Sold 210 / 166 Wellington Pde (Sep 2013)

[Ben]

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

 

[Matt F]

Hi Ben, thanks for that info.
Wow, $500k for a 1 beddie is a fantastic price! - Maybe this apartment has something our apartments don't have? like not having to wait for the painfully slow & at times unreliable lifts! lol

I've been here for 2 hot summers, and for me being closer to the pool would be great! (except when there are dogs in it! lol). I guess everyone has different priorities. A real estate agent once told me that views are mostly over valued - admired when first seen, but then taken for granted thereafter. I reckon there is some truth to this.

If you are looking to buy an apartment around here, then I would have a look at 1 Powlett St (next door). You will find they are in a class way above 166, both in terms of the apartment fit-out & the building generally. Yes, 1Powlett apartments sell for more money, but ironically the body corp. fees are a lot less. (My cousin rents there & I rent here, together we are maybe looking at buying something)

But either way, the location can't be beat!

 

[Ben]

Hi Matt,

When I was speaking to the agent about Apartment 210, he didn't mention anything in particular that would make it stand out. It would be good if the previous owners could post a comment below to provide some insight on the sale and why they sold it off market.

Matt, I already own an apartment in 166 Wellington, which has been great. I never plan on selling it. As for 1 Powlett Street, I tend to agree with you - they are a step up in class. In the end though, they share the same location and views.

Good luck to you and your cousin with your upcoming purchase. Together you should be well informed!