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HOUSING BOOM & BUST REPORT - out early December
Want to know the outlook for the Australian property markets in 2021?
Well Louis Christopher's 2021 Housing Boom & Bust Report is due for release by 9 December or earlier.
As the nation works its way out of the worldwide pandemic and out of Australia’s first recession in 30 years, forecasting the property market will be difficult but the Housing Boom and Bust report will provide an accurate, impartial and detailed guide to the Australian property market in 2021.
Key features of the 2021 Boom & Bust report will include:
- Louis Christopher's personal take on the markets
- Capital city forecasts
- Main drivers of demand and supply at present and going forward
- All leading indicators such as stock on market, vacancy rates etc
- Nearly every city and regional postcode covered re: property stats plus ratings outlook
If you are interested in where the market is heading on a national level, then this is the report for you from one of the most accurate housing market forecaster in the country.
If you’re a real estate professional, financial planner or a regular mum and dad residential property investor, you will not want to miss this report, still only priced at $59.95.
AUCTION RESULTS for week ending 22 November 2020
Full individual auction results can be found on our website:
AUCTION LISTINGS* for week ending 29 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
123 / 361 Kent Street, Sydney NSW 2000
Unit 123, a 2-bedroom apartment in the Trafalgar Apartments building in Sydney’s CBD, is for sale for the first time in 18 years when it last sold for $555,000. It is currently advertised with a price guide of $920,000 - $945,000, after it was passed-in at auction in early October 2020.
With 92 sqm on Title, the apartment comprises spacious open plan living/dining area opening to a west-facing balcony; master bedroom with its own balcony and ensuite; modern main bathroom; kitchen with quality appliances; an internal laundry, plus car space.
The interior is elegant with contemporary finishes and the balcony offers stunning views of Darling Harbour. The building also offers resort style recreational and fitness facilities including 20m heated pool, gym, sauna and spa.
Its ideal mid-city location in Sydney’s CBD is easy walking distance to Darling Harbour, Cockle Bay Wharf, Barangaroo, George St, Pitt St Mall, The Queen Victoria Building, restaurants, cafes, entertainment, boutique shopping and parklands. It is also an easy walk to both Wynyard Train Station, Town Hall Station and Light Rail on George Street.
The apartment has been well-maintained and presents a turn-key solution for occupiers and investors alike.
Apartments in this postcode have a current price range from $976k to $1.2m. Over the last month, asking prices for apartments have had a decrease of 0.9% after a 16.6% decline over 12 months. 12 months ago, this unit would have been selling for $1.1m to $1.3m.
This area has a high percentage of renters (68.57% ABS 2016 Census) and in May the vacancy rate had peaked at 16.2% but has since declined to 11.7% in October 2020. Pre-Covid, its November 2019 vacancy rate was 4.6%. Total rental listings reached 1,253 in May 2020, now 828 properties have been listed for rent in November.
Nevertheless, the decline in asking rents continues. After a 27.2% decline over 12 months, the decline is now 2.3% over the month of November for units. Unit asking rents can range from $590 to $700 per week and an implied gross rental yield of 3.1% for units can be achieved.
With Covid-19 now seemingly under control, Sydney’s CBD is starting to see a return of tenants in the past few months and ABS data shows employment slowly increasing in NSW. The area however, is still impacted by the drop-off in international travellers and students.
Previously, this area presented good investment opportunities for investors however, in the current climate, this apartment would be better suited to owner-occupiers seeking a lifestyle of convenience and the excitement of city life.
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.
SQM RATINGS NEWSLETTER
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