End of Year Financial Review – Tribeca East Melbourne

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 Slipper 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 – http://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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