THE MELBOURNE
eview.com.au |
ISSUE 22
FUNNYMAN ON A MISSION PART HOUSE, PART MATHEMATICAL THEORY LESSONS FROM A WINE MASTER THE BLOCK ARCADE: A MELBOURNE INSTITUTION
Welcome... PRICE RISES A DOUBLE– EDGED SWORD FOR THE MARKET
pr vi w THE MELBOURNE
While homeowners are thrilled to see the value of their property rising, for those trying to get a foothold in the market or to upgrade, big increases in Melbourne house prices are not so welcome. So recent data showing the city’s median house price rose by more than 7 per cent in the final quarter of last year, to a new high of $643,000, will come as good news for some and may be greeted with dismay by others – particularly as we expect that increases will continue to place pressure on affordability in the coming year. However, it was an exceptional three months. Interest rates were and remain at a record low, there were 12,800 auctions – an average of more than 1000 a week –and clearance rates were high, averaging 70 per cent for the quarter. As well, an increase in sales of properties for more than $1 million pushed the median price up. In fact 21 per cent of all city sales in the quarter were million-dollar sales, compared with 16 per cent in the September quarter. This was particularly so in the city’s inner and middle suburbs, where there was the highest price growth – Prahran, Fitzroy North, Hawthorn, Williamstown and Hampton – all in the top 10 for house price growth, had median prices of $1 million or more. Even Northcote, once the poor relation to suburbs such as Fitzroy North, had a median price of $971,500.
be more moderate this year.
Eview Real Estate Partners Chelsea 436 Nepean Hwy, Chelsea, 3196 Rentals: Sales: Phone: 8773 1888 Phone: 8773 1888 Fax: 9772 0198 Fax: 9772 0198
But there was also strong price growth for private house sales, more popular in the outer suburbs, pushing up prices in places such as Wantirna South, Mount Martha and Hoppers Crossing.
CEO, REIV
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All these factors combined to boost median prices across the city and in the major regional centres of Geelong, Bendigo and Ballarat. But the good news for those wanting to buy is that we expect growth to
contact us
Web: eview.com.au
chelsea@eview.com.au
Eview Real Estate Partners Frankston 463 Nepean Hwy, Frankston, 3199 Rentals: Sales: Phone: 8781 3877 Phone: 8781 3888 Fax: 8781 3834 Fax: 9781 1547 Email:
frankston@eview.com.au
Email:
rentals@eview.com.au
Eview Real Estate Partners Narre Warren Building 2, Ground Level 30-32 Verdun Drv, Narre Warren, 3805 Sales: Rentals: Phone: 8794 1200 Phone: 8794 1200 Fax: 8794 1222 Fax: 8794 1222 Email:
narrewarren@eview.com.au
Email:
Victoria’s unemployment rate is rising and consumer sentiment has been falling. So we don’t expect the dramatic figures of the final quarter of 2013 to be repeated this year. Enzo Raimondo
ODDABODES
narrewarrenrentals@eview.com.au
Eview Real Estate Partners Southern Peninsula 171 Point Nepean Rd, Dromana, 3936 Sales: Rentals: Phone: 5987 1444 Phone: 5987 1444 Fax: 5987 0955 Fax: 5987 0955 Email:
southernpeninsula@eview.com.au
Email:
southernpeninsulaentals@eview.com.au
Eview Real Estate Partners Werribee Suite 11/2-14 Station Place, Werribee, 3030 Rentals: Sales: Phone: 9749 8008 Phone: 9749 8008 Fax: 9749 8002 Fax: 9749 8002 Email:
bryan.hanson@eview.com.au
Email:
werribee@eview.com.au
Eview Real Estate Partners Mornington 38a Main Street, Mornington, 3931 Rentals: Sales: Phone: 0423 144 102 Phone: 0423 144 102 Email:
jarrod.carmen@eview.com.au Email:
jarrod.carmen@eview.com.au
Eview Real Estate Partners Yarra Valley 272 Maroondah Highway, Healesville, 3777 Rentals: Sales: Phone: 5962 1053 Phone: 5962 1053 Email:
yarravalley@eview.com.au
Email:
yarravalley@eview.com.au
Eview Real Estate Partners Melbourne Level 14/380 St Kilda Road, Melbourne, 3000 Rentals: Sales: Phone: 1300 438 439 Phone: 1300 438 439 Email:
melbourne@eview.com.au
Email:
melbourne@eview.com.au
Disclaimer: Eview Real Estate Partners nor any companies of the Eview group accept any form of liability, be it contractual, tortious or otherwise, for the contents of this publication or for any consequences arising from its use or any reliance placed upon it. The information, opinions and advice contained within, are of a general nature only and may not relate to or be relevant to your particular circumstances. There are many issues involved with buying and selling real estate so it is important that you get specific advice prior to making any decisions on your next real estate transaction. All information contained herein is gathered from sources we believe to be reliable. However we cannot guarantee its accuracty and interested persons should rely on their own enquiries. Should your home be exclusively listed with another agency, please disregard any information contained within regarding the engagement of Eview Real Estate Partners to sell your property.
Circulation: 50,000 Cover: The Block Arcade, Melbourne. Picture: Cameron McCullough
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REAL ESTATE PARTNERS
The Melbourne Preview
Issue 22
Sliding House – Suffolk UK Designed by dRMM Architecture of London this home really is one of a kind. At first glance, the form looks nothing special and gives you the idea of a regular timber barn until you understand the entire outer skin (the wooden exterior) is capable of significant movement over the static main house. Sliding House offers radical variable spaces, extent of shelter,
sunlight and insulation. It is about the ability to vary the overall building configuration & character according to seasons & weather on hand.
into the wall thickness. The tracks can be extended in the future should the client wish to build a swimming pool, which may need occasional shelter.
Allowing numerous combinations of enclosure, open-air living and framing of external views according to slide position, this autonomous structure, a steel, glass & timber dwelling, essentially slides back & forth on recessed railway tracks. Movement is powered by hidden electric motors on wheels integrated
At night, the home produces some interesting light patterns & reflections with the slide. Clever in concept & design, besides the visual awe that the slide creates, it gives the control for its occupants to adjust the heating, lighting and mood of the home to suit any situation.
A MESSAGE FROM THE DIRECTORS Dear Reader, Welcome to our first edition of The Melbourne Preview for 2014. It was not long ago when we were all preparing for Christmas and the New Year and before you know it, we are all well and truly into 2014 with the festive season long behind us and the regular routine of day to day living back in full swing. The majority have gone back to work, kids are back at school and we are coming to the end of summer. How time really does fly. So as it is with this time of year, many had made their New Year’s resolutions with the five most popular being 1. Spend more time with family and friends, 2. Lose weight and get fit, 3. Quit smoking, 4. Get out of debt and 5. To get more organised! But as quickly and as committed we are when those resolutions are first made, we find that the motivation to stick to our personal promises begins to fade. A recent Facebook post I had seen certainly put most peoples New Year resolutions in perspective….“My goal in 2014 is to complete my goals for 2013, which I should have completed in 2012 because
I promised myself I would achieve them in 2011 which I had written down to do in 2010!” If this sounds familiar, don’t despair. They say that it takes 30 days of consistent effort to form new habits; therefore you have every opportunity to reset those promises today, and get yourself back on track! As for your property goals, what have you got planned for 2014? Are you staying put, renovating, or on the move? 2013 saw the property cycle move in a positive direction and that trend certainly doesn’t seem to be slowing down. Interest rate cuts during the year were a welcome relief reaching all time record lows. This certainly boosted market confidence and we anticipate that this will continue throughout the 2014 period with a traditional balanced market in both selling and buying. For ourselves, we are proud to announce that 2013 was our biggest year yet, having assisted 2048 families achieve their property goals, and our asset management team was responsible for the protection of over half a billion dollars of residential real estate. Our team continues
to grow with well over 100 team members servicing all suburbs of Melbourne, and we continue to actively look for more great talent to join the Eview family. We have launched some fantastic innovations this year, the first being our online booking system for our tenants. This new system has dramatically reduced days on market for our rental properties and saved our landlords hundreds of dollars in reduced vacancy rates. We have well and truly entered the property video market with the launch of what we believe is one of Australia’s best property video web channels, ‘eview.tv.’ where we showcase the best property via video and provide up to date market reports for our viewers. At Eview, we are extremely dedicated to our profession, and will continue to do whatever it takes to provide a world class service to everyone we have the pleasure of connecting with. We hope you enjoy this edition of The Melbourne Preview, and hope that 2014 is your best year yet and look forward to assisting you with all your real estate needs, Manos Findikakis - CEO
MARKET WATCH...
How do you see the real estate landscape in 2014 after a strong finish to last year?
Maria Findikakis – Melbourne Metro collectively
Bryan Hanson – Werribee/Bellarine Peninsula
Broadly speaking, I feel the Melbourne real estate landscape looks very promising heading into the first half of 2014. Carrying over from 2013, positive attitudes from both vendors & buyers, sound auction clearance rates, low lending rates, reduced time on market figures and a reported increase of 7% in the last quarter (8.5% for the year) to Melbourne’s median house price, highlights the strength of the market. Additionally some pockets to Melbourne’s east have reported median growth in the 10 -15% region of late. Overall, seeing the upswing in direction nationwide from the woes of 2011 - 2012, I’m confident this year will be a consistent year. Last year 2013 saw all Australian capitals see an increase in median house values.
Melbourne’s unexpected strong performance during the last period of 2013 has caught many experts by surprise. I believe that momentum should carry the Melbourne market upwards in the first half of 2014. Home buyers are finding themselves forced further out to find suitable accommodation, and this ‘ripple effect’ is being felt in the western corridor and with the $5.3 billion Regional Rail Link from West Werribee to Melbourne’s Southern Cross Station underway, it has created strong interest amongst both home buyers and investors looking to capitalize on this infrastructure improvement with a peak expected in February – April.
Noel Susay – Chelsea
Arthur Proios – Frankston
Jarrod Carman – Mornington
Jim Arvanitakis – Narre Warren
Stuart Aldridge – Healesville
What a year 2013 was! Election and market recovery all in the same year! The middle to end of 2013 brought about a huge turn around in fortunes for so many. Chelsea and surrounding areas saw buyer activity climb dramatically and this led to strong price increases. Many of our vendors sold for much much more than they anticipated. This was due to a lack of properties available coupled with interest rates remaining low, buyer confidence, change in media coverage and the continued strength in the Australian economy. 2014 is shaping up to go from strength to strength. Our office has already seen fantastic results, and with the market continuing to have a lack of houses for sale, now has never been a better time to sell.
The property market entered 2014 in the same fashion it exited 2013 … with a shortage of property and an oversupply of eager buyers looking to snap up a bargain! So what’s changed? It’s semantics, really. Typically our Frankston market gathers genuine interest during the December – February holiday season, and this year seems no different. First home buyers are scrambling to buy at the lower to mid $300k’s (where stock is scarce), and investors haven’t held back as properties purchased are being traded back through our leasing department which has experienced tremendous growth! Recent media attention (of Frankston) has been positive, paving the way for a whole new generation of residents keen to enjoy the lifestyle benefits of the Mornington Peninsula.
The Mornington market stabilised throughout the course of 2013, according to figures from RP data suggesting a 4% rise in median values after a 4.9% decline in 2012. Mornington saw the least volume of homes sold in 2013 in a decade with only 387 homes selling. Unit sales were also down to 161 after highs in 2010 of 321 units. Surprisingly land sale volume was at its highest with 44 blocks being sold, the highest since 2006 (73 blocks). Things are setting up well for growth on the Mornington Peninsula, with borrowing rates the lowest we are likely to see, unemployment at reasonably low levels, a shortfall in the number of homes available, and the ageing population finding Mornington a very desirable option. I think we’re in for a great year!
Narre Warren has noticed increased interest from investors and developers looking to get back into the property market. Median price in Narre Warren for the last quarter was $380,250 (PDOL) with a total of 48 properties sold and 100% clearance of auction sales.
The new year for the Yarra Valley has been positive with buyer activity and plenty of appraisals taking place so far. There is a strong sense from buyers and vendors alike that the market is in good shape. With plenty of confidence in all industries it seems to be giving the public better job security. I believe the Yarra Valley is about to have another real estate boom as more people who visit fall in love with the surrounds and lifestyle that is on offer with a very strong sense of community still here. This is a great place to raise families - with plenty on offer for the entire family to do and benefit from.
There is a great choice for new homes for buyers, however established quality homes are in short supply and there is pressure on pricing. If you’re a buyer looking to buy, now is the best time! The low interest rates have stabilised buyer confidence and as demand increases and multiple offers come back into the equation, prices are on the way up.
Info source RP DATA. The Melbourne Preview
Issue 22
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PRIVILEGE, PRESTIGE, PARADISE Set within easy reach of the snowfields of Mt. Buller and Lake Mountain, the water playground of Lake Eildon, the door step of the Cathedral Ranges, mountain bike trails and Victoria’s premier trout fishing rivers: This stunning home has been extensively renovated with quality fittings, fixtures and appliances. Its thoughtful layout is an outstanding example of indoor/ outdoor transitional design that ensures the wonderful garden aspects are always prominent. Regardless of whether you are relaxing or dining in the broad open living zones, or enjoying a morning sleep-in in any of the 3 queen sized bedrooms, the park–like gardens can be admired through expansive feature windows. The house is a wonderful country residence that will surpass the expectations of most; the outdoors however, will take your breath away. The ultimate water feature of a pristine mountain river in the middle of a stunning established garden is the major attraction of this immaculately presented property. The property also features substantial covered verandahs, decks and thoroughfares, and impressive sandstone–paved outdoor entertainment area. A double carport under the roofline of the home as well as additional double garage, external toilet and substantial shedding ensure the home is well serviced. There is a fully automated sprinkler system to the garden with unlimited pumping rights from the river. This magnificent 0.7 acre river–front property is within walking distance of the Buxton village and less than 2 hours drive from the city centre. To extend this scenic delight there is also the opportunity to purchase an adjoining vacant block complete with river, established garden, gazebo and sheds. The property is located at 43 Mareeba Avenue, Buxton. For more information contact Ian Vine on 0488179767. PAGE 4
The Melbourne Preview
Issue 22
INSIDEVIEW - WITH MARIA FINDIKAKIS Kickstart your new year By Maria Findikakis Regular readers of this column will know I have previously written about ‘sliding door’ or ‘lightbulb’ moments – I first experienced one when I was encouraged by a relative to give real estate sales a try. Shortly after that, I fell in love with this industry and knew with complete certainty that I had made the right choice. Real estate is a perfect match for my skills and interests. Thanks to that insightful relative’s ‘kickstart’, all these years later, my passion for this business grows stronger every day and I firmly believe that there are moments where one piece of advice or encouragement can set you on an extraordinary, sometimes unexpected path. Here at Eview, our main goal this year is to help every team member achieve his or her goals. We highly value workplace satisfaction, work/ life balance, continual training and supporting our staff in everything they do. It’s an important aspect of how we attract and retain top quality people, who are highly motivated to serve their clients and demonstrate excellence in general. We believe these values and culture makes us an ideal workplace for both established and new real estate professionals. In order to begin 2014 in the best way possible, we decided to provide our team with the tools and knowledge of other skilled high achievers. We designed and ran a two-day ‘Kickstart’ program. Some of our team members spoke, and we also invited guest speakers to share their insights. Rik Rushton (sales professional and coach from INSIGHT Personal Development) gave a talk on ‘how to have your best year ever’. Brett Andreassen (in the top 10% of young Australian agents from Brisbane) talked about ‘mainstream marketing’. Finally, Damien Hardwick (coach of Richmond Football Club) concluded our event with his presentation on ‘how to be a team.’ There were many lessons learned that I have been thinking about ever since.
We learned that it’s one thing to have an idea – that’s easy – it’s another to actually have the power to implement that idea. In the same vein it’s important to consider not only what you want to do, but why the reason comes before the answer. Another key theme was the idea that you have to ‘start well to finish well’. You need to ‘believe’ it to achieve it. It’s essential to start knowing exactly what you are going to achieve, not simply hoping. It’s important to visualize your success, make yourself accountable to someone, and to plan properly. Goals are not only necessary to motivate us – they keep us alive. I also enjoyed the idea that you need to always focus on improving yourself; that it’s important to work harder on yourself than you do on your job. There are habits that can help keep you on track. Train your mind; spend forty-five minutes per week on your mindset. Celebrate your successes. Finish your day in writing – record three positive things about your day. Know exactly what behaviours and values you want to demonstrate in the workplace. When you know your values, decisions are easy to make. Attitude is important. There are silver linings to most difficulties – usually the time when you feel the most pain will catalyse your biggest breakthrough. In order to succeed, your business needs to be in unison with your life. This made me think about the fantastic work/life balance many of our staff have achieved; able to work as much or as little as they need to; to work remotely if necessary, and to focus on what they do best: selling real estate, with the support of office staff who can take care of just about everything else. Another key point worth noting is that selling is not about selling: it’s about relationships. You need to genuinely love your clients. Oh, and he who makes the most calls wins! For me the thought that most hit
home was this: If Hollywood made a movie about you - would you want to go and see it? It’s a really interesting idea, and raises many more questions! I’m pleased to report that the feedback from staff who attended the ‘Kickstart’ event was extremely positive. Several of our team wrote personally to Manos and me to describe the impact it had had on them. Staff reported that they have been driven to make ambitious plans, to hold themselves accountable to a list of actions that are non-negotiable and to create vision statements, business plans and goals documents that will set them up for success. Especially heartening was this feedback from a new Eview staff member: “I just wanted to send this personal note through to say a very big thank you for my ‘sliding door days’ - the two days of our first Kickstart conference. I was truly inspired and motivated by the talent in the room and from our sensational guest speakers who presented.” Here’s another heartening email: “The calibre and quality of the speakers was unbelievable, but to be honest that was only a small part. Everything from the venue, to the MC-ing (brilliant Arthur!) to the way it was delivered was mind-blowing. Not just that, but it was the perfect mix of why, what and how between the different presentations which has me not only believing 100% that I will double my income this year, but I also know exactly how to do it.” Even more exciting for me to read, was the following line: “I cannot even fathom a better organisation to be in right now, and to have directors who so actively and obviously have my (and my family’s) best interests at heart is humbling.” This is what we genuinely strive to achieve at Eview: a united, passionate and happy team all working to serve their clients while achieving a great lifestyle. The staff feedback certainly indicates that we should continue to run events like this in future years. I am so pleased that
we were able to inspire, add value to and enthuse our team, and I’d like to thank everyone who attended and contributed. So how best can you harness some of these ideas? Well, I believe there’s nothing like the first few months of a new year to reset your life. January and February are great months to plan a successful and satisfying upcoming year. Hopefully you’ve used the Christmas/New Year break and the Australia Day long weekend, to rest, relax and completely recover from a
busy 2013. Now it’s time to look forward. I suggest you identify your important goals then make an actionable, achievable plan. With the right preparation and mindset, each new day can bring you closer to achieving your business and personal dreams. If one of those goals is to find out more about a career in real estate, I would love to meet with you. Perhaps this could be your ‘sliding door’ moment – perhaps this article could successfully ‘kickstart’ your year!
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facebook.com/eview.com.au The Melbourne Preview
Issue 22
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Feature...
FUNNYMAN ON A MISSION
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The Melbourne Preview
Issue 22
By Mike Hast SEEING satirist, comedian and actor John Clarke standing in the mangroves of Western Port at Hastings, you naturally enough expect a sardonic comment. Perhaps something about the odour of the mud at low tide. Eau de saltmarsh, anyone? A crack about the seagrass? This would look good in the fish pond. But, no, Clarke is on a mission; something completely different, as the Pythons once said. He is a founding board member of Western Port Seagrass Partnership, an independent trust formed in 2001 to lobby for the protection and restoration of Western Port and its catchment. Why does a 65-year-old New Zealander who came to Australia in 1979 and became a fixture in comedy and satire on television, in films and on stage – including being inducted into the Logies Hall of Fame in 2008 – care about Western Port? “I’ve owned a holiday house on Phillip Island for years,” he told The News, flashing a look southeast from the Hastings foreshore and stepping off the track as a woman with two white dogs jogged past. “I was sitting on the beach years ago and noticed lots of black particles in the usually clear water. “I’m a typical person of my age who doesn’t know much about the environment, so I went out and sought some information.” This lead him to scientists and ecologists, and the “greening” of John Clarke began. “I asked really dumb questions. I didn’t understand things. Nutrient response? What’s that?” Clarke knows a lot more now. He was in Hastings a few weeks ago with seagrass partnership board members to attend a briefing with the Port of Hastings Development Authority, which has been charged by the state government to build a container port that will eventually handle 8-9 million containers a year, almost double the capacity of the Port of Melbourne. The authority at last is beginning to engage with the community after being formed on 1 January 2011 and being given $110 million over four years by Premier Denis Napthine in April. It has held a series of briefings with business, environmental and other special interest groups. It’s forming community consultation groups. Clarke says Western Port is a special place that has been under greater pressure from human development for the past 30 years. Increased sediment is one of the principal problems. “Most of it comes from the northern end of the waterway because we drained Koo Wee Rup swamp. “This was a bad idea. It was a huge, 50 miles by 15 miles sponge that filtered runoff before it entered Western Port. It was a work of genius
by nature.” Western Port Seagrass Partnership’s objectives include improving natural resource planning, management and research in Western Port. It encourages, guides and sponsors research into seagrass and the broader Western Port ecology “to ensure decision-making is based on sound scientific knowledge”. It aims to “accelerate the implementation of protective and restorative works in the catchment and bay”. Clarke said most scientific research done in recent decades referred to the Shapiro report. “Very few areas worldwide have had a Shapiro,” he said. This was an early 1970s baywide environmental study commissioned by the Liberal state government when the “Battle for Western Port” grabbed national media attention as industrialists fought a bitter battle with scientists and conservationists over development of the region. Western Port had been earmarked as
the site for heavy industry by Premier Henry Bolte in the early 1960s. One plan called for a nuclear reactor on French Island and a causeway to the mainland. The State Electricity Commission bought up large tracts of land on the island and effectively “depopulated” it as farmers sold up and left. BP built a refinery at Crib Point, abandoned in the 1980s. John Lysaght Pty Ltd built a steel mill near Hastings, now owned by BlueScope Steel and in decline since the closure of its hot strip mill, and Esso built a gas refractionation plant near the steel mill, which still operates and is being refurbished to take oil and gas from the recently opened Kipper field in Bass Strait. The grand experiment to make Western Port the “Ruhr of Victoria”, named after the heavily industrialised city in Germany, foundered when the government lost its appetite and a new appreciation of the environment became mainstream. The Shapiro report, containing the
research of many scientists and revealing the unique and sensitive ecology of Western Port, was a key reason why this occurred. “We’re here to raise the profile of seagrass,” Clarke said without a hint of irony. The seagrass mob aims to promote partnership-based approaches to improve the understanding, protection and restoration of the ecosystems of Western Port and its iconic seagrass communities, a significant proportion of which has been lost. “We need the right heads at the planning table to balance the interests of the environment and business.” Clarke turns away from the shoreline and marches across the foreshore, back toward Hastings’ main street. He’s probably thinking about who he and Bryan Dawe will satirise in their long-running television spot later in the week. “Welcome, Premier Denis Napthine. I see you’ve been on the seagrass. How are you feeling?”
The Melbourne Preview
Issue 22
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The Vale of the Village Vibrant, verdant surrounds welcome you into this character–filled home set in a quiet cul–de–sac in the heart of Mt. Martha. The picketed front fence invites you to experience the charm exuded from the ornate room finishes through to a seamless blend of contemporary open–plan living at the rear, awash with natural light. The soaring ceiling lines, off the main living/dining area, open through French doors to the covered deck at the rear and entice year round enjoyment for family and friends alike. 3 or 4 bedrooms, large study with bay windows, 2 living areas & 2 bathrooms over two levels invite you to enjoy a mix of formal & informal living. Polished hardwood floors offset a stunning French provincial kitchen with the centre piece curved island bench, Ilve appliances and granite bench tops forming the hub of an engaging entertaining space at the rear of the home. Up front, the formal lounge enjoys an open fire place encapsulating views, both front and back, to the manicured gardens of mature trees, English box hedges and standard roses, bringing a botanical feel to the surrounds. Stepped, paved finishes through the courtyard lead you on an enchanting path through the garden to a deep, ¼ acre block cascading down to the valley. Play on Ferrero reserve, walk to the Village, South Beach or the Briars via the Balcombe Estuary boardwalk to experience the true beauty of this seaside location, practically on your doorstep. This superb position also offers easy access to Peninsula Link, Mount Martha Primary, Balcombe Grammar and all the transport links, with a bus stop at the end of the street. Other features include: Ducted heating, R/C air con, SLUG through to off-street for a boat or caravan. The property is located at 16 Village Close, Mount Martha. To find out more about this property, call Mike O’Neill on 0428 548 201.
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The Melbourne Preview
Issue 22
WHAT IS A MEDIAN HOUSE PRICE? By George Findikakis People often ask agents about the relevance of median figures, how they are derived and their accuracy. In this edition of The Melbourne PREVIEW and various other publications you can read about median prices for real estate. The median prices of both houses & units in most suburbs are available via various collection agency websites ie. REIV, RP DATA, PDOL, Realestate.com.au to name a few. People are often curious as to these figures. In some cases, the median price will have increased and in others, it will have decreased, sometimes considerably so. But to understand what the results mean, it is important to understand what a median value is. The median is not the average. The median value is the middle price in a series of sales, where half of the sales are of lower value and half are of higher value. For example, if 15 sales are recorded in a suburb and arranged in order from lowest to highest value/sales price, the eighth sale price is the median price. Calculating the average price is simply adding the sold prices together and then dividing this by the number of sales in question. Median prices are used rather than average prices because median prices are unaffected
be skewed. This is where sometimes you often notice large differences/variances in the median price of a certain area. For this reason, it is often better to view median prices over periods of time and monitor the trends, rather than looking at one month’s figures in isolation.
Benefits of using median pricing • It gives buyers and sellers a better indication of market trends, consumer sentiment and market conditions. • It sometimes helps to estimate the listing price of a particular property. • If you are new to an area, the median price could give you an indication if the suburb is in your price range and or compare to neighbouring areas. by a few unusually high or low prices, making them a more accurate indicator of the market. Not only can the median give you a good idea of the price of real estate in a certain area, it can also give you a feeling for how an area has been performing over recent months, years or decades. However, one aspect to keep in mind when looking at median figures is that if there has been an unusually large or small amount of either more expensive or less expensive properties sold in any given period for that area for whatever reason, the figures can
What to watch for • The median is only one factor that sellers and buyers should consider. All properties are different so it is important to talk to your real estate agent and find out comparable sales in your area. • Watch that the figures represent an accurate account. There can be isolated months due to the limited numbers of properties sold, making medians either oddly high or low. • Median house prices include houses, apartments and townhouses (these are
properties with dwellings that are detached). • Most data providers have different methods to calculate median prices. Make sure that you use the same supplier’s information if you are monitoring trends. • Some properties could be well above the median for a number of reasons, including block size, dwelling size, water views, location. Reasons why mean or average prices aren’t used • An average can be skewed by a large number of sales either in the high or low range. • Houses aren’t all the same and are unique to time, location and house features. Averages don’t allow for this. The Melbourne Preview has sourced its median data courtesy of the REIV. The Institute collects the results of about 70-80 per cent of all residential property sales in the quarter and publishes the suburb-by-suburb results where we believe the sample is an accurate reflection of the sales activity. When there are fewer than 30 sales in a quarter but it is a reasonable sample, the result carries an asterix to explain there are enough sales to make it statistically reliable. If your suburb does not appear on the list, it may be because of insufficient sales for the period or because the area is not an official suburb.
DEVELOPING A FEEL FOR PROPERTY INVESTMENT The question is sometimes asked “Is buying a home the same as to buying an investment property?” Answer… No. Buying a home and buying an investment property are two completely different purchases. You may be buying property in both cases, but the motivation for doing so are quite different. When you are buying your own home, you have your own personal agenda, wish list and goals to achieve. Maybe you want to live in a certain area, with a minimum number of bedrooms and space, with all of this coming within budget. With an investment property, all that matters is finding a property that is in demand & should increase in value over time within a budget range. Other factors to consider are ease of rental, maintenance requirements, potential for capital growth and/or tax breaks? So make sure that when you are looking at property be very specific about the desired outcome.
Ask yourself a few questions: Is this property purchase about my financial future or is it about my day-to-day life? What do I want this property to do for me in the longterm? Am I ever going to live here? An investment property will take extra work to find. The best ones are usually in popular suburbs, and are close to amenities such as transport, schools, restaurants, employment and parks. Make sure you have done all your homework in advance (particularly finances including accounting/tax issues). Keep on top of maintenance! Make sure your rental property stays in tip– top condition. Tenants are legally entitled to a safe and habitable property, but it also makes good business sense; if it’s not kept in good repair then your tenants will be few and far between and you will be losing money. Pleasing the tenant! Make sure you keep in mind that other people are going to be living there and you want them
to be safe and happy. If they are happy they could turn into long-term tenants and that’s what you want. So look at it from their perspective. Is the garden overgrown? Is the gate hanging on its hinges? Is the paint peeling? Are there dripping taps? These things don’t take too much money to fix, but they have a big impact on what the place looks like and how your tenants feel about the place.
ahead as to the type of issues that may come up. A swimming pool is asking for a lot of work, as well as a large grassy areas and appliances such as spa baths. So think about your property and think about any changes that you could make that may mean you’ll save yourself time and money in the long run.
The ongoing:
We will do our very best to find suitable tenants within the shortest possible time frame with an efficient marketing campaign and a friendly, solution–based service.
When you touch up paint, update fixtures and appliances, and tend to the garden, it shows you are genuinely invested in the property and potential tenants will appreciate this. Tenants are also more likely to take care of a property that is already in good shape. When a tenant says there is a problem, it’s in your best interest to investigate. Most tenants are not in the habit of calling their landlord. When a tenant calls, then it’s (most likely) for a good reason. Foresight To minimize those calls you can in fact think
At Eview we understand your property is your investment. You can be assured it is in good hands.
Eview recognise leasing new properties is time consuming and, where applicable, have a dedicated leasing manager for this purpose. Our property manager’s core duties revolve around just managing your property and maintaining a high level of service at all times. Call one of our friendly asset management team.
Frankston office
Narre Warren office
Chelsea office
Werribee office
Dromana office
Yarra Valley office
Cheryl Keher & Tina Melas
Jim Arvanitakis & Liane Owen
Jodie Harwood & Noel Susay
Melissa Whyte & Lesley Hurley
Rebecca Tyler & Mike O’Neill
Jodie Young & Stuart Aldridge
Phone: 8781 3877
Phone: 8794 1200
Phone: 8773 1888
Phone: 9749 8008
Phone: 5987 1444
Phone: 5962 1053
The Melbourne Preview
Issue 22
PAGE 9
CONTEMPORARY RURAL HOME A stunning light–filled contemporary home offering three bedrooms including a master with walk through robe and a full (spa) ensuite adjacent to a study/ nursery. The home also boasts a huge open plan living area, gourmet kitchen with stone bench tops & glass splash backs, soft closing draws and induction cooking. The home theatre room has direct access via double doors to a private court yard area and is complete with surround speakers. The extensive decking wraps around the home and overlooks the beautifully landscaped gardens. Undoubtedly the major feature of this property is the abundance of shedding which comes complete with 3 phase power, 4m high entrance, mezzanine floor and a total floor space of approximately 405 m2. Add to this a separate four room office area and you have the ideal work from home scenario (stca). Whether you are a mechanic, plumber, cabinet maker, personal trainer or just need to store your cars, boats, caravans etc you can’t go past this luxury home. Other features within the home are polished floorboards, split system air conditioning, down lights, full wet bar and a plethora of skylights together with a 3 car remote garage all set on a lush one acre allotment. 10 % Deposit on day and balance in 30/60/90 days The property is located at 401 Coolart Road, Somerville. To find out more about this property, call John Rault on 0407 303 858.
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Issue 22
THE SECRET’S IN THE LOCATION With a number of key tourism attractions on your doorstep, this unique residence provides a lifestyle seldom found. Positioned only a few hundred metres away from the water’s edge, this 4 bedroom home constructed in Mt Gambier limestone is set on a sprawling 1700m2 (approx.) allotment. Measuring approximately 55 squares under cover, the impressive resume of features is endless and includes: Large family living area bathed in natural light that leads to an extensive pergola and outdoor undercover entertaining area overlooking a substantial low maintenance garden Spacious kitchen is enhanced by Californian redwood cabinetry, Miele’ appliances and large pantry that provides access to underground wine cellar Spacious formal living area with open fire place Separate formal dining room Timber staircase leading to a feature hexagonal theatre or multipurpose room with views of Melbourne skyline and sea Master bedroom featuring dressing area, walkin-robe and ensuite that includes a generous spa positioned to capture the You Yang mountains and colourful market gardens backdrop Large utility area suitable for hobby room Water bore, tank and sprinkler system Double garage with storage to roof and rear roller door access Side access provides scope to develop (stca)
The property is located at 662 Diggers Road, Werribee.To find out more about this property, call Bryan Hanson on 0477 100 111.
The Melbourne Preview
Issue 22
PAGE 11
A YARRA VALLEY LIFESTYLE
Approximately 40 acres of your own piece of picturesque Yarra Valley paradise is now available for that spacious and rural lifestyle you may be looking for! Now, there is some work to be completed to the newly constructed home: wiring, plumbing, plaster, insulation and fix out of all rooms internally, and outside decking, for example. If you are looking for a project where all the major structural work is almost complete and you can see the finished product and its value, then you should inspect this outstanding, one of a kind, and very hard to get property! Other quality features are as follows, Complete two bedroom cottage Spacious bathroom, separate toilet Open plan living Kitchen offers gas/electric cooking, dishwasher Reverse cycle heating and cooling, Coonara solid fuel heater Hardwood floors, outdoor entertaining Outstanding northerly views Mini orchard, vegetable garden, dog enclosure River sand and rubberised horse menage One four bay machinery shed, concrete floor, powered One three bay machinery shed / workshop, concrete floor power Ample water tanks, power, phone, bottle gas & septic system Post and rail, post and wire and some of it is electric fencing Five dams, established trees, fertile soil, managed pasture Cattle yards and loading ramp, remote access front entrance gates In–ground concrete salt–chlorinated pool This is certainly and outstanding opportunity to complete and create your own home while maybe accommodating your in-laws or running a B&B in the cottage when the home is complete. All inspections are by appointment. This property is located at 159 Cunninghams Road, Healesville. Offers invited over $989,000. To find out more, call Stuart Aldridge on 0402 464 511.
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Issue 22
ULTIMATE LIFESTYLE, PRESTIGIOUS LOCATION An amazing lifestyle home featuring 4 huge living areas, 4 bedrooms plus study set on 2577m2 (approx.) in the most sought after area of Mt Eliza. Downstairs features a large rumpus room with polished timber floorboards, full wet bar, real wood fire, access to the cellar, three bedrooms with built–in robes including a perfect guest room with ensuite bathroom, a second bathroom of great proportions perfectly positioned for access to the bedrooms, and the outdoor entertaining area and bar. The study or home office is thoughtfully positioned nearest the front door and could be utilized for consultations. Upstairs, the kitchen with marble bench tops, walk in pantry and masses of workspace opens to the large family room with sizeable decking and bay views. The main bedroom, with walk through robes and full ensuite bathroom, also accesses the decking and sensational bay views. A large, formal lounge, with real wood fire, and more bay views, is joined by the formal dining room and complemented with a 2 car remote garage with internal access, gas ducted heating throughout and evaporative cooling. This is all set on an gorgeous parcel of lush landscaped garden with mod grass floodlit tennis court and luxurious in-ground pool with masses of paved entertainment area. Positioned in an exclusive and highly regarded golden mile of Mt Eliza, surrounded by prestigious homes and close to Mt Eliza Village, beaches and illustrious private schools, opportunities of this calibre are limited, so book your inspection today to secure this amazing lifestyle property. The property is located at 55 Glen Shian Road, Mount Eliza. Offers invited over $2,700,000. To find out more, call Jarrod Carman on 0423 144 102.
The Melbourne Preview
Issue 22
PAGE 13
waterfront LIVING
ARTIST IMPRESSION
YOUR
waterfront HOME
PAGE 14
The Melbourne Preview
Issue 22
Wyndham Harbour, currently under construction, is Melbourne’s new bayside community, bringing exceptional waterfront living to the picturesque Port Phillip Bay region. Built around an idyllic safe boat harbour with up to 1,000 proposed marina berths and state of the art marina facilities, a Marina Square, retail and grocery stores, expansive beaches and landscaped parks, Wyndham Harbour offers an unmatched luxury bayside lifestyle. Waterfront living includes two designer apartment buildings.
LIVE YOUR ULTIMATE
lifestyle
Secure a sleek designer apartment, invest in a stylish terrace home or select the perfect parcel of land on which to create your own luxury living space. At Wyndham Harbour, you’ll create your dream coastal home paired with the enviable bayside lifestyle that you’ve always dreamed of.
ARTIST IMPRESSION
CBD
WERRIBEE MANSION
A
lively
LOCATION THE T E MANSION HOTEL AND SPA
WE W ERRIBEE OPEN RANGE ZOO
Situated along the picturesque Port Phillip Bay, Wyndham Harbour is ideally positioned, approximately thirty minutes from Melbourne’s CBD. Set minutes from the town centres of Werribee and Point Cook, Wyndham Harbour is part of a lively leisure and tourism hub, close to local amenities including major shopping centres, golf courses and hospitals. Wyndham Harbour is working with Port Phillip Ferries and the State Government on the concept of a ferry service into Station Pier which, if implemented, will help to alleviate West Gate Bridge commuter traffic and enhance tourism in the West.
SHADOWFAX WINERY
TH THE HE H E MANSION M HOTEL AND SPA
For more information call Eview Real Estate Partners Werribee. Phone: (03) 9749 8008. Mobile: Bryan Hanson 0477 100 111. Email: bryan.hanson@eview.com.au The Melbourne Preview
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PAGE 15
Design...
PART HOUSE, PART MATHEMATICAL THEORY
Klein Bottle House by McBride Charles Ryan: “The Klein bottle is a descriptive model of a surface developed by topological mathematicians. Klein bottle, mobius strips, boy surfaces, unique surfaces that while they may be distorted remain topologically the same i.e. a donut will remain topologically a donut if you twist and distort it, it will only change topologically if it is cut. The surfaces that mathematicians have developed hold intrigue for architects as they hold a promise of new spatial relationships and configurations. Technology (CAD) has played an important part in all this; it is now more possible to efficiently describe more complex shapes and spaces and communicate these to the build. Previously the more orthogonal means of communication – plans, sections and elevations naturally encourage buildings which are more easily described in these terms, i.e. boxes. This holiday house is situated on the Mornington Peninsula 1.5 hrs drive from Melbourne. It is located within the ti–tree on the sand dunes, a short distance from the wild 16 beach. From the outset MCR wanted a building that nestled within the tree line, that talked about journey and the PAGE 16
The Melbourne Preview
Issue 22
playfulness of holiday time. What began as a spiral or shell like building developed into a more complex spiral, the Klein bottle. MCR were keen to be topologically true to the Klein bottle but it had to function as a home. We thought an origami version of the bottle would be achievable and hold some ironic fascination. (The resulting FC version also has a comforting relationship to the tradition of the Aussie cement sheet beach house). The building (we think) is also within that tradition of the use of an experimental geometry that could be adapted to more suitably meet contemporary needs, and desires. In that sense it is within the heroic tradition of invigorating the very nature of the home, most notable of this tradition would be the great experimental heroic houses by Melbourne architects in the 50 s (McIntyre and Boyd in particular). The house revolves around a central courtyard, a grand regal stair connecting all the levels. There is a sense of both being near and far to all occupants. Its endless, curling shell-like quality particularly in the tee tree brings about a comforting togetherness.� McBride Charles Ryan The Melbourne Preview
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PAGE 17
Meet some of our people Peter Nichols I 0411 652 421 I specialise in Residential Real Estate Sales / Licensed Estate Agent Areas you work Western suburbs. Describe the area you work Multicultural. Why have you chosen to align with Eview? Team Culture and to work with awesome people. Tip for selling Price it well to create competition and have brilliant professional photography.
Daniel McGlashan I 0407 545 243 I specialise in Residential Real Estate Sales. Areas you work Seaford and surrounding suburbs. Describe the area you work It’s a great place to live, affordable with beautiful sandy beaches, fantastic freeway and train access with great parks and wetlands. Why have you chosen to align with Eview? After 13 years with another franchise I recently looked around with a few others and nowhere else came close. The people, culture, support and facilities are all amazing. This combined with working your own business under the Eview banner makes it extremely rewarding.
Hamid Ghasemi I 0431 515 527 I specialise in Residential Real Estate Sales. Areas you work Narre Warren South. Describe the area you work Growing community and Multicultural with a lot of great potential.
Favourite Holiday Destination Can Cun, Mexico.
Why have you chosen to align with Eview? Great culture and philosophy and open to new ideas and so team oriented.
Andrew Incoll I 0451 100 972
Favourite activity/place in Melbourne Watching the footy at the MCG.
I specialise in Residential Real Estate Sales. Areas you work in Seaford and surrounds. Why have you chosen to align with Eview? 'HĂ€QLWHO\ WKH WHDP FXOWXUH DQG FROODERUDWLYH approach to obtaining the best outcomes for our clients. Favourite holiday destination Greek Islands bluest of seas and the most relaxed of times. Tip for selling Aim to create an emotional response from the maximum number of potential buyers. This is all about presentation and the way your property is represented.
Steve Mencev I 0425 420 456 Boris Fedotov I 0432 738 920
I specialise in Residential Real Estate Sales.
I specialise in Residential Real Estate Sales.
Areas you work Frankston East and surrounding suburbs.
Areas you work Carrum and Chelsea Heights.
Area you currently live Mount Eliza.
Describe the area you work Bayside, beautiful beaches and relaxed lifestyle. Why have you chosen to align with Eview? Amazing team culture.
Why have you chosen to align with Eview? Team Culture for one and seeing how motivated the entire team is in helping each other is a true inspiration.
Tip for selling Presentation and targeted marketing.
Favourite activity/place in Melbourne An afternoon stroll along Southbank.
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The Melbourne Preview
Issue 22
Marc Mills I 0421 395 555
Cynthia Chow I 0401 28 28 08 I specialise in Residential Real Estate Sales.
I specialise in Residential Real Estate Sales.
Areas you work in Narre Warren, Berwick, Dandenong, Frankston.
Areas you work in Melton, Caroline Springs, St Albans, Bacchus Marsh and every where in between.
Where did you grow up I was brought up in Hong Kong and I have been in Australia for 23 years.
Where did you grow up Melton. Career highlight? Being able to build great relationships with people that will forever be great referrers.
Why have you chosen to align with Eview? Team culture, and I like to work with professionals. Tip for selling A good marketing campaign and choose an agent with great communication and negotiation skills.
Favourite activity/place in Melbourne Going to the football at Etihad or MCG.
Nicholas Proios
I 0478 778 669
I specialise in Residential Real Estate Sales. Areas you work Baxter / Tyabb. Describe the area you work Beautiful area with loads of character with amazing, relaxed people. Why have you chosen to align with Eview? Fantastic team culture, great work ethics and supportive environment.
Tony Ladiges I 0414 905 873
Favourite activity/place in Melbourne Melbourne Aquarium.
I specialise in Residential Real Estate Sales.
Monica Thatcher I 0402 984 018
Areas you work in Mornington to Rosebud. Where did you grow up All over the wonderful Mornington Peninsula.
I specialise in Real Estate Sales and Property Styling
Why have you chosen to align with Eview? Eview provide the ultimate vehicle for both the sales person and the vendor to attain their goals. Combine this with a nurturing family support base, happy team and progressive directive to business, and it was a very logical decision for me.
Areas you work Mornington Peninsula and surrounds. Describe the area you work The ‘Peninsula’ is best described as a seaside haven appealing to both holidaymakers and full time residents alike. Favourite Restaurant The Rocks, Mornington.
Favourite holiday destination Outside of Australia would be Hong Kong. Echuca within Australia. As long as it is near the beach I don’t mind.
Tip for Selling Prepare and present your property to it’s fullest potential and ensure you explore all marketing options.
Emmanuel Polymenopoulos 0435 753 655 I specialise in Residential Real Estate Sales. Areas you work in Narre Warren and surrounding suburbs. Where you grew up Piraeus Greece. Why have you chosen to align with Eview? Exceptional business model, phenomenal team spirit and culture. Favourite activity/place in Melbourne Walking alongside Yarra River in the centre of Melbourne. Tip for selling Know your market, be honest, move smart and fast. The Melbourne Preview
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MEDIAN DECEMBER 2013 QUARTER PROPERTY UPDATE *Indicates that less than 30 sales were recorded during the quarter
Suburb
ABBOTSFORD* ABERFELDIE* AIRPORT WEST* ALBANVALE* ALBERT PARK ALPHINGTON* ALTONA ALTONA NORTH ARDEER* ARMADALE* ASCOT VALE ASHBURTON* ASHWOOD ASPENDALE GARDENS* ASPENDALE* AVONDALE HEIGHTS BALNARRING* BALWYN BALWYN NORTH BAYSWATER BAYSWATER NORTH* BEAUMARIS BELGRAVE* BENTLEIGH BENTLEIGH EAST BERWICK BITTERN* BLACK ROCK* BLACKBURN BLACKBURN NORTH BLACKBURN SOUTH BLAIRGOWRIE* BONBEACH* BORONIA BOX HILL NORTH BOX HILL SOUTH BOX HILL* BRAYBROOK* BRIAR HILL* BRIGHTON BRIGHTON EAST BROADMEADOWS* BROOKFIELD* BRUNSWICK BRUNSWICK EAST* BRUNSWICK WEST BULLEEN BUNDOORA BUNYIP* BURNSIDE HEIGHTS* BURNSIDE* BURWOOD BURWOOD EAST* CAIRNLEA* CAMBERWELL CANTERBURY CARLTON NORTH CARLTON* CARNEGIE CAROLINE SPRINGS CARRUM DOWNS CARRUM* CAULFIELD NORTH CAULFIELD SOUTH* CAULFIELD* CHADSTONE CHELSEA HEIGHTS* CHELSEA* CHELTENHAM CHIRNSIDE PARK CLAYTON SOUTH* CLAYTON* CLIFTON HILL* COBURG COBURG NORTH* COCKATOO* COLDSTREAM*
PAGE 20
Lower Quartile
Dec-12 Median
Upper Quartile
Sep-12 Median
Dec-11 Median
$701,000 $821,625 $483,000 $300,750 $1,055,000 $948,250 $516,250 $472,500 $342,000 $1,172,500 $684,500 $871,800 $750,500 $550,000 $625,000 $515,000 $572,500 $1,290,000 $1,214,000 $440,000 $452,750 $930,000 $381,500 $825,500 $733,125 $390,000 $391,750 $1,085,000 $771,250 $688,750 $685,000 $400,000 $487,125 $417,000 $692,000 $713,750 $763,500 $422,125 $556,250 $1,265,000 $1,107,500 $290,750 $288,500 $708,500 $758,600 $676,250 $677,000 $485,000 $436,250 $380,000 $365,000 $770,000 $680,250 $445,000 $1,291,000 $1,518,500 $857,500 $820,750 $850,000 $411,250 $318,250 $487,500 $1,080,000 $873,125 $788,500 $652,500 $433,750 $476,000 $623,750 $432,500 $538,750 $655,888 $860,000 $639,000 $475,000 $340,000 $385,000
$753,500 $1,017,500 $551,000 $318,000 $1,297,500 $1,112,500 $605,000 $547,500 $350,000 $1,537,500 $791,500 $1,044,500 $792,000 $604,000 $674,077 $551,000 $632,500 $1,555,000 $1,355,000 $460,000 $485,000 $1,070,000 $409,250 $995,000 $785,000 $495,000 $580,278 $1,325,500 $884,000 $750,000 $735,000 $615,000 $530,000 $453,000 $753,000 $780,500 $914,500 $450,500 $589,000 $1,690,000 $1,322,500 $320,000 $298,750 $785,000 $876,000 $784,000 $771,000 $520,000 $552,500 $435,000 $385,000 $850,000 $714,000 $474,000 $1,550,000 $1,760,000 $1,012,250 $935,000 $935,000 $450,000 $343,500 $695,000 $1,240,500 $1,100,000 $860,000 $772,000 $493,125 $567,500 $675,500 $480,000 $576,000 $707,000 $1,000,000 $685,000 $506,000 $375,000 $385,000
$877,875 $1,201,000 $623,500 $325,500 $1,592,500 $1,293,500 $649,500 $575,500 $377,000 $2,056,000 $986,750 $1,351,250 $906,000 $628,000 $739,500 $682,500 $725,000 $1,955,000 $1,597,500 $488,000 $545,750 $1,282,500 $486,500 $1,176,250 $860,750 $630,000 $904,375 $1,775,000 $997,500 $820,000 $790,500 $645,000 $587,500 $510,000 $851,275 $917,750 $1,138,250 $515,750 $665,000 $2,272,000 $1,557,500 $345,375 $377,500 $913,500 $995,000 $914,250 $960,000 $655,250 $659,750 $508,500 $390,000 $950,000 $775,500 $619,000 $2,000,000 $2,418,750 $1,278,750 $1,487,500 $1,105,000 $517,500 $371,250 $930,000 $1,558,250 $1,269,500 $1,180,000 $985,000 $521,750 $635,500 $745,750 $572,500 $606,000 $750,000 $1,080,000 $760,000 $612,000 $410,000 $430,000
$950,000 $1,069,000 $535,000 $324,500 $1,627,500 $1,075,000 $555,500 $515,000 $317,000 $1,651,000 $794,500 $990,500 $776,000 $635,500 $637,750 $550,000 $535,000 $1,750,000 $1,260,000 $460,000 $474,888 $1,025,000 $457,500 $883,250 $761,250 $473,250 NA $1,118,000 $820,000 $734,500 $703,000 $583,000 $601,000 $463,000 $769,000 $822,400 $850,000 $390,000 NA $1,780,000 $1,352,500 $317,500 $346,250 $749,500 $895,750 $714,000 $810,000 $524,000 NA $473,000 $420,000 $780,000 $681,000 $475,000 $1,455,000 $2,266,500 $925,500 $1,005,000 $870,000 $445,000 $328,925 NA $1,600,000 $1,075,000 NA $722,000 $465,625 $550,500 $691,000 $450,000 $528,000 $668,400 $875,000 $650,000 $550,000 $367,500 NA
$720,000 $946,500 $475,000 $310,000 $1,330,000 $1,017,500 $535,000 $488,750 NA $1,551,500 $740,000 $870,000 $651,000 $575,000 $621,000 $500,000 $542,500 $1,250,000 $980,000 $444,500 $422,800 $910,000 $346,000 $800,000 $640,500 $451,500 $630,000 $910,000 $707,500 $612,300 $674,000 $645,000 $511,000 $431,000 $632,500 $719,944 $805,000 $382,500 $555,000 $1,778,500 $1,067,000 $302,500 $330,000 $685,000 $758,000 $700,000 $720,888 $471,888 NA $427,500 NA $810,000 $606,000 $436,000 $1,287,500 $1,750,000 $930,000 NA $819,000 $435,000 $336,500 NA $1,282,500 $875,000 NA $629,875 $435,000 $516,250 $603,500 $457,500 $465,000 $597,500 $933,250 $600,500 $513,000 $350,000 NA
The Melbourne Preview
Issue 22
Quarterly Annual Change Change
-20.7% -4.8% 3.0% -2.0% -20.3% 3.5% 8.9% 6.3% 10.4% -6.9% -0.4% 5.5% 2.1% -5.0% 5.7% 0.2% 18.2% -11.1% 7.5% 0.0% 2.1% 4.4% -10.5% 12.7% 3.1% 4.6% NA 18.6% 7.8% 2.1% 4.6% 5.5% -11.8% -2.2% -2.1% -5.1% 7.6% 15.5% NA -5.1% -2.2% 0.8% -13.7% 4.7% -2.2% 9.8% -4.8% -0.8% NA -8.0% -8.3% 9.0% 4.8% -0.2% 6.5% -22.3% 9.4% -7.0% 7.5% 1.1% 4.4% NA -22.5% 2.3% NA 6.9% 5.9% 3.1% -2.2% 6.7% 9.1% 5.8% 14.3% 5.4% -8.0% 2.0% NA
4.7% 7.5% 16.0% 2.6% -2.4% 9.3% 13.1% 12.0% NA -0.9% 7.0% 20.1% 21.7% 5.0% 8.5% 10.2% 16.6% 24.4% 38.3% 3.5% 14.7% 17.6% 18.3% 24.4% 22.6% 9.6% -7.9% 45.7% 24.9% 22.5% 9.1% -4.7% 3.7% 5.1% 19.1% 8.4% 13.6% 17.8% 6.1% -5.0% 23.9% 5.8% -9.5% 14.6% 15.6% 12.0% 7.0% 10.2% NA 1.8% NA 4.9% 17.8% 8.7% 20.4% 0.6% 8.8% NA 14.2% 3.4% 2.1% NA -3.3% 25.7% NA 22.6% 13.4% 9.9% 11.9% 4.9% 23.9% 18.3% 7.2% 14.1% -1.4% 7.1% NA
Suburb
Lower Quartile
COLLINGWOOD* CRAIGIEBURN CRANBOURNE CRANBOURNE EAST* CRANBOURNE WEST CROYDON CROYDON HILLS* CROYDON NORTH* CROYDON SOUTH* DALLAS* DANDENONG NORTH DANDENONG* DEEPDENE* DEER PARK DELAHEY* DERRIMUT* DIAMOND CREEK DINGLEY VILLAGE DONCASTER DONCASTER EAST DONVALE DOREEN DOVETON* DROMANA* EAGLEMONT* EAST MELBOURNE* EDITHVALE* ELSTERNWICK ELTHAM ELTHAM NORTH* ELWOOD* EMERALD* ENDEAVOUR HILLS EPPING ESSENDON FAIRFIELD* FAWKNER* FERNTREE GULLY FITZROY NORTH FITZROY* FLEMINGTON* FLINDERS* FOOTSCRAY FOREST HILL FRANKSTON FRANKSTON NORTH* FRANKSTON SOUTH GEMBROOK* GLADSTONE PARK* GLEN IRIS GLEN WAVERLEY GLENROY GOWANBRAE* GREENSBOROUGH GREENVALE HADFIELD* HALLAM* HAMPTON HAMPTON EAST* HASTINGS* HAWTHORN HAWTHORN EAST HEALESVILLE HEATHMONT HEIDELBERG HEIGHTS HEIDELBERG WEST* HEIDELBERG* HIGHETT HILLSIDE (MELTON) HOPPERS CROSSING HUGHESDALE* HURSTBRIDGE* IVANHOE EAST* IVANHOE* KEILOR DOWNS* KEILOR EAST KEILOR*
$655,000 $337,500 $289,250 $398,750 $318,400 $432,500 $514,250 $515,000 $386,000 $274,000 $391,000 $347,500 $1,400,500 $345,125 $342,750 $413,750 $499,750 $507,000 $770,000 $750,000 $782,500 $379,750 $296,000 $423,750 $1,070,000 $2,620,000 $516,750 $955,500 $575,000 $601,250 $1,053,750 $485,000 $368,000 $350,000 $780,000 $850,000 $400,250 $425,000 $906,125 $858,750 $642,250 $725,000 $540,000 $612,000 $330,000 $252,000 $460,500 $349,500 $372,875 $1,151,875 $763,033 $424,250 $601,250 $492,750 $530,000 $397,500 $337,250 $1,178,500 $678,500 $280,000 $1,300,000 $1,166,125 $331,500 $522,750 $485,750 $396,750 $680,000 $715,000 $406,500 $306,500 $750,000 $421,875 $1,180,000 $746,000 $401,250 $533,500 $515,000
Dec-12 Median
$726,750 $380,000 $310,000 $403,889 $344,000 $478,750 $550,750 $630,000 $395,000 $305,000 $427,500 $412,000 $1,650,000 $362,500 $355,000 $467,500 $571,250 $612,000 $860,000 $850,000 $960,500 $443,350 $330,000 $491,000 $1,355,000 $3,200,000 $605,000 $1,240,000 $630,000 $698,000 $1,317,500 $580,500 $401,800 $380,000 $975,000 $895,000 $427,500 $462,500 $1,177,000 $1,075,000 $776,000 $1,100,000 $619,500 $688,000 $362,500 $257,500 $552,000 $482,000 $400,000 $1,378,000 $890,888 $491,250 $630,500 $556,500 $600,000 $455,000 $347,500 $1,400,000 $801,000 $380,000 $1,686,000 $1,555,000 $420,000 $600,250 $539,000 $422,500 $764,000 $760,000 $437,500 $363,500 $836,000 $474,000 $1,385,000 $900,000 $446,000 $605,000 $555,000
Upper Quartile
$857,125 $417,500 $366,625 $452,500 $366,500 $555,000 $601,750 $700,000 $590,000 $326,375 $490,000 $517,500 $2,762,000 $395,000 $379,250 $562,500 $767,250 $672,500 $980,000 $970,000 $1,050,750 $520,000 $357,000 $729,375 $1,439,000 $4,017,500 $650,000 $1,446,500 $743,250 $788,750 $1,426,250 $675,250 $445,500 $429,500 $1,230,000 $1,330,000 $447,500 $550,000 $1,528,750 $1,471,250 $891,500 $1,655,000 $688,438 $775,000 $429,975 $261,625 $710,000 $607,500 $416,500 $1,597,500 $1,095,500 $528,750 $660,000 $627,500 $702,000 $478,550 $354,750 $1,665,000 $898,750 $420,000 $2,374,250 $1,982,500 $557,500 $695,000 $620,000 $464,000 $918,000 $850,000 $502,500 $401,250 $983,000 $490,425 $1,600,000 $1,370,000 $468,500 $665,000 $655,500
Sep-12 Median
$694,000 $390,000 $315,000 $416,000 $315,000 $472,500 $618,050 $568,000 $447,500 $283,500 $380,000 $449,500 NA $340,000 $370,000 $440,000 $545,000 $555,000 $803,000 $796,500 $770,500 $420,500 $296,000 $460,000 $1,405,500 NA $607,000 $1,290,000 $649,500 $648,000 $1,195,000 $500,000 $404,500 $389,000 $942,000 $990,000 $450,250 $470,000 $952,500 $1,085,000 $714,000 NA $622,500 $650,000 $342,000 $250,000 $525,000 NA $399,000 $1,375,000 $811,000 $462,500 NA $532,500 $586,000 $446,000 NA $1,227,500 $760,000 $335,000 $1,480,000 $1,900,000 $450,000 $587,000 $526,000 $437,000 $747,500 $746,000 $452,000 $328,500 $816,000 $542,500 $1,245,000 $979,000 $400,000 $545,000 $705,000
Dec-11 Median
$635,000 $350,000 $325,000 $387,500 $300,000 $442,500 $580,938 $602,000 $435,000 $270,000 $383,600 $410,000 NA $339,000 $360,000 $416,000 $487,500 $520,000 $708,000 $711,888 $691,500 $456,250 $290,000 $448,750 $1,219,750 NA $560,000 $1,100,000 $635,000 $580,000 $1,230,000 $440,000 $400,000 $355,000 $956,000 $820,000 $384,000 $427,500 $937,500 $1,115,000 $641,000 NA $566,250 $609,000 $340,000 $238,500 $502,000 $497,250 $371,000 $1,240,000 $720,000 $460,000 NA $510,000 $560,000 $490,000 $359,800 $1,125,000 $733,750 $352,500 $1,400,000 $1,132,500 $356,500 $533,875 $455,000 $358,750 $731,000 $705,000 $460,000 $310,000 $737,500 $440,000 $1,243,000 $1,100,000 $425,000 $552,500 $540,000
Quarterly Annual Change Change
4.7% -2.6% -1.6% -2.9% 9.2% 1.3% -10.9% 10.9% -11.7% 7.6% 12.5% -8.3% NA 6.6% -4.1% 6.3% 4.8% 10.3% 7.1% 6.7% 24.7% 5.4% 11.5% 6.7% -3.6% NA -0.3% -3.9% -3.0% 7.7% 10.3% 16.1% -0.7% -2.3% 3.5% -9.6% -5.1% -1.6% 23.6% -0.9% 8.7% NA -0.5% 5.8% 6.0% 3.0% 5.1% NA 0.3% 0.2% 9.9% 6.2% NA 4.5% 2.4% 2.0% NA 14.1% 5.4% 13.4% 13.9% -18.2% -6.7% 2.3% 2.5% -3.3% 2.2% 1.9% -3.2% 10.7% 2.5% -12.6% 11.2% -8.1% 11.5% 11.0% -21.3%
14.4% 8.6% -4.6% 4.2% 14.7% 8.2% -5.2% 4.7% -9.2% 13.0% 11.4% 0.5% NA 6.9% -1.4% 12.4% 17.2% 17.7% 21.5% 19.4% 38.9% -2.8% 13.8% 9.4% 11.1% NA 8.0% 12.7% -0.8% 20.3% 7.1% 31.9% 0.4% 7.0% 2.0% 9.1% 11.3% 8.2% 25.5% -3.6% 21.1% NA 9.4% 13.0% 6.6% 8.0% 10.0% -3.1% 7.8% 11.1% 23.7% 6.8% NA 9.1% 7.1% -7.1% -3.4% 24.4% 9.2% 7.8% 20.4% 37.3% 17.8% 12.4% 18.5% 17.8% 4.5% 7.8% -4.9% 17.3% 13.4% 7.7% 11.4% -18.2% 4.9% 9.5% 2.8%
HOUSE PRICES Suburb
Lower Quartile
KENSINGTON $680,500 KEW $1,300,500 KEW EAST* $1,135,000 KEYSBOROUGH $435,000 KILSYTH $371,250 KINGS PARK* $321,250 KINGSVILLE* $620,000 KNOXFIELD* $467,750 KOO WEE RUP* $290,000 KURUNJANG* $224,500 LALOR $350,625 LANGWARRIN $362,000 LAUNCHING PLACE* $311,000 LILYDALE $427,750 LOWER PLENTY* $620,000 LYNBROOK* $451,250 LYNDHURST* $461,000 LYSTERFIELD* $677,000 MACLEOD $551,000 MAIDSTONE* $545,000 MALVERN $1,255,000 MALVERN EAST $982,500 MARIBYRNONG* $722,625 MCCRAE* $427,500 MCKINNON* $880,750 MEADOW HEIGHTS* $317,375 MELTON SOUTH* $219,000 MELTON WEST $253,000 MELTON* $233,000 MENTONE $667,000 MERNDA $388,500 MIDDLE PARK* $1,225,000 MILL PARK $380,750 MILLGROVE* $241,250 MITCHAM $643,500 MONT ALBERT NORTH* $869,000 MONT ALBERT* $1,202,000 MONTMORENCY $532,750 MONTROSE* $439,375 MOONEE PONDS $778,250 MOORABBIN $615,000 MOOROOLBARK $435,000 MORDIALLOC* $641,250 MORNINGTON $457,500 MOUNT ELIZA $616,500 MOUNT EVELYN $407,000 MOUNT MARTHA $590,625 MOUNT WAVERLEY $755,000 MULGRAVE $558,500 MURRUMBEENA* $820,000 NARRE WARREN $355,000 NARRE WARREN SOUTH $390,000 NEWPORT $675,750 NIDDRIE* $685,000 NOBLE PARK $365,000 NOBLE PARK NORTH* $368,875 NORTH MELBOURNE* $623,750 NORTH WARRANDYTE* $756,250 NORTHCOTE $797,500 NUNAWADING $588,750 OAK PARK* $505,000 OAKLEIGH $720,000 OAKLEIGH SOUTH $608,750 ORMOND* $884,500 PAKENHAM $310,875 PARK ORCHARDS* $909,500 PARKDALE* $781,000 PASCOE VALE $542,500 PEARCEDALE* $385,750 PLENTY* $693,750 POINT COOK $396,250 PORT MELBOURNE $865,000 PRAHRAN $815,000 PRESTON $615,000 RED HILL* $575,000 RESEARCH* $616,250 RESERVOIR $472,750
Dec-12 Median
Upper Quartile
Sep-12 Median
Dec-11 Median
$763,750 $1,710,000 $1,450,000 $500,000 $410,000 $358,500 $685,000 $502,250 $305,000 $280,000 $383,500 $415,000 $345,000 $481,000 $784,250 $496,500 $487,000 $840,000 $620,000 $610,000 $1,450,000 $1,250,000 $792,500 $492,500 $1,149,500 $336,000 $220,000 $276,000 $239,950 $795,000 $412,500 $1,364,000 $421,250 $242,500 $709,500 $1,020,000 $1,398,000 $581,250 $520,000 $916,250 $680,750 $470,000 $787,500 $528,500 $777,500 $412,500 $688,000 $871,000 $597,500 $907,000 $381,500 $441,000 $741,750 $795,000 $400,000 $426,400 $820,000 $792,500 $971,500 $651,500 $580,000 $787,000 $646,500 $1,144,500 $350,000 $1,082,500 $880,000 $605,000 $441,500 $863,075 $425,000 $1,075,000 $1,155,000 $670,000 $640,000 $859,224 $554,750
$894,500 $2,565,000 $1,555,000 $580,000 $457,800 $387,750 $777,000 $588,750 $320,000 $308,750 $432,125 $482,500 $387,625 $578,625 $1,335,000 $510,000 $534,750 $1,103,125 $730,000 $690,000 $2,060,000 $1,702,625 $850,000 $557,000 $1,313,750 $378,750 $230,750 $318,000 $251,500 $1,122,500 $482,500 $1,635,000 $462,500 $243,750 $792,500 $1,296,500 $1,575,000 $657,500 $802,500 $1,157,500 $719,000 $538,750 $927,500 $615,375 $892,500 $530,000 $898,000 $987,500 $652,500 $1,080,000 $412,750 $530,000 $901,250 $830,000 $425,000 $469,575 $1,227,500 $852,000 $1,342,500 $730,000 $690,250 $917,500 $703,750 $1,270,375 $402,000 $1,270,000 $980,000 $758,500 $778,125 $1,140,000 $536,250 $1,360,000 $1,500,000 $756,300 $2,600,000 $1,113,750 $623,750
$695,500 $1,687,500 $1,372,500 $496,000 $408,125 $315,000 NA $505,000 $295,000 $293,500 $390,000 $405,000 NA $477,500 $575,000 $490,000 $516,000 $785,000 $665,000 $540,000 $1,903,000 $1,120,500 $780,000 $425,000 $1,295,000 $320,000 $260,000 $282,500 $249,500 $700,000 $381,500 $1,347,500 $400,000 NA $640,000 $922,000 $1,646,500 $561,000 $452,500 $832,500 $675,000 $451,500 $740,000 $487,500 $760,000 $394,000 $605,000 $820,000 $569,000 $936,500 $375,000 $435,000 $690,500 $690,000 $400,000 $435,000 $701,750 $770,000 $841,000 $640,000 $640,000 $782,500 $600,000 $950,500 $345,000 $1,024,000 $685,000 $590,000 $465,000 NA $437,786 $1,000,000 $918,500 $665,000 NA $960,500 $545,000
$711,500 $1,452,000 $977,500 $435,000 $454,000 $334,250 $575,000 $450,000 NA $246,500 $351,250 $399,950 $365,000 $422,500 $705,000 $425,000 $478,500 $685,000 $550,000 $493,000 $1,478,750 $1,078,750 $822,500 $581,250 $920,000 $309,000 $230,000 $280,000 $253,500 $671,750 $382,500 $1,435,000 $409,723 NA $583,500 $840,000 $952,500 $540,000 $446,000 $773,000 $635,000 $420,000 $627,500 $507,500 $756,800 $420,000 $585,000 $741,000 $520,000 $750,000 $379,000 $452,500 $617,500 $636,750 $375,000 $379,000 $738,000 NA $805,000 $582,500 $595,000 $646,000 $562,000 $800,000 $334,500 $995,000 $707,500 $570,000 $476,000 NA $447,500 $917,000 $908,000 $610,000 NA $647,500 $504,000
Quarterly Annual Change Change
9.8% 1.3% 5.6% 0.8% 0.5% 13.8% NA -0.5% 3.4% -4.6% -1.7% 2.5% NA 0.7% 36.4% 1.3% -5.6% 7.0% -6.8% 13.0% -23.8% 11.6% 1.6% 15.9% -11.2% 5.0% -15.4% -2.3% -3.8% 13.6% 8.1% 1.2% 5.3% NA 10.9% 10.6% -15.1% 3.6% 14.9% 10.1% 0.9% 4.1% 6.4% 8.4% 2.3% 4.7% 13.7% 6.2% 5.0% -3.2% 1.7% 1.4% 7.4% 15.2% 0.0% -2.0% 16.9% 2.9% 15.5% 1.8% -9.4% 0.6% 7.7% 20.4% 1.4% 5.7% 28.5% 2.5% -5.1% NA -2.9% 7.5% 25.7% 0.8% NA -10.5% 1.8%
7.3% 17.8% 48.3% 14.9% -9.7% 7.3% 19.1% 11.6% NA 13.6% 9.2% 3.8% -5.5% 13.8% 11.2% 16.8% 1.8% 22.6% 12.7% 23.7% -1.9% 15.9% -3.6% -15.3% 24.9% 8.7% -4.3% -1.4% -5.3% 18.3% 7.8% -4.9% 2.8% NA 21.6% 21.4% 46.8% 7.6% 16.6% 18.5% 7.2% 11.9% 25.5% 4.1% 2.7% -1.8% 17.6% 17.5% 14.9% 20.9% 0.7% -2.5% 20.1% 24.9% 6.7% 12.5% 11.1% NA 20.7% 11.8% -2.5% 21.8% 15.0% 43.1% 4.6% 8.8% 24.4% 6.1% -7.2% NA -5.0% 17.2% 27.2% 9.8% NA 32.7% 10.1%
Suburb
Lower Quartile
RICHMOND RINGWOOD RINGWOOD EAST RINGWOOD NORTH ROSANNA ROSEBUD ROSEBUD WEST* ROWVILLE RYE SAFETY BEACH* SANDHURST* SANDRINGHAM* SCORESBY* SEABROOK* SEAFORD SEAHOLME* SEDDON SELBY* SKYE* SOMERS* SORRENTO* SOUTH KINGSVILLE* SOUTH MELBOURNE* SOUTH MORANG SOUTH YARRA SPOTSWOOD* SPRINGVALE SPRINGVALE SOUTH* ST ALBANS ST ANDREWS* ST KILDA EAST ST KILDA* STRATHMORE* SUNSHINE SUNSHINE NORTH* SUNSHINE WEST SURREY HILLS SYDENHAM* TARNEIT TAYLORS HILL TAYLORS LAKES* TEMPLESTOWE TEMPLESTOWE LOWER THE BASIN* THOMASTOWN THORNBURY TOORAK TOOTGAROOK* TRUGANINA* TULLAMARINE* UPR FERNTREE GULLY* UPWEY* VERMONT VERMONT SOUTH VIEWBANK WANTIRNA WANTIRNA SOUTH WARBURTON* WARRANDYTE* WARRANWOOD* WATERWAYS* WATSONIA WATSONIA NORTH* WERRIBEE WEST FOOTSCRAY WEST MELBOURNE* WESTMEADOWS* WHEELERS HILL WILLIAMSTOWN WOLLERT* WONGA PARK* WYNDHAM VALE YALLAMBIE* YARRA GLEN* YARRA JUNCTION* YARRAVILLE
$795,750 $556,000 $535,000 $631,000 $670,000 $343,500 $335,000 $532,500 $398,000 $441,875 $522,250 $923,750 $485,500 $441,500 $377,500 $577,000 $658,000 $359,520 $405,000 $676,875 $668,750 $573,750 $851,000 $400,000 $1,012,500 $647,500 $418,000 $430,000 $335,000 $405,000 $887,000 $763,750 $736,250 $388,000 $385,000 $350,000 $1,138,003 $345,000 $329,750 $433,750 $452,500 $866,250 $718,500 $390,188 $367,000 $705,000 $2,250,000 $360,500 $382,000 $398,750 $401,000 $402,500 $594,250 $709,000 $595,375 $570,000 $647,000 $300,000 $634,000 $604,250 $729,500 $480,000 $508,250 $270,000 $484,000 $891,250 $324,000 $720,000 $715,500 $405,000 $736,750 $290,000 $510,000 $424,000 $290,625 $600,250
Dec-12 Median
Upper Quartile
$980,000 $600,000 $578,000 $685,000 $739,000 $411,750 $356,000 $585,000 $475,000 $485,000 $557,500 $1,330,000 $508,000 $445,000 $440,000 $640,000 $733,500 $388,000 $417,500 $932,500 $742,500 $645,000 $986,000 $445,000 $1,370,000 $700,000 $450,000 $445,000 $365,000 $510,000 $1,071,750 $916,000 $891,000 $440,000 $420,000 $400,000 $1,392,000 $435,000 $387,000 $479,750 $480,000 $964,000 $810,000 $441,500 $414,750 $762,500 $2,875,000 $405,000 $409,000 $410,000 $440,000 $447,000 $652,000 $781,000 $650,000 $622,000 $690,000 $330,000 $747,500 $660,000 $786,500 $522,250 $525,000 $350,000 $591,750 $994,000 $399,500 $790,500 $1,000,000 $420,000 $865,000 $336,000 $568,000 $474,000 $316,250 $705,000
$1,176,250 $687,500 $600,000 $738,000 $810,000 $525,000 $425,000 $641,000 $523,500 $528,750 $596,250 $1,725,000 $593,944 $476,500 $513,600 $715,000 $800,250 $457,500 $421,500 $1,080,000 $1,207,500 $790,500 $1,560,000 $500,000 $2,010,000 $856,000 $516,500 $475,750 $392,500 $641,250 $1,636,250 $1,408,750 $1,221,250 $499,000 $463,000 $469,500 $1,522,000 $455,000 $445,500 $547,500 $542,500 $1,466,950 $897,500 $460,150 $450,325 $865,000 $3,900,000 $477,500 $409,500 $441,500 $570,000 $505,000 $704,000 $845,000 $720,625 $700,000 $740,000 $337,550 $964,000 $715,000 $842,000 $560,125 $571,000 $430,000 $660,000 $1,176,250 $451,500 $861,250 $1,176,000 $450,000 $1,006,000 $360,000 $626,875 $638,750 $341,875 $803,250
Sep-12 Median
$870,500 $550,000 $551,000 $660,000 $751,000 $391,000 $349,000 $574,850 $430,500 $485,000 $639,500 $1,150,000 $545,500 $435,000 $421,500 $623,250 $650,000 NA $428,000 NA NA NA $1,155,000 $422,500 $1,412,500 $731,000 $525,000 $410,000 $355,000 NA $1,200,000 $973,125 $857,000 $445,000 $397,000 $381,500 $1,307,000 $396,000 $370,000 $443,000 $500,000 $882,500 $755,000 $450,000 $406,250 $723,000 $2,400,000 $391,000 $380,000 $406,000 NA $482,500 $647,000 $780,000 $647,000 $580,500 $580,000 $313,000 $773,750 $620,750 NA $539,250 $471,500 $320,500 $566,750 NA $380,000 $797,250 $840,000 $400,000 $845,000 $314,000 $536,000 $414,000 $340,000 $740,000
Dec-11 Median
$802,000 $477,000 $495,000 $597,500 $706,000 $372,125 $320,000 $529,000 $430,000 $550,000 $517,500 $1,090,000 $491,300 $405,000 $415,000 NA $640,750 $340,000 $376,250 NA $725,000 NA $910,000 $423,000 $1,442,500 $688,000 $422,500 $400,000 $350,000 NA $822,500 $942,500 $770,000 $405,000 $400,000 $340,000 $1,049,000 $395,000 $360,000 $492,500 $462,500 $843,500 $685,750 $508,000 $380,000 $711,000 $1,850,000 $374,000 $353,000 $395,000 $437,500 $460,500 $580,000 $682,500 $636,500 $505,000 $515,000 $302,800 $662,000 $692,500 NA $522,500 NA $273,500 $583,500 NA $355,500 $652,000 $857,500 $390,000 NA $316,500 $511,800 $385,000 $345,000 $668,500
Quarterly Annual Change Change
12.6% 9.1% 4.9% 3.8% -1.6% 5.3% 2.0% 1.8% 10.3% 0.0% -12.8% 15.7% -6.9% 2.3% 4.4% 2.7% 12.8% NA -2.5% NA NA NA -14.6% 5.3% -3.0% -4.2% -14.3% 8.5% 2.8% NA -10.7% -5.9% 4.0% -1.1% 5.8% 4.8% 6.5% 9.8% 4.6% 8.3% -4.0% 9.2% 7.3% -1.9% 2.1% 5.5% 19.8% 3.6% 7.6% 1.0% NA -7.4% 0.8% 0.1% 0.5% 7.1% 19.0% 5.4% -3.4% 6.3% NA -3.2% 11.3% 9.2% 4.4% NA 5.1% -0.8% 19.0% 5.0% 2.4% 7.0% 6.0% 14.5% -7.0% -4.7%
22.2% 25.8% 16.8% 14.6% 4.7% 10.6% 11.3% 10.6% 10.5% -11.8% 7.7% 22.0% 3.4% 9.9% 6.0% NA 14.5% 14.1% 11.0% NA 2.4% NA 8.4% 5.2% -5.0% 1.7% 6.5% 11.3% 4.3% NA 30.3% -2.8% 15.7% 8.6% 5.0% 17.6% 32.7% 10.1% 7.5% -2.6% 3.8% 14.3% 18.1% -13.1% 9.1% 7.2% 55.4% 8.3% 15.9% 3.8% 0.6% -2.9% 12.4% 14.4% 2.1% 23.2% 34.0% 9.0% 12.9% -4.7% NA 0.0% NA 28.0% 1.4% NA 12.4% 21.2% 16.6% 7.7% NA 6.2% 11.0% 23.1% -8.3% 5.5%
Source: REIV. Copyright & Disclaimer. © 2013 The Real Estate Institute of Victoria Ltd. (REIV). All rights reserved. No reproduction, distribution, or transmission is permitted without the prior written permission of the REIV. In compiling information, the REIV has relied upon data supplied by third parties. The REIV uses recognised statistical techniques in compiling its data, and this data is checked for accuracy and questionable sales results are either verified with the selling agent or discarded. Because the REIV has relied upon data supplied by third parties, the REIV does not warrant the information?s accuracy or completeness. Subscribers specifically accept the information on as ?as is? basis. To the full extent allowed by law the REIV excludes liability in contract, tort or otherwise, for any loss or damage sustained by readers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to REIV for the supply of such information.
The Melbourne Preview
Issue 22
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BEST OF THE BEST Privately set back behind the forest sourced fence, this Sandstone master– piece is an exceptional example of style, quality and elegance. No expense has been spared. Double entry heavy front doors and 6mm bronze tinted windows throughout give this abode the ability for its owner to live peacefully without losing the wonderful light aspects that this magnificent area has to offer. Open the front doors to the formal entry and feel the free flowing floor plan that is wrapped around the granite– drenched, fully appointed kitchen. On this lower level, there is a great sized family bathroom & fourth bedroom that are complemented by the two fantastic living areas (formal & informal) either side of the kitchen. Off the kitchen, you’ll find the large dining area and oversized laundry, fitted with masses of storage. Believe it or not, this massive laundry opens to the huge oversized remote garage. Situated off the lounge, is the most tranquil, and private, outdoor entertainment/relaxation area that has to be seen to be appreciated. When you climb the exposed staircase to the supreme upper level, you’ll find the best–of–the–best living: a massive landing area with a huge wrap around balcony that allows you to gaze over the surrounds, and be the first to feel the breeze of a cool change on those balmy summer nights. Complementing this upper level is another fully–equipped vogue bathroom, two further bedrooms with plenty of storage, along with one of the best master bedrooms on offer. The master suite, with master ensuite and oversized walk in robe, has its own access to the wrap around balcony that is accessed through the bronzed glass double timber doors. The property is located at 17 Clydebank Road, Edithvale. Offers invited over $880,000. To find out more, call Noel Susay on 0450 069 506.
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The Melbourne Preview
Issue 22
Food & Wine...
LESSONS FROM A MASTER Kate McIntyre of Moorooduc Estate is one of 312 Masters of Wine in the world. BY KEITH PLATT The view over Kate McIntyre’s laptop takes in Mt Eliza and Mornington East. In the foreground is row–on–row of grapevines, their new leaves bright with spring energy. Closer inspection reveals clusters of tiny green balls, the vine’s flowers, or inflorescences. It’s spring and the vines are progressing from the bud break that signalled an end to the dormancy of winter. McIntyre’s “office” is a large room, a couple of tables and a grand piano. It is the main dining room at Moorooduc Estate, where her father Richard McIntyre first planted vines in the early 1980s. The room, once the dining room of Jill’s Restaurant, is now used 10 times a year for “dining experiences”, where courses – using local produce where possible – are matched with wines. About 35 diners attend each lunch and they are entertained by musicians playing classical music. “Mum always said she would run the restaurant for 10 years,” Kate McIntyre says. “She did that and now those who loved Jill’s food can come on Sundays.” The luxury accommodation provided as part of an extended visit to Moorooduc Estate now serves as “very comfortable” lodgings for family members. The changes of what is on offer at the estate have led to an increase in wine sales from the cellar door. “We were concerned that people would stop coming when the restaurant closed, but different people have started coming to the cellar door for wine. It’s been an interesting but good transition,” McIntyre says. Moorooduc estate produces 4000-5000 dozen bottles of wine a year, a far cry from the 1000 dozen bottles from its original five acre vineyard. This year’s output will be twice as much pinot noir as chardonnay as well as 400 dozen bottles of pinot gris and 150 - 200 dozen shiraz. The oldest vines have been producing fruit for 30 years and McIntyre remembers spending much of her early years working at the estate alongside her parents. In those early years the family would travel from home at Middle Park – “we lived there before it was cool and exclusive” – before settling at Moorooduc in 1999. “Probably as a result, I was not involved in the business until 2008,” she says. McIntyre initially aimed to be a playwright, after studying languages and theatre. She started a journey that would eventually lead her back to the family business by taking a job as fine wine manager at Phillip Murphy’s in Toorak. “I knew a bit about wines and with support from co-workers and
my bosses, who put me through a few wine courses, I developed a passion for the industry and revised my plans very quickly.” After five years Murphy’s was sold to Vintage Cellars and McIntyre moved into wholesaling Italian and Spanish wines. But she didn’t enjoy selling to “those who really don’t want to buy”. “That’s the difference between wholesale and retail. The lovely part of the job [retailing] is dealing with people who come into the shop and want to buy wine.” After three years wholesaling McIntyre came back to the family estate part time and then, in 2010, committed herself full time to Moorooduc Estate as marketing manager. It was also the year that cemented her reputation in the wine industry: McIntyre’s passion saw her attain the title Master of Wine. While the title is “not well known” outside of the wine industry, it has made McIntyre one of just 312 Masters of Wine in the world. “It’s a rare and special title to have,” she says. After finishing her arts degree (honours in French) at Monash University, McIntyre had looked for courses in Australia on marketing wine or winemaking. “I wanted to find out about its place in the world. What makes it so interesting, why do wines taste different, what makes it special? “A friend was studying to be a Master of Wine so I went along to an information session at the George Hotel in 1999 and thought ‘these people get so much out of a glass of wine’. So I signed up for a six-day summer school in Sydney, which included a practical exam.” In those days the course had no time limit and McIntyre offers that there were “a few tourists aboard who enjoyed tasting pretty incredible wines”. The United Kingdom-based Institute of Masters of Wine was established in 1955 and promotes “excellence, interaction and learning across all sectors of the global wine community”. A Master of Wine is described as being “someone who has demonstrated, by way of rigorous examination, a thorough knowledge of all aspects of wine and an ability to communicate that knowledge clearly. They actively encourage others in the pursuit of knowledge as well as seeking to bring wine communities together”. Being a Master of Wine gives McIntyre a status recognised throughout the world, with invitations to join judging panels and, this year, chances to join celebrations for the diamond anniversary of the first Masters of Wine graduates. In 1953 there were six graduates, now there are 312 Masters of Wine spread across 24 countries. McIntyre agrees an appreciation
of wine is subjective, but says studies and experience allow for the formation of a “common language”.
“Ours is a subtle wine, shy on first tasting but moreish. The first glass gets better and better in the glass. I like to leave them wanting more.
“There are characteristics of wine – it’s about breaking down its accepted elements which then becomes a common language.” McIntyre speaks about fruity characters, minerality and knowledge of what can be expected of a wine from a certain area.
“Judges sniff through 60 wines and our wines don’t play that way. I like people to go on a journey through the bottle.”
“I did judging before I became a master, but it has since made me more analytical,” she says. McIntyre says Moorooduc Estate does not often enter wine shows. She sees flaws in the judging process – “judges taste too many wines in a day; the judging system misses a lot of good, subtle wines” – but concedes things have improved over the past 10 years. “For me, making wine to try to win a medal is a waste of energy. I believe you should make a wine that is delicious to drink and reflects where it is grown. “Medals lead to more sales, that’s the commercial reality of today, but I think it’s a flaw. It’s all about medals and wanting to sell wine.” Another flaw is that wine reviewers can also be judges: “Shows are a great way of getting your wine noticed; there are a lot of people involved in buying wine and the media. “We don’t show our wines, although we did put our toe in the water a few times. We didn’t do brilliantly, but we don’t need medals to tell me that we make good wine. We don’t make wine to follow trends.
Despite these reservations, McIntyre believes “most winning wines deserve their trophies”. However, she praises the different judging style of Argentina where tastings are limited to the morning. “It was a very expensive way to run a wine show, but a good way. They stopped before the judges’ palates got fatigued.” These days, Moorooduc Estate wines are usually entered in overseas shows “if our distributors think it’s a good idea”. But even then McIntyre has her doubts, citing an example where a Moorooduc pinot won a trophy one year but the following year “only got silver when I thought it was a better wine; results are very random”. She believes sending wine to reviewers “we know are interested” results in more sales than entering wine shows. As marketing manager McIntyre is also spreading the word about Moorooduc Estate across the spectrum of social media. A website carries information about the winery’s history and products; Facebook carries week-to-week news and events including links to You Tube; and twitter is “little bursts of information and maybe a picture that will also be on Facebook”. “I’m working out how to use all these different vehicles.” One of the strongest “vehicles” remains keeping contact with Moorooduc Estate’s overseas and
Australian distributors. Just back from a trip that included the United Kingdom and the United States, McIntyre clearly relished a major part of the marketing: spending days with sales staff and selling wine to their customers. Master tips for identifying good wine: 1. Buy it from someone you trust cellar door or a retailer you have had a conversation with. Quality wine retailers love good wine and love to recommend to others. Get yourself talking to an enthusiastic wine retailer. 2. Look at the colour - wine should be any shade of yellow or red, but never brown (unless you are drinking an old muscat, or other fortified). It also should not have bits floating in it. 3. Smell it before tasting it. Sometimes wine that tastes good smells weird, but often, if you like the smell, you will like the taste. 4. When you taste the wine, assuming it tastes good, the longer the flavour remains in your mouth after swallowing it the better quality the wine is. This is what wine people mean when they talk about length. Length is good. 5. A good wine is a wine you want to share with another person. It is a wine you will taste and your eyes will meet and you will share a moment. It will make your food taste more delicious and your food will make the wine taste even better too. And when you go to pour another glass only to find the bottle is empty ... that’s a great wine. Courtesy of Business Times www. businesstimes.net.au
The Melbourne Preview
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History...
ONE OF YOUNG MELBOURNE’S DARKEST DAYS LEADS TO THE BUILIDNG OF AN ICON By Marcus Pettifer On bluestone foundations surviving a spectacular and destructive fire, stands a true icon of Melbourne. The site that would become the Collins Street wing of the Block Arcade was sold for £18 to William Briscoe and Son, Ironmongers in 1837. Briscoes Bulk Grain Store, 1856-1883 supplied grain, lumber and ironmongery to farmers. However, the multi-level building proved impractical for moving heavy items, (there were no lifts) and the Collins Street building was sold, leading to a store trading as George and Georges Federation Emporium; the first “Georges” store in Melbourne. Georges occupancy at this site was short–lived, however, as a massive fire engulfed the building in September 1889, resulting in the death of a fireman and an estimated £200,000 damage. Not long after the fire, Melbourne Architects, Twentyman and Askew were commissioned by the City Property & Co. pty. Ltd. to design a shopping arcade for the site, incorporating a separate wing to connect it with Elizabeth Street. The design for the building, borrowed from one of the world’s oldest shop-
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The Melbourne Preview
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ping malls, the Galleria Vittorio- Milan, utilised the bluestone basement that was part of the original Bulk Grain Store of 1856. Skylights over both wings, stained glass windows, a mosaic floor and an impressive dome reflect a “boom version of the French Renaissance style.” Quick construction saw the opening of the Collins Street wing in February 1892, and the Elizabeth Street wing in October 1893. The Arcade linking Collins and Elizabeth Streets soon became a popular destination for Melbourne shoppers and was named after a habit of its frequent visitors: ‘doing the block’. The City Property & Co. pty. Ltd. owned the building until 1986 when it sold to Time Corporation, in the face of the costs of bringing the building up to the standards of new fire regulations. Time Corp. spent almost $15 million on a complete refurbishment, conforming also to the requirements of the National Trust and Heritage Victoria. In 1993 a Melbourne QC and his wife, who are life members of the National Trust, purchased the building, ensuring the continuation of a Melbourne institution.
Right, Hopetoun Tea Rooms: A Melbourne institution since 1892. Below, The fire: On Friday 13 September 1889, fire engulfed the “Georges” building, originally used as Briscoes Bulk Grain Store, and subsequently becoming the site for the buildings known today as The Block Arcade. A Coroner’s inquiry found that a discarded match had accidently caused the fire and that building regulations needed improvement. As a result of this fire, and other major fires occurring in the same year, rival fire brigades (previously aligned with insurance companies) became unified as The Melbourne Fire Brigade (MFB) under the Fire Brigades Act of 1890.
The Melbourne Preview
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Fashion...
HEEL!
Shoes Shoe Sh oess off PPrey oe reyy ar re are e ho hhot. hot ot. t. Really hot, with five million unique visitors to their website in the last year and 60 million minutes spent by shoppers designing their perfect pair of shoes. With that traffic, it’s no surprise that the company has a swathe of awards including Innovative Online Retailer 2013 at the Online Retail Industry Awards, and Kogan Australian Online Retailer of the Year 2013 at the Australian Retail Awards. Shoes of Prey has shown at New York and Australian Fashion Weeks in collaboration with designer labels such as TOME, Romance Was Born, Carla Zampatti,
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Simkhai, JJonathan Jona Jo onath tha han an S imkhai, Gretchen Jones and Mandy Coon. The company is changing the way women shop for shoes, and is on track to become a significant international retailer over the next five years. Shoes of Prey was founded by Michael Fox, Jodie Fox and Mike Knapp in Sydney in 2009. The Shoes of Prey concept was inspired by Jodie’s personal experiences. “I was solving a problem of my own. I’d always liked shoes, but I never loved them because I couldn’t find exactly what I was looking for. Either it wasn’t quite the right colour, there was an embellishment I didn’t like, or not
The Melbourne Preview
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quite the right heel height. When I was travelling, in the same way that you find someone who will make a custom suit for you, I found someone with whom I could commission shoe designs. My shoe collection became really exciting, and my girlfriends asked me where I was getting my footwear. When I explained, they asked me to create shoes for them too. Concurrently, my two business partners Michael and Mike were at Google and they became really excited about the opportunities in online retail. We all came together and Shoes of Prey was born.” Their ethos can be summed up in three words: your perfect shoes. They specialises in flats, heels,
wedges, sandals, boots and more that can’t be found anywhere else because they’re designed by the customer. The process is easy and fun. Using the Shoes of Prey 3D designer customers choose the shape, colour and height of their shoes. Designs are handmade within five weeks and delivered free worldwide. The result: no shoe-lover ever has to wish for a lower or higher heel, different colours, or more or less embellishment. They’ll never see their shoes on anyone else. And they’ll never, ever walk home with their heels in their hands again. Your design. Your size. Your perfect shoes.
To order visit: www.shoesofprey.com.au or use the QR code reader on your smartphone or tablet to find out more about Shoes Of Prey.
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DOWN 1. Most submissive 2. Sidestep 3. Buddies 4. Less punctual 5. Lockjaw 6. Praise 12. Folklore creature 15. Atrocious 16. Chanted 17. Outlaws 19. Deciduous tree 20. Facing the rising sun 22. Violent weather 23. Reform
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Sudoku and crossword solutions
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The Melbourne Preview
Issue 22