The vendor is accepting offers from $200,000 to $220,000 as of the 2nd July on this 1-bedroom apartment, located in Melbourne. The property last sold in September 2019 for $240,000 and the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.
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According to Ofer Rotkopf from Pagan Real Estate, the fully-furnished, north-facing 1-bedroom apartment is located in Melbourne's CBD and conveniently located directly opposite the Queen Victoria Market. The vendor also has easy access to public transport, all major universities hospitals, Flagstaff Gardens, cafes and restaurants.
Now, let's look at SQM’s numbers to gauge the property’s financial appeal. If you are an investor, caution may be warranted. In postcode 3000, the vacancy rate sits at 7.9%, well above Melbourne's overall vacancy rate of 3.5%. The gross rental yield on units sits at 4.2% and has slowly been declining, reflecting the plunge of 21.9% in asking rents over the last year. Asking sales prices have fallen 5.3% over the year to July 20, so those numbers don't look so good. You can view recent sales in 3000 here. Given these figures it would pay to do more research, as you could possibly drive a harder bargain with the seller given the fall in prices.