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Distressed Properties Report
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Distressed Property of the Week

8/3 Alexandra Parade Rockdale NSW 2216

The price on this two-bedroom apartment located in Rockdale, has been reduced, with the vendor now accepting offers from $549,000. The property is reduced from the initial asking price of $569,000 when it was originally advertised in November 2021 and was last sold in 2012 for $312,000 and in 2003 sold for $250,000. In November 2020, the property was last advertised for $360 a week in rent. The vendor is hoping the reduced price will attract buyers after spending several months on the market. The apartment currently has a tenant on a fixed term lease until 10/10/22.

According to Perry Theo and Kassem Sabra from Domain NSW Real Estate; the open plan unit is located on the top floor and comprises of two bedrooms and one bathroom. The secure boutique block is a short walk away from shops, schools and Rockdale Train Station.

Now, Lets see what the numbers show. Asking sales prices for 2-bedroom units in postcode 2216 have increased by 4.9% over the year to 26 July 2022. You can view recent sales in 2216 here. Over the last 12 months, the vacancy rate has decreased to 1.4% in July 2022 from 4.1% in July 2021.

However, asking rents for units in postcode 2216 have increased 15.5% over the last 12 months. The gross rental yield on 2-bedroom units currently sits at 3.9%. 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.

Auction Results

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

Auction Listings*

for week ending 31 July 2022

CITY Saturday   Rest of Week STATE Saturday   Rest of Week   Link
Sydney 573   184 All NSW 713   291   Auctions in NSW
Melbourne 740   137 All VIC 815   149   Auctions in VIC
Brisbane 113   98 All QLD 195   208   Auctions in QLD
Perth 9   13 All WA 11   15   Auctions in WA
Adelaide 124   80 All SA 127   82   Auctions in SA
Canberra 67   30 All ACT 67   30   Auctions in ACT
Darwin 1   3 All NT 2   3   Auctions in NT
Hobart 0   0 All TAS 1   0   Auctions in TAS

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

Real Estate Realities

The Number One Complaint of New Home Buyers in NSW

Over the past three years the most common complaint for new home buyers in NSW was poor-quality construction; this includes defective work, unsatisfactory performance and incomplete work. 

Between 2019 and 2021 NSW Fair trading received 11,000 complaints each year. House construction complaints regarding poor workmanship "have experts concerned about a brain drain in the sector and an abundance of cheap labour." 

NSW Building Commissioner "David Chandler, who resigned unexpectedly" Monday afternoon stated that there was enough evidence from poor unit works to suggest that the same issues existed in construction of houses too.

Site supervisors, poor quality checks and unqualified trades are thinly stretched over multiple projects and this combination has contributed to the migration of house building defects into the apartment sector. Mr Chandler has "put this down to builders and developers shopping for cheap labour regardless of qualifications."

Jerry Tyrrells founder, architect and building consultant for Tyrrells Property Inspections has said that "95% of Australian construction is satisfactory". However there were knowledge gaps between different trades and common and expensive defects could be avoided if these are fixed. According to Tyrrell, "quality assurance can help, knowledge was key and part of the Home Building Compensation Fund should go back into better training of trades." 

More . . .

Black Dragon's Words for the Week

 

"Success only comes to those who dare to attempt." -

~ Mallika Tripathi

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

 
Week ending
26 Jul 2022
Asking Price
($)
Chg on
prev wk($)
Rolling month
% chg
12 mth
% chg
Sydney All Houses 1,665.266 -5.866  -1.7%  3.7% 
All Units 714.088 -2.848  -0.8%  4.4% 
Combined 1,217.276 -4.444  -1.6%  1.2% 
Melbourne All Houses 1,159.135 -1.735  -1.1%  7.0% 
All Units 584.443 0.752  -0.3%  3.7% 
Combined 945.940 -0.812  -1.2%  3.0% 
Brisbane All Houses 920.633 -0.543  -0.5%  31.9% 
All Units 457.101 2.898  1.4%  15.9% 
Combined 771.726 0.563  -0.3%  26.5% 
Perth All Houses 759.975 0.562  -0.3%  8.5% 
All Units 408.406 0.194  0.5%  4.8% 
Combined 671.591 0.470  -0.2%  6.8% 
Adelaide All Houses 719.582 1.966  -0.4%  25.5% 
All Units 358.930 2.270  2.0%  9.3% 
Combined 636.895 2.036  -0.1%  22.3% 
Canberra All Houses 1,089.292 4.689  -0.2%  32.0% 
All Units 572.267 0.470  3.2%  19.6% 
Combined 881.954 2.997  0.5%  27.1% 
Darwin All Houses 670.420 -6.620  2.6%  10.8% 
All Units 375.943 2.557  5.9%  0.2% 
Combined 567.596 -3.416  3.2%  7.8% 
Hobart All Houses 763.051 -0.961  -0.1%  17.4% 
All Units 473.258 2.042  2.3%  9.2% 
Combined 707.853 -0.389  0.1%  15.4% 
National All Houses 800.586 -2.154  -1.8%  17.1% 
All Units 494.367 5.002  1.4%  16.3% 
Combined 720.638 -0.286  -1.4%  15.6% 
Cap City Average All Houses 1,188.955 0.871  -0.8%  9.0% 
All Units 600.891 -1.313  -0.6%  5.3% 
Combined 983.670 0.109  -0.9%  5.9% 

Next update: 2 Aug 2022

SQM Research Weekly Rents Index


Week ending
20 Jul 2022
Rent
($)
Chg on
prev wk($)
Rolling month
% chg
12 mth
% chg
Sydney All Houses 834.88 5.120  1.3%  19.4% 
All Units 530.78 1.224  1.2%  14.0% 
Combined 635.36 2.564  1.9%  17.7% 
Melbourne All Houses 565.73 0.269  0.7%  9.5% 
All Units 439.18 3.816  2.6%  19.6% 
Combined 485.98 2.504  2.2%  16.7% 
Brisbane All Houses 619.24 -1.244  1.0%  19.8% 
All Units 450.36 2.644  3.6%  15.1% 
Combined 539.13 0.600  2.6%  20.0% 
Perth All Houses 598.17 1.833  2.3%  13.9% 
All Units 440.93 1.066  0.5%  8.7% 
Combined 526.43 1.483  1.6%  11.8% 
Adelaide All Houses 524.06 -2.057  0.2%  16.6% 
All Units 373.47 0.527  0.5%  11.0% 
Combined 474.82 -1.212  0.6%  16.8% 
Canberra All Houses 769.13 -3.132  -0.8%  5.6% 
All Units 564.39 -1.392  -0.3%  12.4% 
Combined 655.79 -2.169  -0.5%  9.6% 
Darwin All Houses 667.09 9.913  3.5%  6.7% 
All Units 473.28 -30.277  0.0%  2.4% 
Combined 555.51 -13.225  2.1%  5.9% 
Hobart All Houses 523.12 -1.116  -0.1%  8.4% 
All Units 480.57 9.425  3.5%  18.0% 
Combined 507.97 2.638  1.1%  12.3% 
National All Houses 580.00 -1.000  -1.4%  10.7% 
All Units 451.00 3.000  2.3%  13.3% 
Combined 510.06 1.169  0.7%  12.6% 
Cap City Average All Houses 666.00 2.000  0.8%  14.8% 
All Units 483.00 1.000  1.5%  14.5% 
Combined 556.29 1.401  1.6%  15.7% 

Next update: 28 Jul 2022

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