Distressed Property of the Week
Unit 4807/568 Collins St Melbourne VIC 3000
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The vendor is now accepting offers from $340,000 on this 1-bedroom apartment located in Melbourne. This has been reduced from $380,000 when it was originally advertised in February 2022 and last sold for $431,000 in August 2010. The vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale. The apartment currently has a tenant in place on a lease.
According to Michael Goi from Vantage Point Relty; this level 48 open-plan apartment comprises of one bedroom with ensuite, bathroom and balcony. The building facilities include a swimming pool, spa, sauna and gym. Public transport, supermarkets and shops are all available within walking distance.
But is it a good deal? Let's examine the numbers first. In postcode 3000, the vacancy rate has decreased over the last 12 months to 2.9% in June 2022 from 7.9% in June 2021. Asking rents for units have increased 36.9% over the last 12 months to 15 June 2022. The gross rental yield on units currently sits at 5.6%.
However, asking sales prices for units in postcode 3000 have increased over the year by 0.5%. You can view recent sales in 3000 here. Given these figures, equip yourself with the latest market research, as you could possibly drive a harder bargain with the seller.
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.
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Auction Results
for week ending 12 June 2022
Full individual auction results can be found on our website:
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Auction Listings*
for week ending 19 June 2022
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* The above counts of auctions represent most recent known auction dates for the coming week.
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Vacancy Rates Fall in May 2022 to New 16 Year Low
Asking Rents Rise Again by Another 2% Over Past 30 Days
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SQM Research today has revealed national residential property rental vacancy rates fell to 1% in May 2022, from 1.1% in the month of April.
The total number of rental vacancies Australia-wide now stands at 36,478 residential properties, down from 39,616 in April. Sydney and Melbourne vacancy rates fell to 1.5% and 1.7% from 1.6% and 1.9%. In the smaller capital cities, Brisbane, Perth, Adelaide, Canberra, Darwin and Hobart, vacancy rates sat below 1.0%.
Vacancy rates in the Melbourne CBD and the Sydney CBD remained steady at 2.9% and 3.5% respectively.
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Asking Rents
Over the past month to 15 June 2022, capital city asking rents rose by another 2% with the 12-month rise standing at 15.6%. Capital city house rents are recording 12 month increases of 15.8%, while unit rents have risen by 14.8%.
Louis Christopher, Managing Director of SQM Research said:
“Rental vacancy rates continued to tighten across the country and there is nothing yet in the data that would suggest we are about to see a reprieve. The national rental crisis continues on unabated and as a result, asking rents are skyrocketing. Sydney combined rents have risen by 17.5% just over the past 12 months. Brisbane is up by 18.6% for the same period. Melbourne up by 14.8%.
Reductions in household size, short term stay listings eating into longer term lease availability and now the likely rise in immigration levels, are all factors contributing to this crisis. There will also be ramifications for headline inflation once the Australian Bureau of Statistics update their rental series with the actual market.”
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Real Estate Realities
Britney Spears Buys Calabasas Estate for $11.8 Million
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Recently married Britney Spears has purchased a Los Angeles estate for US$11.8 million. The property is located "within the double-gated Estates at the Oaks neighborhood, which is a gated community within a guard-gated community. Some of her nearest new neighbors include Travis Barker and Kourtney Kardashian."
The estate was built in 2008 and was last sold in 2012 to Bill Slevin, a car dealership mogul. The striking structure, provides lots of space and boasts seven bedrooms and nine bathrooms across 11,649 square feet of a single-level space. "The primary bedroom holds a fireplace and sitting area, as well as walk-in closets and a luxurious shower with a dual entrance."
Highlights of the estate include a 33-foot foyer, a surround sound Dolby 10-seat theater, wine cellar, wet bar, wraparound breakfast bar, chefs kitchen and multiple cook prep stations. The family room looks out onto the 2,000 square foot entertaining patio complete with an outdoor kitchen and fireplace.
The 1.6 acre resort-like grounds include multiple waterfalls, a 55-foot pool and a jacuzzi. Alongside this is a one-bedroom, one bathroom guest house complete with kitchen and five-car garage. "The listing was held by Million Dollar Listing Los Angeles stars Josh and Matt Altman of Douglas Elliman."
More . . .
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Black Dragon's Words for the Week
"Only in the darkness can you see the stars.”
~ Martin Luther King, Jr.
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SQM Research Housing Indexes
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SQM Ratings Newsletter ☆☆☆☆☆
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