Price downturn continues at Docklands - five of the latest sellers underwater

Price downturn continues at Docklands - five of the latest sellers underwater
Price downturn continues at Docklands - five of the latest sellers underwater

Apartment prices continue to take a hit in Melbourne's harbour development Docklands.

Concerns have been long voiced by experts and regulators that there is an Oversupply of apartments in Melbourne.

It is the Docklands that faces sizeable negative growth in units.

The change in median price in Docklands over the past five years is down 5.9%, according to CoreLogic data.
 
The median sale price in Docklands is $630,000.

1. 503/750 Bourke Street is a two-bedroom, two bathroom unit that was built in 2005.

The apartment sold for $445,000 in September 2017, well below its previous selling price of $500,000 in October 2007.

The unit was on the market for 290 days and its last listed price was $498,888 - $548,888, according to CoreLogic RP Data.

2. 406/815 Bourke Street (pictured above) is a two-bedroom, two bathroom unit that sold for $570,000 in October 2017.

The apartment was on the market for 55 days, according to CoreLogic RP Data.

It was initially listed for $600,000 but its last listed price was $560,000-$580,000.

The unit was built in 2012. Its initial selling price was $660,000 in 2010.

3. 409/815 Bourke Street is a one-bedroom unit that sold for $335,000 on July 2017. It spent 67 days on the market.

It was previously sold for $395,000 in June 2012.

4. 516/838 Bourke Street is a one-bedroom apartment that fetched $355,000 in its most recent sale in October 2017.

It was on the market for 35 days.

Built in 2009, its previous sold price was $367,000 in 2008, according to CoreLogic RP Data.

Price downturn continues at Docklands - five of the latest sellers underwater

5. 516/838 Bourke Street is a two-bedroom unit that sold for $468,000 in October 2017, CoreLogic RP Data shows.

It was on the market for 102 days.

The last sale was in 2008 for $492,000, CoreLogic RP Data shows.

Tags: 
Docklands Price Decline

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