of Year Financial Review – it will detail all the sales for the year, as well as some information about East Melbourne’s changing demographic. I would strongly recommend investigating into buying a property in this block if you need a first home, or a great investment with crackin’ returns.
Apartments East Melbourne
185 Sales in 2009
76 Auctions
Average Apartment Price 2009 $565,082
Tribeca East Melbourne – 2009
Highest Sale: 402A/158 Albert Street $833,000
Lowest Sale: 12P/191 Powlett Street $327,000
There are a number of different ‘buildings’ within the Tribeca complex, namely:
The Victoria, The Albert, The Milne, The Cohen, The Wharton, The Powlett, The Aitken. They are all of a similar build quality, but the architectural style and finishes in the blocks can differ.
Victoria
1109V/162 Albert Street $456,100 – Two bedrooms
812V/162 Albert Street $440,000 – Two bedrooms
513V/162 Albert Street $420,000 – Two bedrooms
1002V/162 Albert Street $473,000 – Two bedrooms
901V/162 Albert Street $414,000 – Two bedrooms
1108V/162 Albert Street $462,000 – Two bedrooms
312V/162 Albert Street undisclosed – Two bedrooms
1309V/162 Albert Street $430,000 – Two bedrooms
211V/162 Albert Street $410,000 – Two bedrooms
1303V/162 Albert Street $529,000 – Two bedrooms
214V/162 Albert Street $420,000 – Two bedrooms
405V/162 Albert Street $385,000 – Two bedrooms
1012V/162 Albert Street $412,000 – Two bedrooms
1107V/162 Albert Street $408,000 – Two bedrooms
1001V/162 Albert Street $390,000 – Two bedrooms
512V/162 Albert Street $385,000 – Two bedrooms
514V/162 Albert Street $421,000 – Two bedrooms
1104V/162 Albert Street $390,000 – Two bedrooms
1307V/162 Albert Street $385,000 – Two bedrooms
1203V/162 Albert Street $465,000 – Two bedrooms
713V/162 Albert Street $415,000 – Two bedrooms
Aitken
GO2K/211 Powlett Street $430,000 – Two bedrooms
104K/211 Powlett Street $360,000 – One bedroom
304K/211 Powlett Street $425,000 – Two bedrooms
Powlett
404P/191 Powlett Street $537,500 – Two bedrooms
403P/191 Powlett Street – $540,000 – Two bedrooms
P06P/191 Powlett Street – $605,000 – Two bedrooms
202P/191 Powlett Street – $491,000 – Two bedrooms
P05P/191 Powlett Street – $606,000 Two bedrooms
107P/191 Powlett Street $500,000 – Two bedrooms
P04P/191 Powlett Street $500,000 – Two bedrooms
106P/191 Powlett Street $500,000 – Two bedrooms
12P/191 Powlett Street $327,000 – One bedroom
204P/191 Powlett Street $440,000 – Two bedrooms
405P/191 Powlett Street $415,000 – Two bedrooms
Wharton
P18W/189 Powlett Street $545,000 – Two bedrooms
P02W/189 Powlett Street $550,000 – Two bedrooms
G05W/189 Powlett Street $695,000 – Two bedrooms
P08W/189 Powlett Street $680,000 – Two bedrooms
202W/189 Powlett Street $580,000 – Two bedrooms
P07W/189 Powlett Street $480,000 – Two bedrooms
P10W/189 Powlett Street $635,000 – Two bedrooms
G02W/189 Powlett Street $630,000 – Two bedrooms
Albert
P03A/158 Albert Street $415,000 – One bedroom
402A/158 Albert Street $833,000 – Two bedrooms
203A/158 Albert Street $460,000 – Two bedrooms
102A/158 Albert Street $520,000 – Two bedrooms
505A/158 Albert Street $360,000 – One bedroom
Milne
P03M/201 Powlett Street $371,000 – One bedroom
304M/201 Powlett Street $415,000 – Two bedrooms
Cohen
401C/170 Albert Street $400,000 – One bedroom
301C/170 Albert Street $580,000 – Two bedrooms
102C/170 Albert Street $410,000 – One bedroom
Amenities
Tribeca has a luxury outdoor pool with half-glass bottom and features a gym house with separate mens and ladies facilities. It also prides itself on security, and Geoff Flint is the resident caretaker. You can call him on 0413 368 634 prior to moves in or out, or just to check in on what is going on in the building. Monjon security also takes care of Tribeca during the evening and on weekends. The carparks are all underneath the complex.
Retail
The strong retail element has really allowed Tribeca to become a hive of activity during the day. There are restaurants such as The Grocery Bar, an IGA supermarket, Kiwi Fish n’ Chips and Brunelli’s. There is also a dentist, florist, estate agency and serviced apartment company onsite – www.tribecaservicedapartments.com.au for details.
Demographics
Increasingly purchased by first home owners, the mix of tenants to owner-occupiers is likely 50/50 at this stage. We also have a number of older investors who choose to use their property at Tribeca as a weekend in the city.
Should you have any queries about buying at Tribeca or who is best to sell your property if you are an owner, make sure to contact me on 0403 475 919 or email iolanthegabrie@mac.com
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