Distressed Property of the Week

501/188 Peel Street, North Melbourne, VIC 3051

This 1-bedroom apartment located in North Melbourne has been reduced, with the vendor now accepting offers from $164,500. This has been reduced from $199,950 when it was last sold in March 2011. The vendor must be keen to sell.

According to Stephen Shen from Loyaland Real Estate, the 1-bedroom apartment is located on level 5 of the block. The apartment is modern and features an open-plan kitchen, air-conditioning and views of the city. The building is located within walking distance of the tram, shops, restaurants, RMIT, Melbourne Central, Melbourne University and Queen Victoria Market.  

Let’s see what the numbers show. Asking sales prices for units have increased by 6% over the year to 27 April 2022. You can view recent sales in 3051 here. Over the last 12 months, the vacancy rate for postcode 3051 has decreased to 2.3% in April 2022 from 8.6% in April 2021.

However, asking rents for units in postcode 3051 have increased 21.4% over the last 12 months. The gross rental yield on units currently sits at 4.4%. Given these figures, arm yourself with the latest market research, enabling you to possibly drive a harder bargain with the seller, who is clearly keen to get this property off their hands.

Monitor this market market and others with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.

Auction Results

for week ending 24 April 2022
Full individual auction results can be found on our website:

Auction Listings*

for week ending 1 May 2022

* The above counts of auctions represent most recent known auction dates for the coming week.

Real Estate Realities

Elle Macpherson Lists Massive Florida Mansion For Sale With $40 Million Asking Price

Elle Macpherson, Australian Supermodel has put her Florida Mansion on the market for US$29 million ($40 million). The 6920 square metre estate is located within the gated community of Journeys End Estates in Coral Gables. The grounds of this estate were designed by Enzo Enea, renowned Landscape architect.

The two-storey mansion boasts six beds and six and a half bathrooms. In 2017 the mansion was refreshed by Chad Oppenheim, a Miami-based architect. Macpherson spoke with Architectural Digest in 2019 about designing her home and said “This time, it wasn’t about developing a million different schemes, with lots of custom-built furniture or profound investments, and then deciding which one to pursue.”

Macpherson has been able to accomplish a minimalistic masterpiece with the help of interior designer Sawyer Berson. The residence "emphasises the grandeur of spaciousness" by using an almost all-white palette, with one room in the mansion being the exception as it is painted teal.

Other benefits of the estate include a massive kitchen, dining room and master suite including two walk-in robes. On the estate, the grounds boast a lounge area, a saltwater pool, oak tree's and mango, orange and lemon trees.

More . . .

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

Week ending 26 Apr 2022		Asking Price	Chg on prev wk	Rolling month % chg	12 mth % chg
Sydney	All Houses	1,750.0	-5.2	-0.1%	18.2%
	All Units	714.3	-1.7	-0.6%	6.6%
	Combined	1,271.2	-3.6	-0.5%	12.0%
Melbourne	All Houses	1,187.1	0.9	1.3%	14.9%
	All Units	582.8	-1.0	0.2%	2.4%
	Combined	972.1	0.3	0.8%	9.0%
Brisbane	All Houses	911.2	7.5	1.5%	35.8%
	All Units	438.2	0.9	0.6%	13.7%
	Combined	763.0	5.4	1.2%	29.2%
Perth	All Houses	744.1	1.1	1.0%	11.3%
	All Units	401.5	0.8	0.7%	2.8%
	Combined	659.3	1.1	0.8%	8.9%
Adelaide	All Houses	698.5	5.7	1.7%	29.2%
	All Units	337.1	3.2	2.0%	2.9%
	Combined	616.6	5.1	1.7%	24.4%
Canberra	All Houses	1,065.8	-7.7	-0.6%	29.7%
	All Units	533.0	4.5	3.7%	11.8%
	Combined	856.9	-2.9	0.3%	23.6%
Darwin	All Houses	654.7	-2.9	-0.2%	11.2%
	All Units	359.7	-0.2	-0.3%	-7.6%
	Combined	553.3	-2.0	-0.3%	6.2%
Hobart	All Houses	751.6	-1.4	0.8%	16.6%
	All Units	472.1	20.9	1.2%	12.9%
	Combined	699.6	2.8	0.8%	15.2%
National	All Houses	805.0	4.2	1.8%	20.7%
	All Units	474.5	1.3	0.3%	13.6%
	Combined	721.3	3.5	1.5%	18.2%
Cap City Average	All Houses	1,220.6	-3.6	0.6%	17.3%
	All Units	596.3	-0.2	0.3%	5.5%
	Combined	1,008.8	-2.5	0.3%	12.5%

Next update: 3 May 2022

SQM Research Weekly Rents Index

Week ending 20 Apr 2022		Rent	Chg on prev wk	Rolling month % chg	12 mth % chg
Sydney	All Houses	787.5	0.5	1.8%	19.3%
	All Units	503.8	1.2	1.6%	11.0%
	Combined	591.7	1.0	2.0%	13.3%
Melbourne	All Houses	549.4	0.6	0.3%	7.6%
	All Units	409.8	1.2	2.1%	12.2%
	Combined	456.1	1.0	1.7%	9.6%
Brisbane	All Houses	592.8	3.2	3.4%	21.9%
	All Units	418.3	2.7	2.3%	8.5%
	Combined	502.3	3.0	3.2%	15.9%
Perth	All Houses	576.9	-3.9	-0.6%	11.2%
	All Units	433.9	2.1	1.8%	11.8%
	Combined	510.4	-1.1	0.5%	10.8%
Adelaide	All Houses	511.7	6.3	3.6%	17.0%
	All Units	368.0	4.0	5.3%	11.9%
	Combined	460.2	5.5	4.4%	15.8%
Canberra	All Houses	765.9	1.1	-0.4%	14.9%
	All Units	559.6	0.4	0.8%	13.2%
	Combined	646.3	0.7	0.5%	13.7%
Darwin	All Houses	647.5	-0.5	5.0%	11.2%
	All Units	445.4	-14.4	-1.0%	10.7%
	Combined	526.0	-8.9	1.9%	11.5%
Hobart	All Houses	524.6	7.4	2.9%	6.8%
	All Units	446.5	-3.5	2.2%	8.3%
	Combined	496.0	3.4	2.7%	7.8%
National	All Houses	580.0	1.0	1.8%	13.5%
	All Units	440.0	5.0	2.6%	12.5%
	Combined	498.5	3.3	2.5%	11.9%
Cap City Average	All Houses	638.0	0.0	1.1%	15.2%
	All Units	458.0	1.0	1.6%	11.4%
	Combined	523.5	0.6	1.7%	12.1%

Next update: 28 Apr 2022