Distressed Property of the Week

276/71 Jones Street, Ultimo 2007

The vendor is accepting offers from $730,000 as of 19 August on this 1-bedroom apartment, located in Ultimo. The property last sold in March 2016 for $755,000 and the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.

According to Jiayin Yuan and Winston Huang from K2 Real Estate, the modern, open plan 1-bedroom apartment includes balcony access and is situated in the suburb of Ultimo. The building features 5-star complex facilities and allows for easy access to the ICC, Darling Harbour, Sydney Fish Market, The Star, Broadway Shopping Centre and UTS.

If you think it is a good deal, make sure you crunch the numbers first. In postcode 2007, the vacancy rate has decreased over the last 12 months to 3.8% in August 2021 from 8.7% in August 2020. Asking rents have gained 4.1% over the last 12 months to 24 August. The gross rental yield on units currently sits at 11.3%.

However, asking sales prices for units have fallen over the year by 6.8%. You can view recent sales in 2007 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 in unit 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.

Auction Results

for week ending 22 August 2021

Full individual auction results can be found on our website:

Auction Listings*

for week ending 29 August 2021

CITY	Saturday	Rest of Week	STATE	Saturday	Rest of Week	Link
Sydney	488	167	All NSW	643	239	Auctions in NSW
Melbourne	1514	134	All VIC	1674	155	Auctions in VIC
Brisbane	102	67	All QLD	182	134	Auctions in QLD
Perth	8	7	All WA	8	11	Auctions in WA
Adelaide	117	72	All SA	118	73	Auctions in SA
Canberra	94	36	All ACT	94	36	Auctions in ACT
Darwin	2	3	All NT	2	4	Auctions in NT
Hobart	0	0	All TAS	2	0	Auctions in TAS

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

Real Estate Realities

Jessica Rowe and Peter Overton are upgrading from their $7m home

High-profile journalists Jessica Rowe and Peter Overton have recently listed their two-storey Vaucluse home for sale for $7 million. They are looking to trade-up to a larger five-bedroom home in the same area. Peter Overton is the Chief Newsreader for Nine News 6pm Sydney edition and has “been looking to buy for a couple of years.”

The couple bought the Vaucluse home 12 years ago for $3.37 million. The 700 square metre estate comes complete with “four bedrooms, formal and informal living areas and a swimming pool”. A few years after purchasing, the couple undertook what Overton described as “episodic renovations”. According to Rowe, they have loved living at this home as it is where their two daughters have grown up.

When Overton and Rowe purchased the Vaucluse home, the couple upgraded from their home in Rose Bay, that they purchased for in 2003 $2.315 million. At the time Overton was working for 60 minutes and Rowe was presenting Ten News at Five alongside Ron Wilson.

The sales campaign for the Vaucluse home is ready to be launched in the pending days on behalf of James Keenan and Elliot Placks, of Ray White Double Bay, whom have bought and sold homes on behalf of the couple previously.

More ...

Black Dragon's Words for the Week

"Whatever the mind of man can conceive and believe, it can achieve"

~ Napoleon Hill

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

Week ending 24 Aug 2021		Asking Price	Chg on prev wk	Rolling month % chg	12 mth % chg
Sydney	All Houses	1,549.1	-9.6	-3.5%	14.4%
Sydney	All Units	687.7	1.3	0.5%	1.4%
Melbourne	All Houses	1,083.4	2.6	0.0%	5.6%
Melbourne	All Units	565.0	-1.0	0.2%	0.5%
Brisbane	All Houses	729.3	8.8	4.5%	13.7%
Brisbane	All Units	393.1	0.8	-0.3%	4.5%
Perth	All Houses	696.3	1.0	-0.6%	4.4%
Perth	All Units	387.5	-0.8	-0.5%	2.1%
Adelaide	All Houses	582.7	5.7	1.6%	10.4%
Adelaide	All Units	328.3	-1.7	0.0%	6.7%
Canberra	All Houses	828.2	3.1	0.4%	2.5%
Canberra	All Units	489.8	3.2	2.4%	8.3%
Darwin	All Houses	614.1	4.7	1.5%	7.2%
Darwin	All Units	372.2	-0.2	-0.8%	7.6%
Hobart	All Houses	656.5	5.7	1.0%	15.3%
Hobart	All Units	428.7	-0.8	-1.1%	10.6%
National	All Houses	691.0	5.4	1.0%	15.6%
National	All Units	431.7	3.5	1.5%	9.2%
Cap City Average	All Houses	1,080.0	1.5	-1.0%	10.2%
Cap City Average	All Units	573.5	1.1	0.5%	2.1%

Next update: 31 Aug 2021

SQM Research Weekly Rents Index

Week ending 20 Aug 2021		Rent	Chg on prev wk	Rolling month % chg	12 mth % chg
Sydney	All Houses	701.3	3.7	0.3%	11.4%
Sydney	All Units	465.7	0.3	0.0%	0.6%
Melbourne	All Houses	519.7	-0.7	0.6%	-0.4%
Melbourne	All Units	370.6	0.4	0.9%	-5.9%
Brisbane	All Houses	516.9	1.1	0.0%	11.2%
Brisbane	All Units	395.1	-0.1	1.0%	4.5%
Perth	All Houses	527.0	-2.0	0.4%	12.8%
Perth	All Units	400.0	-2.0	-1.4%	12.2%
Adelaide	All Houses	450.1	2.9	0.2%	10.2%
Adelaide	All Units	335.3	0.7	-0.3%	5.8%
Canberra	All Houses	717.8	-6.8	-1.5%	11.6%
Canberra	All Units	514.1	1.9	2.4%	9.3%
Darwin	All Houses	612.9	2.1	-1.9%	25.2%
Darwin	All Units	461.4	-1.4	-0.2%	29.1%
Hobart	All Houses	467.9	-2.9	-3.0%	6.9%
Hobart	All Units	431.0	8.0	5.8%	13.0%
National	All Houses	528.0	2.0	0.8%	15.0%
National	All Units	402.0	1.0	1.0%	7.2%
Cap City Average	All Houses	578.0	1.0	-0.3%	8.6%
Cap City Average	All Units	421.0	0.0	-0.2%	1.2%

Next update: 28 Aug 2021

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!