505/60 Market StreetMelbourne VIC 3000
Property Details for 505/60 Market St, Melbourne
505/60 Market St, Melbourne is a 2 bedroom, 1 bathroom Unit with 1 parking spaces and was built in 2000. The property has a land size of 1074m2 and floor size of 80m2. While the property is not currently for sale or for rent, it was last sold in April 2017.
Last Listing description (March 2017)
Situated in the heart of Melbourne City, this immaculate and spacious 2 bedroom 1 bathroom serviced apartment is located on the 5th floor of the Oaks On Market St Hotel. Well managed and maintained by Oaks Group with high occupancy rate promising punctual rental payments. This is further enhanced by being closed to tram stops, Southbank dining precinct, Crown Entertainment complex, Flinders St Station and Southern Cross Station, making it a go to destination for accommodation in Melbourne.
This property suits the astute investors or Self Managed Super Funds, looking for a guaranteed long term income stream. Currently providing rentals of $27,452.88 per annum, the tenant has just exercised the the further term option for another 5 years beginning in Sept 2016.The rental is also subjected to a fixed 5% increase every two years of the lease term. Furthermore, the tenants are responsible for the annual outgoings and maintenance of the property. Owners will only need to pay the Owners Corporation sinking fund which is approximately $413 per quarter.
The property also comes fully furnished including bedrooms with built-in robes and kitchen well-fitted with granite bench top, induction cooktop, fridge and microwave. There is also ducted heating and cooling within the property. Guests of the property will also enjoy the common amenities such as a well-equipped gym, heated swimming pool, sauna and spa plus access to Oaks Concierge, restaurant and function rooms.
Property History for 505/60 Market St, Melbourne, VIC 3000
- 16 Apr 2017Sold for $395,000
- 14 Dec 2015Listed for Sale $390,000 - $395,000
- 06 Feb 2012Listed for Sale $368,900
Recent sales nearby
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0About Melbourne 3000
The size of Melbourne is approximately 2.7 square kilometres. It has 9 parks covering nearly 2.5% of total area. The population of Melbourne in 2016 was 47285 people. By 2021 the population was 54941 showing a population growth of 16.2% in the area during that time. The predominant age group in Melbourne is 20-29 years. Households in Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Melbourne work in a professional occupation.In 2021, 25.80% of the homes in Melbourne were owner-occupied compared with 29.00% in 2016.
Melbourne has 64,265 properties. Over the last 5 years, Houses in Melbourne have seen a -6.38% decrease in median value, while Units have seen a -4.97% decrease. As at 31 March 2026:
- The median value for Houses in Melbourne is $1,346,319 while the median value for Units is $439,159.
- Houses have a median rent of $700 while Units have a median rent of $672.
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