Top Melbourne Suburbs to Invest, For Budgets of Less Than $500,000

Flemington Post OfficeMELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.

If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.

But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.

Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:

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Steve Price Buys South Yarra Terrace Mansion

PROMINENT radio broadcaster Steve Price and his partner, Wendy Black are understood to have purchased a luxurious historic terrace in South Yarra’s most exclusive pocket near the Royal Botanic Gardens.

The program director and breakfast presenter at new Melbourne talkback radio station MTR is believed to have paid more than $2.5 million for the double-storey four-bedroom terrace.

The home is walking distance to the MCG, where Price’s AFL team the Tigers play. It’s also near the Swan Street Richmond studio from where MTR broadcasts.

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Performance of Melbourne’s Southern Suburbs This Spring

THE performance of Melbourne’s southern suburb’s reflects the truism that the rich are getting richer.

Nine of the ten best performing suburbs had annual median house growth of more than 10 per cent, with the best performer, Toorak, increasing by an astounding 33.6 per cent. If you’re aspiring to get into the suburb, you’d better have found an extra $560,000 since last year – with the median house price now $2,230,500, almost double that of Melbourne’s second most expensive suburb, Brighton.

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South Yarra Development Site Sells For $5.5 Million

A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors.

The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom.

When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000.

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CR Kennedy Site, South Yarra, Relisted For Sale

ONE of last year’s biggest development site sales has fallen through forcing the asset to be relisted for sale this week.

The South Yarra property at 661 – 669 Chapel Street is one of the last undeveloped sites within a former industrial precinct known as Forrest Hill that is being rebuilt by various builders as a new village with residential and office skyscrapers.

Occupied and still owned by photographic distributor CR Kennedy, the 3537 square metre site was reported to have sold for $25 million last December to design practice Metier3, which had just offloaded its interest in a Docklands office worth $240 million. It was expected Metier3 would exploit the South Yarra site’s 65 metre frontage to Chapel Street with an apartment-based village.

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Fridcorp Doubles the Density of Controversial South Yarra Apartment Tower

BOUTIQUE builder Fridcorp has redesigned and rebranded the controversial $120 million South Yarra apartment proposal that it bought into a couple of months ago.

The site, on the south-west corner of Chapel Street and Alexandra Avenue and opposite the Yarra River, has for some 18 months been marketed as Tresor – a 14-level tower which would have included 99 luxury apartments (artist impression, right).

Network Nine executive director Jeff Browne was one of Tresor’s highest profile buyers, paying a reported $5 million for a four-bedroom unit, off-the-plan.

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Michael Kroger Sells Second Piece of Former South Yarra Estate

LIBERAL Party powerbroker Michael Kroger (pictured, right) has finally sold the last piece of the South Yarra estate that was for years the marital home he shared with Ann Peacock.

The sale of the 1850s coach house, in Caroline Street (image, far right), ends a lengthy sales campaign which started in early 2009, and shortly after the couple announced they would separate.

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Billionaire Businessman Lloyd Williams Buys Adjoining South Yarra Development Sites

BILLIONAIRE businessman Lloyd Williams is continuing to reweight his property portfolio.

This time, in South Yarra, the racehorse owner, investor and high-density apartment builder has paid $13 million for two adjoining, historic homes (aerial pic, right) in the heart of the suburb’s uber-exclusive,  low density Botanic Gardens precinct.

Williams is expected to bulldoze the homes on the combined 1632 square metre site – including a 1930s mansion – and replace it with something more efficient, presumably a multi-level apartment complex built atop an underground car park.

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