This article is from the Australian Property Journal archive
Independent research by Charter Keck Cramer revealed the median price of Mirvac’s Yarra’s Edge apartments increased by over 20% in 2010 and median prices have been consistently higher than across Docklands as a whole, as well as being considerably higher than the metropolitan Melbourne equivalent.
According to the Charter Keck Cramer, the median price of Yarra’s Edge apartments in 2010 is $780,000, much higher than other Docklands apartment prices ($615,000) and across metropolitan Melbourne ($400,000).
The report also found 31% of households at Yarra’s Edge are owner occupiers, much higher than across other Docklands precincts.
Mirvac CEO John Carfi said this data demonstrates the growing popularity of Melbourne Docklands, its positive future investment fundamentals and confirms Yarra’s Edge as the premium precinct in the area.
The report highlighted the strong performance of the Docklands rental market, with the median weekly rent for all apartment types (one, two and three bedroom) being much higher than across metropolitan Melbourne:
• The median weekly rent for 3 bedroom units at Docklands is $780 pw, more than double the metropolitan median ($365 pw)
• Yarra’s Edge apartments have typically achieved higher rents than average Docklands rents because of their relatively limited availability and the demand for quality apartments with reference to location, size and specifications
Meanwhile Mirvac has achieved a new record sale price of $6.35 million for an off the plan home on prime north-facing river frontage. The local buyer also purchased a private berth, located just metres from the four-level house, for $350,000.
The record sale price is a confidence boost for Mirvac as it launches Yarra Point this month, its first Yarra’s Edge residential apartment tower in over eight years.
The $200 million Yarra Point development is set over 31 levels and feature 201 one, two and three bedroom apartments. All apartments have a minimum of one car space included within the price.
Prices start from approximately $500,000 and range in size from 55 sqm to 200 sqm.
Carfi believes the new Yarra Point development will have strong appeal to buyers.
“Yarra Point reflects the evolution of apartment design from previous Yarra’s Edge buildings as well as other premium Mirvac buildings such as The Melburnian. We’re confident these spacious waterfront apartments within the Dockland’s premium community will be sought after for years to come,” he concluded.
Australian Property Journal
