Distressed Property of the Week
10/7-17 Edwin Street, Regents Park NSW 2143
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The vendor is accepting offers from $385,000 - $395,000 as of 3 September on this 2-bedroom apartment, located in Regents Park. The property last sold in November 2017 for $405,000 and the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.
According to Nathan Duong and (David) Tuong Nguyen of Harcourts Cabramatta, the north west facing 2-bedroom apartment is recently renovated and is located in quiet position. The property features a large lock up garage, while allowing for easy access to public transport, shops, schools, parks and the Renown Carnarvon Golf Course.
If you think it is a good deal, make sure you crunch the numbers first. In postcode 2143, the vacancy rate currently sits at 2.6%. Asking rents have fallen 4.4% over the last 12 months to 14 September. The gross rental yield on units currently sits at 4.6%.
However, asking sales prices for units have increased over the year by 3.1%. You can view recent sales in 2143 here. Given these figures, it would pay to do more research, as you could possibly drive a harder bargain with the seller.
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.
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Auction Results
for week ending 12 September 2021
Full individual auction results can be found on our website:
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Auction Listings*
for week ending 19 September 2021
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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 Fell Again for August
Signs Regional Australia recording a 2nd wave of demand
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SQM Research today has revealed the national residential property rental vacancy rates fell again to just 1.6% over the month of August 2021. At the national level, this is the lowest rental vacancy rate recorded since March 2011.
Vacancy Rates
The total number of vacancies Australia-wide now stands at 58,856 residential properties, down from 61,313 in July. Melbourne’s vacancy rate fell to 3.5% in August from 3.6% in July, while in Sydney vacancy rates dropped to 2.6% from 2.7%. In a sign that harsher capital city lockdowns are affecting the rental market, many regions in NSW recorded falls in rental vacancy rates such as the Blue Mountains and NSW North Coast which recorded falls in vacancies over August to 0.6% and 0.7% respectively. In Adelaide, Perth, Darwin, Canberra and Hobart the vacancy rate remained below 1.0%, while Brisbane’s rate remained constant. Vacancy rates rose in the Sydney CBD to 7.8%. Melbourne CBD also recorded a rise in rental vacancies to 8.3%.
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Rents
Over the month to 12 September 2021, national asking rents rose 1.3% for houses to $533 per week and units rose by 0.2% to $402 a week. The national rise was driven by larger regional increases over and above the capital cities. SQM Research believes the lockdowns may have triggered another wave of interest in regional living as many of the community seek freedom away from harsh Covid measures.
Capital city rents remained steady for houses over the past 30 days and are up by 9.1% over the past 12 months. Rents for units rose by 0.2% over the past 30 days and up by just 1.9% for the past 12 months.
Rents rose for most regions around Australia. Rents for houses in North Coast NSW rose by 4.2% for the month. Rents rose by 6.7% for the month in Sydney’s Blue Mountains. Rents also rose by 4.8% for houses in the Mornington Peninsula and rents rose a stunning 8.2% for houses in Toowoomba.
Louis Christopher, Managing Director of SQM Research said:
“There are strong signs the current lockdowns are creating another wave on interest in regional property. SQM Research has recorded new falls in rental vacancy rates across many of our regions, while at the same time, CBD rental vacancy rates have surged again over August. While it is true that a number of regional areas have been in lockdown, it has been perceived that the regional lockdowns have not been as harsh or as widespread compared to the city-wide restrictions.
Going forward, we anticipate that vacancy rates will fall again over the month of September. Weekly listing updates through to the 12th of September suggest a further tightening of conditions and so it is reasonable to expect another surge in rents in most areas except for the CBD locations.”
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Real Estate Realities
Kylie Minogue Sells Armadale Property
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Kylie Minogue, one of Australia’s highest-selling female artists of all time, has recently sold her Armadale property for $1.715 million. Minoque purchased the 25 Cambridge Street property in 1990 for $185,000, and made a profit of $1.53 million.
Jellis Craig Boroondara director and auctioneer Campbell Ward “would not comment on the quiet February sale of the two-bedroom, Victorian-style property, only saying the vendor had owned the property for some time.” The home has been used as an investment property over the years and has not been lived in by Minogue, even though she grew up in the in the nearby neighbourhood of Camberwell.
Despite the city enduring six lockdowns since the beginning of last year, “Melbourne’s property market has been running hot.” With homes selling at auction for above reserve prices, Minoque chose to sell the property.
Over the last five years house prices in Armadale have soared by 24.7% and according to Domain data, the median house price is $2.52 million for the inner-city suburb and for a house the median rent is $698 per week.
More ...
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Black Dragon's Words for the Week
"Success Only Comes To Those Who Dare To Attempt"
~ Mallika Tripathi
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SQM Research Housing Indexes
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