End of Financial Year Review: The Nolan

November 10, 2009 § 1 Comment

Nolan

The Nolan Building – 39 Caravel Lane Docklands

Welcome to your first End of Year Financial Review from JC Street. This week, Julie will focus on one of her very favourite developments – The Nolan at Docklands.

The Nolan is oft-considered the jewel in the crown of the Newquay precinct. Opened in December 2003, the Nolan comprises 204 apartments, ranging from 1 bedroom, through to luxurious penthouses, with sweeping views out over Melbourne’s beaches and mountains. The Nolan building incorporates a magnificent piece of artwork, drawing it’s inspiration from Sidney Nolan’s famous painting of Ned Kelly in the outback. Each owner has access to the property’s gym, pool, and outdoor recreational facilities.

Top Sale in Financial Year 09: 1906/39 Caravel Lane $640,000

Bottom Sale in Financial Year 09: 507/39 Caravel Lane $340,000

Number of Apartment Transactions in Docklands: 197

Number of Auctions in Docklands: 27

Number of Auctions Sold in Docklands: 27

Average Sale Price in Docklands: $608,970

Sales for 2009:

1104/39 Caravel Lane – $630,000 2 bedroom

1906/39 Caravel Lane – $640,000 2 bedroom

1905/39 Caravel Lane – $590,000 2 bedroom

1309/39 Caravel Lane – $385,000 1 bedroom

1508/39 Caravel Lane – $600,000 2 bedroom

603/39 Caravel Lane – undisclosed 2 bedroom

1205/39 Caravel Lane – $617,000 2 bedroom

2001/39 Caravel Lane – undisclosed, 2 bedroom

1006/39 Caravel Lane – $620,000 2 bedroom

507/39 Caravel Lane – $340,000 2 bedroom

Rentals for 2009:

804/39 Caravel Lane $520 pw – Two bedrooms

1403/39 Caravel Lane undisclosed – Two bedrooms

403/39 Caravel Lane $520 pw – Two bedrooms

901/39 Caravel Lane $875 pw – Three bedrooms

1405/39 Caravel Lane $500 pw – Two bedrooms

1308/39 Caravel Lane $580 pw – Two bedrooms

1508/39 Caravel Lane $480 pw – Two bedrooms

2005/39 Caravel Lane $480 pw – Two bedrooms

807/39 Caravel Lane $450 pw – Two bedrooms

607/39 Caravel Lane $450 pw – Two bedrooms

707/39 Caravel Lane $450 pw – Two bedrooms

1407/39 Caravel Lane $450 pw – Two bedrooms

1606/39 Caravel Lane $500 pw – undisclosed rooms

1109/39 Caravel Lane $380 pw – One bedroom

405/39 Caravel Lane $500 pw – One bedroom

1803/39 Caravel Lane $600 pw – Two bedrooms

2201/39 Caravel Lane $1100 pw – Three bedrooms

1709/39 Caravel Lane $380 pw – One bedroom

1107/39 Caravel Lane $480 pw – Two bedrooms

1202/39 Caravel Lane $750 pw – Three bedrooms

704/39 Caravel Lane $670 pw – Two bedrooms

409/39 Caravel Lane $380 pw – One bedroom

601/39 Caravel Lane $740 pw – Three bedrooms

1905/39 Caravel Lane $530 pw – Two bedrooms

1007/39 Caravel Lane $595 pw – Two bedrooms

1909/39 Caravel Lane $550 pw – One bedroom

1809/39 Caravel Lane $350 pw – One bedroom

Body Corporate: The body corporate for this building is Property Essentials. They are a large body corporate management firm who manage several buildings in the Docklands precinct.

Facilities: The development has a great sense of community which is encouraged by the facilities of pool and swanky gym. There is also an on-site manager, as well as intercom security. There is also some contemporary and eye-catching Bushranger themed artwork in the vein of Sidney Nolan in the entrance hall, which is a real feature of the building.

There is also a thriving retail element at Docklands, which provides great convenience and appeals to many of the owners and tenants in the block. Restaurants such as Live Bait, Berth and Mecca Bah have a cult following, as does the new super-supermarket Costco. A new shopping precinct featuring many well loved stores and the impending addition of Myer add to desire for leasing accommodation who work at Docklands. There is great parking facilities onsite for visitors, and wonderful proximity to Etihad Stadium. Employers such as NAB and ANZ have also moved their sizable workforces to the Docklands precinct, making growth from the corporate sector a sure thing.

Demographics: Since original settlement, we have seen the slow but steady shift of higher occupancy rates by owners. Most purchasers at the Nolan are young professionals who work locally in the CBD. There are a few more mature owners or families from the country who utilise their apartment as a ‘lock up and leave’ second home. There are investors also who lease privately or through serviced apartment arrangements.

For in depth information on the history of Docklands, make sure to check out http://en.wikipedia.org/wiki/Docklands,_Victoria

Year of Build: 2003

Developer: MAB Corporation http://www.mabcorp.com.au/

Number of Apartments in Block: Approximately 204

Construction Nearby Underway: The Southern Star Skywheel is in construction, and will likely mimic a London Eye style tourist attraction. VicUrban are currently constructing a development named Convesso Concavo.

Forecast for the 2010-2011 Financial Year: We invisage that continuing first home owner interest and buying power will keep the market buoyant in Docklands for the first half of 2010. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the plus $500,000 sector. Mum and Dad investors could well make a comeback in 2010 once first home owners lose their puff and buying power. The Nolan offers a unique buying opportunity in a blue chip neighbourhood which should cushion it from too many market fluctuations.

For further information on this, or any other property needs you may have, please contact:

MHC_0119_72dpi

Julie Street

Director

JC Street Real Estate

m) 9600 4988 

e) julie@jcstreetrealestate.com.au

w) www.jcstreetrealestate.com.au

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§ One Response to End of Financial Year Review: The Nolan

  • carol debrincat says:

    very informative, nice to know the current market value on other properties. A suggestion is to note down when a sale of a property if they have any car spots.

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