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AUCTION RESULTS for week ending 8 November 2020
Full individual auction results can be found on our website:
AUCTION LISTINGS* for week ending 15 November 2020
* The above counts of auctions represent most recent known auction dates for the coming week. ^As at 18-Oct-20, Melbourne outdoor auctions will be allowed (max. 10 people).
DISTRESSED PROPERTY OF THE WEEK
12 / 50-54 McIlwraith Street, South Townsville QLD 4810
A 2-bedroom inner-city apartment in South Townsville is selling for $189,000 after an initial price of $259,000 in 2018. It was last sold for $260,000 in 2006.
With a total size of 76 sqm, the apartment has an open plan design that flows to a front balcony with Ross River views and it is only a short walk to the Palmer Street dining precinct, Townsville CBD, Cotters Markets, Flinders Street Mall and Queensland Country Bank Stadium.
The apartment comes comes fully furnished and the building complex also has an in-ground swimming pool. The apartment is currently rented at $300 per week.
Over 3 years, asking rents in this area had a huge increase of 37.4% for 2 bedroom units. Over the last month the increase has been 5.6% with a potential rental range of approx. $340 to $355 per week.
Vacancy rates in this postcode has declined from 3.2% in January 2020 to 1.3% in September, the postcode could be heading for a rental shortage especially leading into the busy summer period.
The exodus from congested cities to smaller urban and regional areas due to Covid-19 may have possibly led to this region’s tightening vacancy rates. If this population increase and the work-form-home lifestyle trend continues, these regions may continue to grow and Townsville will continue to benefit due to its infrastructure and regional airport.
Currently there is a potential gross rental yield of 7.0% for units, down from 7.6% in September 2020. This is the highest rental returns since SQM Research began monitoring in 2009.
Asking sales prices are also increasing in this postcode - for units there was a 2.1% increase over the month and 3-bedroom houses saw a 5.6% increase in asking prices. Property listings and sales volumes have been steadily increasing since April 2020. This is a promising turnaround since Townsville’s economic downturn in 2015/16.
With the apartment’s great location and the rejuvenation of the Townsville CBD underway plus the area's high rental yields, this may be worth looking at if you’re on the market for an investment property.
You can monitor this market 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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