Distressed Property of the Week

105/191 Morphett Street, Adelaide, 5000, SA

This modern townhouse in Morphett Street in the Adelaide CBD is listed for an 'urgent sale'. The price is $426,000 after being initially listed in June 2020 at $450,000 - and it’s still on the market almost a year later. The vendor is clearly keen to get the property off their hands so it could be time to haggle.
The two-storey townhouse has two bedrooms and offers an open-plan living area with well-appointed kitchen, an enclosed balcony, reverse cycle air-conditioning on both levels and is freshly painted. The property also comes with a secure car park and a storage cage. If you're living in, you can access the building's lap pool, gym, spa and sauna. With a location near the Adelaide Central Market, China Town, Gouger Street dining district, you're right in the centre of the CBD.
But would it make a good investment? Given an elevated vacancy rate of 5.9% in the Adelaide CBD, some caution is warranted. Asking rents for all units sit at $430/week and they have fallen 1.4% over the year to 12 May. Weekly rental listings are well up on 2020 levels, with ample supply of rental accommodation. The gross rental yield on units sits at 5.9% and has gravitated up as prices have slipped down. Asking prices for units have dropped 2.2% over the year to 18 May while they are down 4.2% for houses. Given the price weakness, you could possiblly drive a harder bargain with the seller, so it might be time to investigate if you're drawn to Adelaide and its more affordable property compared to the bigger capital cities.
You can 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.

Auction Results

for week ending 16 May 2021

Auction Listings*

for week ending 23 May 2021

* The above counts of auctions represent most recent known auction dates for the coming week.

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

Week ending 18 May 2021		Asking Price	Chg on prev wk	Rolling month % chg	12 mth % chg
Sydney	All Houses	1,526.1	6.2	5.6%	10.7%
	All Units	668.5	0.0	-0.3%	-5.6%
Melbourne	All Houses	1,048.7	1.3	1.6%	0.3%
	All Units	567.4	0.3	-0.6%	0.7%
Brisbane	All Houses	671.9	-1.4	0.3%	4.9%
	All Units	385.7	0.6	0.2%	3.4%
Perth	All Houses	667.0	-1.8	-0.3%	1.2%
	All Units	389.3	-0.2	-0.3%	3.9%
Adelaide	All Houses	546.1	0.5	1.4%	3.9%
	All Units	327.2	-1.1	0.3%	6.4%
Canberra	All Houses	777.8	-11.9	-6.7%	-5.8%
	All Units	483.4	2.7	1.7%	10.8%
Darwin	All Houses	601.2	4.8	2.5%	3.9%
	All Units	393.2	2.8	1.2%	22.1%
Hobart	All Houses	654.3	10.5	2.5%	15.6%
	All Units	418.5	-4.0	1.1%	23.1%
National	All Houses	672.9	-1.5	2.3%	12.7%
	All Units	417.7	-0.9	0.3%	6.7%
Cap City Average	All Houses	1,049.3	-5.3	2.5%	5.6%
	All Units	564.6	0.5	-0.2%	-2.2%

Next update: 25 May 2021

SQM Research Weekly Rents Index

Week ending 12 May 2021 Rent Chg on prev wk Rolling month % chg 12 mth % chg Sydney All Houses         663.4     -0.4 0.4% 2.4% All Units 453.1 -0.1 -0.1% -5.7% Melbourne All Houses 506.8 -1.8 -0.7% -5.2% All Units 362.2 -1.2 -1.0% -11.0% Brisbane All Houses 492.0 3.0 0.9% 7.6% All Units 387.3 0.7 0.4% 2.7% Perth All Houses 521.8 2.2 0.8% 16.7% All Units 394.6 2.4 2.2% 14.6% Adelaide All Houses 436.7 -0.7 -0.1% 7.0% All Units 333.8 1.2 1.6% 5.1% Canberra All Houses 690.6 2.4 4.7% 10.0% All Units 492.7 -1.7 -0.3% 5.6% Darwin All Houses 597.2 2.8 2.0% 24.4% All Units 425.7 12.3 6.4% 20.2% Hobart All Houses 467.4 -4.4 -3.6% 8.5% All Units 404.2 -11.2 -5.1% 2.0% National All Houses 508.0 -3.0 -0.6% 15.5% All Units 394.0 -1.0 0.0% 7.7% Cap City Average All Houses 556.0 -1.0 0.0% 3.5% All Units 411.0 0.0 0.0% -4.0% Next update: 20 May 2021