dandenong apartment market proﬁle...for the 2014 ﬁnancial year has not yet been released;...

Spectra

219-221 Thomas Street

Dandenong Apartment Market Profile

S E P T E M B E R 2 0 1 4

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M A R K E T P R O F I L E D A N D E N O N G

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INTRODUCTION


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INTRODUCTION

INVESTOR SUMMARY

■ The median apartment/unit price in Dandenong

is $290,000 which is lower than the Greater

Melbourne average of $445,000.

■ Apartments/units are an affordable way for

people to enter the Dandenong housing market

with apartments/units being 29% less than the

median house price.

■ In the past 5 years, prices for apartments/units in

Dandenong have grown by 19% in total. This has

been consistent with the strong growth across

Greater Melbourne.

■ Over the last 10 years, apartments/units in

Dandenong have grown by an average of 6% per

year, exceeding the Greater Melbourne average of

5% per year.

SITE LOCATION SUMMARY

■ From a location perspective the Spectra

development sits in an area of high amenity.

It is close to local convenience shops and

Dandenong Plaza shopping centre. Local parks,

education facilities and health services are all

within walking distance of the development.

■ The site is located less than 35km from

the Melbourne CBD. A short walk from the

development is Dandenong station which is

approximately 45 minutes from the CBD by train.

■ The catchment area’s population is expected

to grow significantly over the next 20 years,

averaging an annual growth rate of 1.3%.

■ Dandenong residents are culturally diverse, of

a young age profile and tend to rent rather than

buy with almost half of all residents living in an

apartment. It is anticipated that over the next

20 years, demand for affordable apartments will

continue to grow.

■ Historically, Dandenong was a major

manufacturing and commercial area. The

Metropolitan Planning Authority has designated

Central Dandenong as a Metropolitan Activity

Centre which is part of the Dandenong South

Employment Cluster, employing over 55,000

people.

■ The State Government has recognised the

importance of Dandenong to the economy and

is taking the opportunity to invest in the future

of the area. Substantial investment by the

Government, City of Dandenong Council and

the private sector is giving Dandenong a new

future. The outlook is positive and demand for

apartments will strengthen.

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ECONOMIC OUTLOOK

3.1 Economic Growth

National and State economic activity is showing signs of recovery from the weakness after the GFC. Both the

Department of Treasury and Finance (Victoria) and the Department of Treasury (Australia) forecast a steady

increase in economic growth over the coming years.

During the 2014 financial year Australia’s Gross Domestic Product (GDP) growth was 3.1% over the previous

year, underpinned by continued demand for Australian commodities and the level of business investment

accompanying it. Victoria’s Gross State Product (GSP) growth has been tracking lower than Australia GDP. Data

for the 2014 financial year has not yet been released; however it is forecast that growth will track in line with the

increase in Australia’s GDP growth.

3.2 Employment Growth

Job growth has been low, when compared with much of the previous decade. That said unemployment remains

low, and the job market remains relatively stable. Consumer sentiment is generally improving, supported by

asset price gains and low interest rates.

NATIONAL GDP & STATE GSP GROWTH

SOURCE ABS; VICTORIAN DEPARTMENT OF TREASURY AND FINANCE; AUSTRALIAN TREASURY; URBIS

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Jun-1

0

Jun-1

1

Jun-1

2

Jun-1

3

Jun-1

4

Jun-1

5

Jun-1

6

AUS VIC

EMPLOYMENT GROWTH

SOURCE: ABS 5206.0; URBIS; ACCESS ECONOMICS

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Jun-1

0

Jun-1

1

Jun-1

2

Jun-1

3

Jun-1

4

Jun-1

5

Jun-1

6

AUS VIC

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ECONOMIC OUTLOOK

3.3 CPI

CPI is currently running at 2.9%. While this is towards the upper range of the Reserve Bank target range of 2-3%

over the business cycle, consumer prices are expected to remain relatively stable in the foreseeable future.

3.4 Melbourne House Prices

Average Melbourne house prices have grown significantly (78%) since 2003, outpacing other Australian Capital

Cities (62%) in the same time period. According to the ABS over the past 10 years house prices in Melbourne

have grown at an annual average of 5.7% compared to an average of 4.6% for Australian Capital Cities generally.

CONSUMER PRICE INDEX

SOURCE: ABS; URBIS

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Jun-1

0

Jun-1

1

Jun-1

2

Jun-1

3

Jun-1

4

CPI

RBA Target

HOUSE PRICE INDEX

SOURCE ABS; URBIS

INDEX: SEPT 2003

100

110

120

130

140

150

160

170

180

190

Sep-0

3

Mar-04

Sep-0

4

Mar-05

Sep-0

5

Mar-06

Sep-0

6

Mar-07

Sep-0

7

Mar-08

Sep-0

8

Mar-09

Sep-0

9

Mar-10

Sep-1

0

Mar-11

Sep-1

1

Mar-12

Sep-1

2

Mar-13

Sep-1

3

Mar-14

MELBOURNE

AUSTRALIAN CAPITAL CITIES

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4.1 Regional Context

Dandenong is located approximately 35 km from the Melbourne CBD. Dandenong is a well-established suburb located

within the Greater Dandenong City Council area. Neighbouring suburbs include Doveton, Dandenong South, Dandenong

North and Noble Park.

Dandenong is a hub for transport links with convenient road access to the CBD via the Monash Freeway and also to

Eastlink via the Princes Highway. Dandenong is also well connected to the Mornington Peninsula via the Eastlink,

Dandenong Valley Highway and South Gippsland Freeway and Peninsula Link, each of which can be accessed via Princes

Highway.

Dandenong train station is on both the Cranbourne and Pakenham lines as well as the Gippsland V/Line service. Journey

times to Melbourne CBD by train are approximately 51 minutes to Flinders Street station. Express trains in peak times

reduce the commute time to 42 minutes.

Monash University’s Clayton and Berwick campuses are both located 11 km from the subject site, with Clayton being to

the north west along the Princes Highway and Berwick being located to the south east along the Princes Highway. Monash

University is one of Australia’s top ranking universities and offers students all of the major faculties of study.

Dandenong is an ethnically diverse area having attracted significant in-migration during the post war industrial years,

becoming a major manufacturing and commercial area. Dandenong continues to have a high proportion of residents who

were born overseas.

The Greater Dandenong Municipality benefits from multiple sports and recreation facilities, nearly 100 kilometres of off

and on-road cycling paths, numerous walking paths, Noble Park Aquatic Centre and Dandenong Stadium which is host to

the Dandenong Basketball Association and Volleyball Victoria.

SITE & LOCAL CONTEXT

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CATCHMENT AREA

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0M A R K E T P R O F I L E D A N D E N O N G


4.2 Local Context

The site at 219-221 Thomas Road, is positioned 500 metres from Dandenong town centre. This proximity provides a

multitude of dining options within walking distance as well as Dandenong Plaza and Dandenong Market for convenience

and discretionary shopping.

Dandenong Plaza consists of major retailers including Target, Kmart, Coles, and Safeway, as well as a six screen Reading

Cinemas complex and 180 specialty shops.

Dandenong Market is one of the oldest markets in Victoria, having opened in 1866. Covering an area of over 8,000 square

metres it provides a range of fresh fruit and vegetable stores along with seafood, butchers, baked goods and an assortment

of clothing, toys, homewares and jewellery stores.

Parks within walking distance include Dandenong Park and Hemmings Park. Also located in Dandenong are the Australian

Shark and Ray centre and the Le Mans Go Kart track.

Located 1.5 km from the subject site is Dandenong North Primary School and also Dandenong Hospital. Residents also

have access to The South Eastern Private Hospital which is located along Princes Highway.

The Dandenong Metropolitan Activity Centre provides for over 17,000 jobs, predominantly in health care, public

administration and retail trade as well as manufacturing, transport and warehousing in the broader Dandenong South

Employment Cluster.

Major office buildings in Dandenong include the recently constructed Dandenong Government Services office, The

Australian Taxation Office Dandenong building which is currently under construction and the Greater Dandenong City

Council offices.

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1



DANDENONG AMENITY

Activity Centre

1. Dandenong Principal Activity Centre

Education

2. Lyndale Greens Primart School

3. Yarraman Oaks Primary School

4. Emerson School

5. St Gerard’s School

6. Dandenong North Primary School

7. Dandenong High School

8. Dandenong West Primary School

9. Berry Street Victoria

10. Dandenong Primary School

11. St Mary’s School

12. St John’s Regional College

13. Dandenong South Primary School

Hospital

14. South Eastern, Noble Park

15. Dandenong Hospital

Parks / Open Space

16. Lois Twohig Reserve

17. Dandenong Police Paddocks Reserve

18. Essex Reserve

19. JC Mills Reserve

20. Robert Booth Reserve

21. Greaves Reserve

22. Dandenong Park

23. Thomas P Carroll Reserve

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4.3 Development Activity

In the past three years medium to high density development has been the main source of new dwelling approvals in the local

area. There has been an emerging concentration of new dwelling approvals in Dandenong, predominantly located along the

transport corridor of the railway line, which provides connection into the CBD.

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3



4.4 Local Infrastructure Investment

Greater Dandenong City Council is continuing to invest in its infrastructure and along with Places Victoria has

created the Revitalising Central Dandenong initiative. This initiative includes key projects as part of a total $290

million investment plan:

■ Lonsdale Street transformation into a green, pedestrian-friendly boulevard.

■ Creating a new entrance into central Dandenong from the west via Stockmans Bridge which will cross the railway

line.

■ Linking of Station North Plaza and City Street to create a well-lit path between Dandenong Train Station and the

town centre.

■ Metro Village 3175 development of old land to create more homes within walking distance of the town centre.

■ Improvements to the streetscape and roads to reduce traffic congestion in central Dandenong and widen

pedestrian walkways.

■ New Government Services Office to amalgamate services in one location.

■ Creation of a temporary park to encourage activity in Dandenong.

■ New civic building in central Dandenong for the City of Greater Dandenong.

■ The Cogeneration Precinct Energy Project (PEP) which will be delivered by Places Victoria and project partners

Cogent Energy (a subsidiary of Origin).

These projects aim to define the future for central Dandenong by making it a great place for people to live, learn,

work, and socialise. With the initiative having been launched in 2005, most of these projects are now complete,

the effects of which are yet to be fully realised but early signs are showing a positive impact for Dandenong. The

construction phase of this initiative has created jobs and provided a major boost to local retailers and suppliers, and

will continue to do so.

This initiative is expected to generate over $1 billion in private investment spending over its 15-20 year project

life in central Dandenong. With further private investment beyond the initiative, central Dandenong will continue

to transform. This will be spurred on by public and private investment and development. Such as industrial land

development in Dandenong and Dandenong South:

■ The Logis business park site in Dandenong which is expected to attract nearly $500 million in private investment

spending by companies such as Hobson Engineering.

■ Salta Properties’ Interport inland port estate will provide 170 hectares of land for logistics orientated

development, housing a Bunnings distribution centre and the potential for many other retailers such as Coles.

■ Major retailers and suppliers of products such as Reece Plumbing have recently moved distribution facilities to

the Dandenong area in recognition of its superior logistics connections.

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DEMOGRAPHICS

5.1 Population

5.2 Household Incomes

Within catchment suburbs there have been

significant increases in household income

between 2006 and 2011. Average household

incomes for the catchment area as a whole

($66,439) are lower than the Melbourne

average ($86,412). Between 2006 and 2011,

household income of the catchment area

increased by 25% and Dandenong household

incomes increased by 30%. This increase in

household incomes can be partly associated with the increasing proportion of people who work in white collar

occupations in Dandenong. With the increasing supply of office space in Dandenong, it is expected that this trend

will continue.

Household income is one of the key indicators of residents’ ability to access the housing market. If incomes

continue to see significant increases, the catchment area will benefit further from residents’ increasing capacity

to support rental or mortgage payments on residential property.

POPULATION GROWTH

SOURCE: ABS, DEPARTMENT OF TRANSPORT AND PLANNING. VICTORIA IN FUTURE; URBIS

194,500201,900

220,100226,600

237,000

254,800

271,000

286,300

150,000

175,000

200,000

225,000

250,000

275,000

300,000

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031

HOUSEHOLD INCOME COMPARISON 2006-2011

SOURCE: ABS, CENSUS DATA 2011; URBIS

$52,949

$66,439 $66,669

$86,412

2006 2011

Catchment Area Greater Melbourne

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DEMOGRAPHICS

5.3 Age Profile

Compared to the Melbourne average, the age profile of the catchment area suggests it is a particularly attractive

location for those aged 20 – 39 years. This age group forms part of the group most commonly associated with

medium to high density dwellings in Melbourne, in both the rental and owner occupier market.

5.4 Family Households

The catchment area has a higher proportion of family households (52%) than the average for Greater Melbourne

(46%). However the suburb of Dandenong is markedly different to the catchment area with 8% less family

households and 7% more lone person households.

A higher proportion of smaller household types might be expected to support higher density dwelling forms such

as apartments, as opposed to family households with children that require larger dwellings with more bedrooms.

AGE DISTRIBUTION


0%

2%

4%

6%

8%

10%

12%

0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-55 55-59 60-64 65-69 70-74 75-79 80-84 85+

Percentage of Residents

Age Brackets

Dandenong

Catchment Area

Melbourne

HOUSEHOLD STRUCTURE


Group Household Lone Person Other Couple No Children Family

!!" #$" !%"

$$"$&"

$#"$"

$"'"

$("$)" $&"

#" &" #"

Dandenong Catchment Area Greater Melbourne

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DEMOGRAPHICS

DWELLING TYPE

SOURCE: ABS, CENSUS DATA 2011; URBISApartments Semi-Detatched Houses


8%

44%

48%

8%

77%

15% 12%

73%

15%

Compared with Greater Melbourne, the catchment area is relatively similar in terms of the type of dwellings

which people live in. There is a slightly higher proportion of residents living in houses (77%) in the catchment

area compared to the Greater Melbourne average (73%).

Dandenong has a much different mix of dwellings than the catchment area and Greater Melbourne. There is a

greater proportion of apartments (48%) than houses (44%) in Dandenong.

The high proportion of apartments is positive for renters and is a key driver of the household structure and

dwelling size statistics.

Apartment dwelling growth forms part of the wider trend of medium to high density development that is occurring

in designated activity centres of Melbourne.

DWELLING SIZE


!"#$%# $

"'#

%(# ()#

(%#

!'# $*#

(# "# %#


One Bedroom Two Bedroom Three Bedroom Four+ Bedrooms

5.5 Dwelling Size & Type

Data on dwelling size and type indicates there is a far greater propensity to live in smaller dwellings in

Dandenong than the Greater Melbourne average and also the catchment area as a whole. A greater proportion

of Dandenong residents live in 1 and 2 bedroom dwellings (49%) and a lower proportion live in 3+ bedroom

properties (50%) compared to the catchment area and the Greater Melbourne average.

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DEMOGRAPHICS

5.7 Key Characteristics

The socio-economic characteristics indicate that Dandenong is home to a diverse mix of residents with multicultural

backgrounds, who are younger, tend to live in apartments and are more likely to rent. The location amenity of being

close to work and affordable living are key drivers for this socio-economic profile. This lifestyle preference drives

demand for affordable higher density residential development closer to transport networks and activity areas such as

Dandenong and other high amenity areas, underpinning the housing market in these types of areas.

As Dandenong forms part of a broader catchment area which is gentrifying, there will be opportunity for future uplift.

5.6 Proportion of Renters

Dandenong is a major rental market, with over

half of residents renting their home and with

the proportion of renters having increased over

the 5 years to 2011. With transport links to the

CBD and access to universities, both young

professionals and students would be expected to

be attracted to this rental market.

PROPORTION OF RENTERS



48%54%

26%30%

26% 28%

2006 2011

CHARACTERISTICS DANDENONGTOTAL

CATCHMENTMELBOURNE

AVERAGE

Average Household Income $54,956 $66,439 $86,412

Variation from Melbourne Avg -36% -23% -

Average Household Size 2.7 2.9 2.6

Aged 20 - 34 (% of Population) 29% 24% 23%

Aged 65+ Years (% of Population) 13% 12% 13%

Average Age 35.7 36.4 37.3

Apartments (% of Dwellings) 48% 15% 15%

Owner/Purchaser Occupied Households (% of Households) 45% 69% 71%

Renting (% of Households) 54% 30% 28%

White Collar Workforce1 47% 53% 72%

Australian Born (% of Population) 33% 43% 67%

University Student (% of Population) 3% 4% 6%

1. Manager & Administrators, Professionals, Para Professionals, Clerks and Sales & Personal Services Workers

SOURCE: ABS CENSUS OF POPULATION AND HOUSING 2011; URBIS

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IMPACT OF MOVERS

Dandenong

Movers: Dandenong

MOVERS: AGE DISTRIBUTION

* Includes those who moved within the suburbSOURCE: ABS, CENSUS DATA 2011; URBIS

0.9%

1.1%

1.3%

1.3%

1.7%

1.9%

3.3%

3.9%

4.9%

6.9%

10.4%

15.1%

17.0%

11.3%

6.5%

6.3%

6.3%

0.0%

2.1%

2.3%

2.7%

2.9%

3.0%

3.8%

4.7%

5.3%

5.5%

6.1%

7.8%

9.9%

10.6%

8.2%

6.0%

5.6%

5.4%

8.2%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

85+

80-84

75-79

70-74

65-69

60-64

55-59

50-55

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

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ORIGIN OF MIGRANTS (FROM OUTSIDE THE AREA) OVER THE LAST 5 YEARS


0

1,000

2,000

3,000

4,000

5,000

6,000

Interstate Overseas Elsewhere in

Victoria

NSW

44%

QLD

22%

SA

15%

WA

11%

Tas.

6%

NT

1%

ACT

1%

Interstate (%)

It is interesting to see how the changing

demographic characteristics of Dandenong are

flowing through to the choices people make in the

type of dwelling they live in. The chart to the right

highlights the impact that movers preferences in

Dandenong have on dwelling type, compared to all

residents.

A pattern is visible; that there has been an impact

on the type of dwellings new residents are living in

compared to the broader population.

At the time of the 2011 Census, the profile of all

residents in Dandenong indicated 47% of residents

lived in an apartment, while 45% lived in a

detached dwelling and 8% lived in a townhouse.

Comparing this to residents who have moved into or

within the suburb in the last five years, there has been

a distinctive push in dwelling choices, with only 36%

of movers living in detached houses; with a larger

proportion choosing to live in an apartment (55%).

Suburbs within Victoira

1 Dandenong North 11%

2 Noble Park 10%

3 Doveton 6%

4 Endeavour Hills 6%

5 Hampton Park - Lynbrook 5%

6 Springvale 4%

7 Keysborough 3%

8 Narre Warren South 3%

9 Narre Warren 2%

10 Hallam 2%

Other 48%

Townhouse Apartment Detached

DWELLING PREFERENCES OF MOVERS


36%57%

45%

55%

37%47%

9% 6% 8%

Movers Non-Movers All Residents

IMPACT OF MOVERS

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MARKET DATA


7.1 Median Sale Price

The median apartment price in Dandenong is currently $290,000 compared to a median local house price

of $410,000. This compares to the Melbourne median apartment price of $445,000 for an apartment and

$525,000 for a house.

Apartment prices in Dandenong are around 29% less than the median house price; this difference is much

greater than the difference between house and apartment prices in Greater Melbourne where the median

apartment price is around 15% less than the median house price. The difference between the median apartment

price and house price suggests that apartments are relatively more affordable (compared to houses) in

Dandenong and even more so than that seen in other suburbs of Greater Melbourne, on average.

7.2 Change in Median Apartment Price

In terms of annual price growth there has been solid performance for apartments in Dandenong and the

surrounding catchment area, with good performance in Springvale South, Keysborough and Dandenong in the

last 12 months. The average price growth has been 6% per annum over the last decade compared to 5% in

Greater Melbourne. Over the last 5 years median prices have grown by 19%.

MEDIAN PRICES ($’000s)

SOURCE: RP DATA; URBIS

Apartments/Units Houses

0

100

200

300

400

500

600

Dan

den

ong

Key

sborough

Noble Park

Springva

le

South

Springva

le

Dan

den

ong

North

Endea

vour

Hills

Dove

ton

Eumem

merring

Hallam

Ham

pton Park

Lyn

brook

Dan

den

ong

South

Noble Park

North

Greater

Melbourne

Mar

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1

MARKET DATA


12 Months 3 Years 5 Years 10 Year Average

Dandenong 4% 1% 19% 6%

Keysborough 4% -3% 20% 4%

Noble Park -1% -1% 17% 5%

Springvale South 9% -4% 20% 6%

Springvale -1% -3% 17% 7%

Dandenong North 2% 0% 22% 6%

Endeavour Hills -4% -5% 10% 4%

Doveton 2% 0% 0% 6%

Eumemmerring n.a. -4% 28% 6%

Hallam -15% -11% 4% 4%

Hampton Park 0% -7% 12% 5%

Lynbrook n.a. n.a. n.a. n.a.

Dandenong South n.a. n.a. n.a. n.a.

Noble Park North 0% -9% 5% 6%

Greater Melbourne 5% 0% 26% 5%

In the last 12 months apartment sales accounted for 54% of total residential

transactions in Dandenong, which exceeds the catchment area (26%) and

the Melbourne average (30%).

NUMBER OF TRANSACTIONS



0

50

100

150

200

250

300

350

Dandenong

Keys

borough

Noble Park

Springva

le

South

Springva

le

Dandenong

North

Endeavo

ur

Hills

Dove

ton

Eumemmerring

Hallam

Hampton Park

Lyn

brook

Dandenong

South

Noble Park

North

Mar

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MARKET DATA

7.1 Rents and Indicative Yields

Median asking rents for houses in Dandenong are $330 per week, compared to a catchment area median

of $335. Dandenong apartments achieve median rents of $275 per week, with the broader catchment area

achieving median rents of $290 per week.

MEDIAN ASKING RENTS



200

250

300

350

400

450

Dandenong

Keys

borough

Noble Park

Springva

le

South

Springva

le

Dandenong

North

Endeavo

ur

Hills

Dove

ton

Eumemmerring

Hallam

Hampton Park

Lyn

brook

Dandenong

South

Noble Park

North

Greater

Melbourne

INDICATIVE GROSS RENTAL YIELD



0%

1%

2%

3%

4%

5%

6%

Dandenong

Keys

borough

Noble Park

Springva

le

South

Springva

le

Dandenong

North

Endeavo

ur

Hills

Dove

ton

Eumemmerring

Hallam

Hampton Park

Lyn

brook

Dandenong

South

Noble Park

North

Greater

Melbourne

Indicative gross rental yields for apartments in Dandenong (4.9%) are

comparable to a number of benchmark suburbs where gross rental yields

range from 4.3% to 5.6% and above the Melbourne benchmark of 4.2%.

Mar

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3

M A R K E T O U T L O O K A R C H E RM A R K E T O U T L O O K A R C H E RM A R K E T P R O F I L E D A N D E N O N G

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This report is dated September 2014 and incorporates information and events up to that date only and excludes any information arising, or event occurring, after that date which may affect the validity of

Urbis Pty Ltd’s (Urbis) opinion in this report. Urbis prepared this report on the instructions, and for the benefit only, of Barnes Capital (Instructing Party) for the purpose of report (Purpose) and not for

any other purpose or use. To the extent permitted by applicable law, Urbis expressly disclaims all liability, whether direct or indirect, to the Instructing Party which relies or purports to rely on this report

for any purpose other than the Purpose, and to any other person which relies or purports to rely on this report for any purpose whatsoever (including the Purpose).

In preparing this report, Urbis was required to make judgements which may be affected by unforeseen future events, the likelihood and effects of which are not capable of precise assessment.

All surveys, forecasts, projections and recommendations contained in or associated with this report are made in good faith and on the basis of information supplied to Urbis at the date of this report,

and upon which Urbis relied. Achievement of the projections and budgets set out in this report will depend, among other things, on the actions of others over which Urbis has no control.

In preparing this report, Urbis may rely on or refer to documents in a language other than English, which Urbis may arrange to be translated. Urbis is not responsible for the accuracy or completeness of

such translations and disclaims any liability for any statement or opinion made in this report being inaccurate or incomplete arising from such translations.

Whilst Urbis has made all reasonable inquiries it believes necessary in preparing this report, it is not responsible for determining the completeness or accuracy of information provided to it. Urbis

(including its officers and personnel) is not liable for any errors or omissions, including in information provided by the Instructing Party or another person or upon which Urbis relies, provided that such

errors or omissions are not made by Urbis recklessly or in bad faith.

This report has been prepared with due care and diligence by Urbis and the statements and opinions given by Urbis in this report are given in good faith and in the reasonable belief that they are correct

and not misleading, subject to the limitations above.

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dandenong apartment market proﬁle...for the 2014 ﬁnancial year has not yet been released;...

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