Distressed Property of the Week
203/12 Cunningham Street, Newstead QLD 4006
|
|
The vendor is accepting offers from $620,000 as of 23 July on this 2-bedroom apartment, located in Newstead. The property last sold in November 2017 for $644,000 and the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale. This apartment is currently tenanted out until October 2021
According to Charlene Herrmann and Rick Wang from The Aurora Newstead Team, the luxury 2-bedroom, 2-bathroom apartment is located on the 26th floor and is located in the Gasworks precinct. The apartment includes a secure basement carpark and a lobby including concierge services. The residence features views of the river and parkland while allowing for easy access to public transport, supermarkets, cafes and restaurants.
If you think it is a good deal, make sure you crunch the numbers first. In postcode 4006, the vacancy rate has decreased over the last 12 months to 3% in July 2021 from 7.9% in August 2020. Asking rents have gained 4.8% over the last 12 months to 3 August. The gross rental yield on units currently sits at 5.1%.
However, asking sales prices for 2-bedroom units have been flat over the year and over three years have fallen by 1.9%. You can view recent sales in 4006 here. Given these figures, it would pay to do more research, as you could possibly drive a harder bargain with the seller given the fall units prices.
You can monitor this 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.
|
|
Listings Mixed Over July
Sydney New Listings Dive on Lockdown by Lockdown
|
|
Figures released today by SQM Research reveal national residential property listings rose in July 2021 by 1.1% to 238,834 from 236,218 in June 2021,
The largest monthly falls in property listings in July were in Sydney and Adelaide, as the latest lockdowns in these cities disrupted the market. Melbourne has recorded a rise in listings of 3.9% over the month, as a result of a late surge in new listings. Over the year, property listings are trending downwards nationwide, which is putting upward pressure on property prices as demand outstrips supply. Compared to 12 months ago, national listings fell 23.6%, with the biggest falls in Hobart, Adelaide, Canberra and Brisbane.
|
|
Nationally, new listings (Less than 30 days) fell 1.2% over July 2021 to 71,518 properties on the market, though they rose 5.4% over the year. New listings dropped the most in Darwin followed by Sydney, down by 41.4% and 19.7%, respectively. Over the year, new listings rose the most in Darwin, by 39.2% as vendors seek to take advantage of strong market conditions.
In a sign that older stock is clearing, property listings over 180 days dropped by 6.2% in July 2021 and they are down 49.8% over the year, with falls posted recorded in all capital cities, led by Canberra.
|
|
Louis Christopher, Managing Director of SQM Research said: “Total listings over July were predominantly impacted by lockdowns, particularly for Sydney whereby there was a 19.7% decline in new listings. Older listings also had another monthly fall, indicating strong absorption rates across the country. Melbourne’s market appears to be more active than this time last year, despite the most recent lockdown and mixed auction clearance rates. Going forward we are cautious for the market given the likely economic damage as a results of these latest lockdowns. That said, recently announced Government support packages will likely assist the housing market into the spring of 2021.”
Asking Prices
Over the past 30 days to 3 August 2021, Sydney asking prices fell by 0.7% for houses and 0.2% for units. Asking prices for houses in Melbourne, Brisbane and Perth rose by 1.1%, 1.6% and 0.6%, though there were no changes in unit asking prices. Adelaide asking prices for houses fell by 0.3%, while units rose by 1.6%. Canberra, Darwin and Hobart asking prices for houses rose by 1.2%, 0.9% and 0.6%, respectively, while asking prices for units rose by 0.9%, 0.7% and 3.2%.
|
|
Auction Results
for week ending 1 August 2021
Full individual auction results can be found on our website:
|
|
Auction Listings*
for week ending 8 August 2021
|
|
* The above counts of auctions represent most recent known auction dates for the coming week.
|
|
|
Real Estate Realities
Oprah Winfrey Sells Her 43-Acre Waterfront Estate
|
|
Oprah Winfrey has decided to reduce her real estate portfolio and recently sold her 43-acre waterfront estate of Orcas Island, Washington, for US$14 million. In 2018, Winfrey purchased the secluded estate for US$8 million, without ever visiting the property. Oprah's broker told the Business Journal that she decided to sell the estate because “she’s too busy and never going to really use it".
Located just off the coast of Seattle, the estate features 3,000 feet of west-facing shoreline providing the owner with sunset views. Built in 2007, the three-story property features a copper and slate roof exterior and features a rustic, cabin-like interior. The 7,303 square foot home boasts four bedrooms. The dining room, kitchen and living area provide a great entertaining space for guests. The luxurious space comes complete with tasting room, game room, wine cellar, home office and floor-to ceiling bookshelves in the library.
According to the original listing, "the grounds also include a garden, hiking trails, a sauna, a pond, a stream, and more." On the top of the high cliff, the residency also features a 2,948 square foot guesthouse, including four bedrooms and three bathrooms. This second house overlooks the shoreline's private beach. Oprah Winfrey currently resides in the celebrity community of Montecito, California on her 70-acre ranch. In addition to this residence, the media mogul owns various estates in Telluride, Colorado and in Maui, an island of Hawaii.
More ...
|
|
Black Dragon's Words for the Week
"Light tomorrow with today"
~ Elizabeth Barrett Browning
|
|
|
SQM Research Housing Indexes
|
|
SQM Research Weekly Asking Prices Index
|
|
SQM Ratings Newsletter ☆☆☆☆☆
Did you know that SQM Research doesn’t only provide residential property data, we also provide research on all asset classes. We have data and analytics on over 10,000 funds in Australia. To find out more and to subscribe to our Fund Data tool click here.
If you would like to subscribe to our Ratings Newsletter, click here. The newsletter provides regular updates on all funds including ratings changes and media releases, and valuable Insights into the point of view of our analysts on a variety of ratings research related topics. And it’s completely free!
|
|
|
|
|