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Docklands property is good, but it’s not THAT good

31 May 2011

By Gabe Andrews

Housing price figures released last month claiming a 46.2 per cent annual rise in Docklands are not all that they seem.

Fairfax’s Australian Property Monitors (APM) annual housing figures are just that – housing figures (as opposed to apartments) – and have presented a misleading picture of the local property market.

APM’s figures show that the median house price a year ago was $560,750 and has now jumped up to $820,000.

But with only 34 “houses” sold in Docklands in the year to March, buyers, investors and owners are likely to be misled by the figures.

Local agents suggest that the high price growth could most likely be attributed to the Mirvac’s Yarra’s Edge precinct where town houses are being sold in excess of $4 million.

JC Street Real Estate agent Cheryl Street said that Docklands didn’t have any houses unless the report was referring to townhouses.

“The only townhouses that have been on-sold to our knowledge has been on the Mirvac side,” Ms Street said.  

Daniel Cole from Barry Plant agreed with Ms Street’s assessment that Docklands does not have houses per se and that APM’s figures present a misleading outlook on the local market.

Mr Cole said: “Due to the small number of dwellings in Docklands, when a new development is released it could create an irregularity in figures.”

The APM report said Docklands’ annual house price growth was the second highest in Melbourne behind Essendon North which had a growth of 52.6 per cent.

And while the APM report presents an inflated view of the current market in Docklands, local real estate agents indicate there is still a positive outlook for property in the area.

“The last 12 months has been strong and Docklands has remained a very active market”, Lucas Real Estate’s Glen Lucas said.

City Residential managing director Glenn Donnelly said: “There’s no doubt we’ve seen an increase in apartment prices over the past 12 months. If we look at apartments sold in the re-sale market there certainly has been an increase. If you put an apartment on the market it does sell.”

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