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BUY THE TICKET, TAKE THE RYDE.
AUCTION RESULTS for week ending 21 February 2021
Overall it was another strong auction market, last week. Dwelling prices would still be rising based on these results. Melbourne bounced back from the 45% recorded during the lock-down to rise to 57%. Sydney rose to 72.4%. That is a new high on our series, keeping in mind we only go back to January 2020.
As illustrated below, this week sees a jump again in the listings. The current volumes going through are making for some happy agents!
Full individual auction results can be found on our website:
AUCTION LISTINGS* for week ending 28 February 2021
* The above counts of auctions represent most recent known auction dates for the coming week.
DISTRESSED PROPERTY OF THE WEEK
46/2 Porter Street, Ryde, Sydney 2112
WHAT THE AGENT SAYS
OWNER MUST SELL!
This spacious one bed apartment is situated in the highly sought after street adjacent to the Meadowbank foreshore, Parramatta river and park. With plenty of public transport options available to you - train, bus and Ferry Wharf - you are mere minutes from key shopping sites as Rhodes Waterside and Top Ryde shopping centres.
This apartment affords you the ultimate lifestyle, combining stunning location, convenient living, in a waterside precinct.
Some of the features of this apartment include:
• Modern kitchen with gas cook top, dishwasher and stainless steel appliances
• Timber floor
• Split system air conditioning
• Internal laundry with dryer
• Security intercom system
• Secure basement parking with one car space
Approx 7 to 10 mins walk to train station and Ferry Wharf, and only 3 mins walk to Meadowbank public school.
Strata: approx $685/q, Council fee Approx $312/q
WHAT LOUIS SAYS
The property was last sold for $520,000 in February 2014 so the owner is now selling for a loss.
The Sydney suburb of Ryde was hit by Covid with rental vacancy rates hitting a high of 5.7% in July. But has since tightened to 3.8% and will likely tighten further once we get behind Covid given how this central Sydney suburb is ideally close amenities and infrastructure.
Rental yields for units in Ryde appear to be around the early 3s and have been falling as rents have taken a beating (down 9%), once again due to Covid.
From what I can see in the data, one bedroom units are the standard for apartments in the area.
If you have a more optimistic view of Covid, this one might be worth a further look. And who knows, the vendor might be further negotiable from here. On the other hand, Covid is not yet behind us, so it still could take some time yet before the Sydney apartment market stabilises.
Keep in mind it is all do it yourself research! For starters, be sure to find out what is going on with the building; eg: any repair work, body corporate disputes, etc.
Now our distressed properties report is our current most popular subscription. There are currently over 12,00 listed properties. You can also 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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