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AUCTION RESULTS for week ending 7 February 2021
Full individual auction results can be found on our website:
AUCTION LISTINGS* for week ending 14 February 20210
* The above counts of auctions represent most recent known auction dates for the coming week.
DISTRESSED PROPERTY OF THE WEEK
602/102 WAYMOUTH STREET, ADELAIDE, SA 5000
This 2 bedroom apartment in Adelaide’s CBD is located on the 6th floor of the architecturally designed and renowned UNO building with a highly desirable corner position providing a quiet lifestyle with great elevated views. With an advertised price of $300,000 to $330,000, the apartment was initially advertised for $365,000 in July 2020.
Asking prices for 2-bedroom apartments in postcode 5000 has declined by 0.8% over the current month after a 0.2% increase over 12 months. Unit prices range from approximately $380,000 to $435,000 in this postcode.
The apartment has a large kitchen with quality appliances and fixtures; 2 large bedrooms both with built in robes and a study nook; a light filled living/dining area with direct access to the balcony and a modern bathroom with laundry facilities. The secure building has video intercom and push button access.
Whilst the advert says “location, location, location… right in the heart of all the action”, we know that covid-19 has resulted in rental declines in most capital city CBD’s in 2020 and Adelaide is no different.
Asking rents in Adelaide’s CBD had declined by 8.7% over 12 months but has since slowed to a decline of 0.1% over the current month. Vacancy Rates in this area are also declining from 8.5% in September to 6.8% in December 2020.
Investors can achieve gross rental yields of 5.4% for 2-bedroom units in the CBD area.
This property has a long term tenant and is currently on a National Rental Affordability Scheme (NRAS) until Jul-2022.
Adelaide’s CBD appears to be recovering and this apartment may present some opportunities for investors and maybe worth investigating. 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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