End of Financial Year Review: The Nolan
November 10, 2009 § 1 Comment
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:
JC Street Real Estate
m) 9600 4988