Distressed Property of the Week
2005/151 George Street Brisbane City QLD 4000
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The vendor is now accepting offers from $329,000 on this 1-bedroom apartment, located in Brisbane City. The property last sold in April 2013 for $355,000 where the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.
According to Kirsten Walsh and Kai Liu from Ray White Inner Brisbane Apartments this north-facing 1-bedroom apartment is located on the 20th floor in the Casino Towers. The spacious unit features amazing views of the city, whilst allowing easy access to the Brisbane CBD and is located directly across from the Queen's Wharf entertainment precinct.
If you think it is a good deal, make sure you crunch the numbers first. In postcode 4000, the vacancy rate has decreased over the last 12 months to 7.5% in October 2021 from 12.2% in October 2020. Asking rents have fallen 9.6% over the last 12 months to 5 October. The gross rental yield on units currently sits at 5.9%.
However, asking sales prices for units have fallen over the year by 8%. You can view recent sales in 4000 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 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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Listings Fall Over September
Pick up in new listings for the start of spring
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Figures released today by SQM Research reveal national residential property listings fell in September 2021 by 0.6% to 214,566 from 215,911 in August 2021.
The largest monthly falls in property listings in September were in Canberra and Brisbane. The demand for property in Brisbane appears to be surging with large falls is stock, making for many buyers competing with each other with only a few properties for sale. Sydney and Melbourne have recorded a rise in listings of 3.9% and 1.7% over the month, as a result of the near end of lockdowns.
Over the year, property listings are trending downwards nationwide. Compared to 12 months ago, national listings fell 25.9%, with the biggest falls in Sydney, Hobart, Adelaide, Canberra and Brisbane. The high rate of buyer demand and lockdowns is ensuring that there was a shortage of properties for sale in the first month of spring. Going forward, we do expect a strong pick up in October and November as what we had last year given the near end of lockdowns for Melbourne and Sydney.
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Nationally, new listings (Less than 30 days) rose 11.9% over September 2021 to 73,812 properties on the market, though they rose 18% over the year. New listings dropped the most in Canberra followed by Hobart down by 15.9% and 5.8%, respectively. Over the year, new listings rose the most in Darwin followed by Sydney by 31.4% and 23.1% which is to be expected for the start of spring.
In a sign that older stock is clearing, property listings over 180 days dropped by 4.1% in September 2021 and they are down 54% over the year, with monthly falls as old listings were bought up at a quicker rate.
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Commentary
Louis Christopher, Managing Director of SQM Research said: As we enter into the traditional spring selling season, there remains a shortage of listings across Australia. Demand continues to outstrip supply which is pushing up prices despite the uncertainties and restrictions surrounding Covid19. Going forward we now expect a rise in housing listings for October and November due to the imminent lifting of lockdown in Sydney and Melbourne. However, the expected rise in listings is unlikely to create a housing slowdown prior to Christmas as low interest rates continue to stimulate the housing market and the expected economic uplift following the end of lockdown will also likely create stimulus for housing. “
Asking Prices
Over the past 30 days to 5 October 2021, Sydney asking prices rose by 4.1% for houses, yet fell by 0.5% for units. Asking prices for houses in Melbourne and Brisbane rose by 0.9% and 3.1% and rose by 0.9% for units. Perth and Adelaide asking prices for houses rose by 1% and 1.9%, while units fell by 0.5% and 1.2%. Canberra asking prices for houses fell by 1.2%. Darwin and Hobart asking prices for houses rose by 1.9% and 1.3% and rose for units by 0.1% and 0.6%.
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Auction Results
for week ending 3 October 2021
Full individual auction results can be found on our website:
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Auction Listings*
for week ending 10 October 2021
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* The above counts of auctions represent most recent known auction dates for the coming week.
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Real Estate Realities
Scooter Braun Sells His 1916 Montecito Estate
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Scooter Braun’s Montecito estate just sold in an off market deal for US$28 million according to Dirt. Braun and ex-wife Yael Cohen Braun purchased the 7,957 square foot estate in 2014 for US$10.9 million.
The estate was originally built in 1916 and following the purchase, the Braun’s renovated the property. In 2018, during a tour Yael told architectural digest that they “ended up painting every inch, redoing the lighting, the roof, once you’re in you realize how many things in an old house need a little love and attention.”
The main home boasts five bedrooms and five bathrooms and includes a guest house and pool house in the backyard. The Braun’s left much of the original home arts and crafts charm, in particular “the untouched millwork, though the original wood interiors were all painted a crisp white.” As well as renovating the interior of the home, they redid the grounds including the butterfly-shaped rose garden, stone terraces and lawns. The estate features two fire pits, pool, tennis court with adjoining lounge area allow for plenty of outdoor entertainment options.
More ...
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Black Dragon's Words for the Week
“The individual who says it is not possible should move out of the way of those doing it.”
~ Tricia Cunningham
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SQM Research Housing Indexes
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SQM Ratings Newsletter ☆☆☆☆☆
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