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Distressed Property of the Week

9/135 Cavendish Road, Coorparoo QLD 4151

The vendor is now accepting offers on this 2-bedroom apartment from $400,000 in Coorparoo, reduced from $438,000 in December 2011. Priced well below the suburb’s median price tag of around $505,378 for units, it could suit an investor or first time owner occupier with such an affordable entry point.

According to Dayne Evans and Lauren Cribb from Harcourts, this 2-bedroom is located in a secure block of 9 apartments. The modern open plan unit features an en-suite and balcony. Local schools, shops, restaurants and public transport are all located within walking distance. 
 
But is it a good deal? Let's examine the numbers first. In postcode 4151, the vacancy rate has decreased over the last 12 months to 1% in December 2021 from 1.4% in December 2020. Asking rents for units have increased 6.4% over the last 12 months to 14 December 2021. The gross rental yield on 2-bedroom units currently sits at 4.1%.

However, asking sales prices for 2-bedroom units have increased over the year by 31.9%. You can view recent sales in 4151 here. Given these figures, equip yourself with the latest market research, as you could possibly drive a harder bargain with the seller.

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.

Rental Vacancy Rates Continue to Decline

Five capital cities record vacancy rates under one percent

SQM Research today has revealed national residential property rental vacancy rates fell to a low of 1.5% over the month of November 2021.

Vacancy Rates

The total number of vacancies Australia-wide now stands at 55,370 residential properties, down from 56,953 in November. Melbourne and Brisbane’s vacancy rate dropped to 3.2% and 1.3% in November from 3.3% and 1.4% in October. Many regional townships in NSW recorded a tightening in vacancy rates over the month of November such as Dubbo and NSW North Coast which recorded 0.4% and 0.5% respectively. In Perth, Adelaide, Canberra and Hobart the vacancy rate remained below 1.0%, while Sydney’s rates remained constant. Vacancy rates fell in the Sydney CBD and Melbourne CBD to 6.9% and 7.2%.

Over the January period, many holiday townships are expected to have the no vacancy sign out, as Gold Coast main has recorded another fall in vacancy rates to just 0.7% Holiday townships vacancy rates are likely to fall further over the December/January Holiday period.

Louis Christopher, Managing Director of SQM Research said:
“As we come to the end of 2021, the no vacancy sign is lite up across most of Australia. There has not been a time when five of our eight capital cities simultaneously recorded rental vacancy rates under one percent. This has translated into surging rental rises, particularly for houses where the capital city rise for the year is now recorded up by 11.7%.

It is clear that demand has boomed for larger properties since Covid and we are not yet recording a reversal of this trend. However, I do believe 2022 will see a move towards units, simply by virtue of their relative affordability plus the new inflow of immigrants will look for unit accommodation first and foremost as they have done in the past.”

Rents
National asking rents rose 0.4% for houses to $551 per week and units rose by 1% to $416 a week. Capital city rents rose by 2.4% for houses over the past 30 days to stand at $603 a week. Rents for units rose by 0.7% to stand at $427 a week.
 

Auction Results

for week ending 12th December 2021
Full individual auction results can be found on our website:

Auction Listings*

for week ending 19 December 2021

CITY Saturday   Rest of Week STATE Saturday   Rest of Week   Link
Sydney 1031   648 All NSW 1227   1014   Auctions in NSW
Melbourne 1599   600 All VIC 1824   679   Auctions in VIC
Brisbane 205   176 All QLD 306   324   Auctions in QLD
Perth 11   19 All WA 11   24   Auctions in WA
Adelaide 197   178 All SA 198   185   Auctions in SA
Canberra 126   126 All ACT 126   126   Auctions in ACT
Darwin 2   3 All NT 2   4   Auctions in NT
Hobart 1   0 All TAS 1   1   Auctions in TAS

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

Real Estate Realities

Leonardo DiCaprio Drops $9.9 Million On Renovated 1930s Beverly Hills Home

Leonardo DiCaprio has recently purchased a 5,000 square foot Beverly Hills estate for $US9.9 million, according to Dirt. A few weeks earlier the actor sold his Malibu property for $US10.3 million. As the estate was originally listed for $US10 million, DiCaprio scored a slight discount on the property. 

Built in 1936, the Beverly Hills estate is the only one in the actors "real estate portfolio." The "five bedroom, five and a half bathroom traditional-leaning property" features a spiral staircase with iron banisters and a cathedral ceiling in the main bedroom. The estate is modernised throughout with marble accents and modern light fixtures, however maintains its "full of old world charm". French doors open directly to the outdoor entertainment area, which features a fire pit, lounge area, outdoor dining space and pool.

Opposite this space, the detached one-car garage connect's through to the Guesthouse. Providing visitors to the estate with their own private space, along with patio. Large hedges surrounding the outdoor space, provide privacy and the front gate ensures security. The Beverly Hills estate was listed by Randy Fred and Rana Desar of Rodeo Realty, Leonardo DiCaprio was repped by Brett Lawyer of Hilton & Hyland.

More ...

Black Dragon's Words for the Week

 

“Life can only be understood backwards; but it must be lived forwards.”

~ Søren Kierkegaard

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

 
Week ending
14 Dec 2021                              
Asking Price       Chg on
prev wk
     Rolling month
% chg
     12 mth
% chg
Sydney All Houses 1,741.7 -5.7  1.5%  24.5% 
All Units 713.4 0.3  0.8%  6.2% 
Melbourne All Houses 1,142.2 2.3  1.0%  11.3% 
All Units 578.1 -0.9  0.5%  0.4% 
Brisbane All Houses 824.1 9.7  4.1%  25.8% 
All Units 412.3 2.9  0.5%  8.8% 
Perth All Houses 712.6 -0.3  -0.3%  7.4% 
All Units 395.9 0.3  0.3%  3.5% 
Adelaide All Houses 649.8 6.0  3.0%  21.0% 
All Units 325.5 0.2  0.1%  3.3% 
Canberra All Houses 970.1 27.8  12.5%  18.6% 
All Units 473.5 0.5  0.7%  -0.2% 
Darwin All Houses 647.6 1.2  0.0%  9.9% 
All Units 374.1 -3.1  -2.3%  5.1% 
Hobart All Houses 684.7 0.0  0.0%  15.4% 
All Units 441.7 0.7  -0.1%  16.4% 
National All Houses 756.2 -1.7  1.3%  18.4% 
All Units 449.6 -1.0  0.6%  9.6% 
Cap City Average All Houses 1,184.3 -2.6  0.8%  18.0% 
All Units 590.5 -1.6  0.3%  4.4% 

Next update: 21 Dec 2021

SQM Research Weekly Rents Index

 
Week ending
12 Dec 2021                                 
Rent     Chg on
prev wk
    Rolling month
% chg
       12 mth
% chg
Sydney All Houses 734.4 2.6  3.1%  15.0% 
All Units 475.3 0.7  0.9%  6.4% 
Melbourne All Houses 527.8 0.2  0.7%  3.0% 
All Units 372.7 0.3  0.0%  -2.6% 
Brisbane All Houses 544.4 2.6  1.5%  15.9% 
All Units 399.9 0.1  1.1%  5.5% 
Perth All Houses 553.6 11.4  5.0%  14.1% 
All Units 398.5 -1.5  -1.3%  9.0% 
Adelaide All Houses 465.0 1.0  1.4%  10.2% 
All Units 336.7 0.3  0.7%  7.0% 
Canberra All Houses 734.5 6.5  2.2%  12.0% 
All Units 529.9 1.1  0.9%  11.8% 
Darwin All Houses 639.9 0.1  1.9%  9.3% 
All Units 458.3 1.7  -0.4%  16.0% 
Hobart All Houses 494.9 -1.9  -0.8%  7.3% 
All Units 434.7 6.3  7.7%  8.4% 
National All Houses 551.0 3.0  0.4%  14.1% 
All Units 416.0 7.0  1.0%  9.2% 
Cap City Average All Houses 603.0 3.0  2.4%  11.7% 
All Units 427.0 0.0 0.7%  4.7% 

Next update: 20 Dec 2021

SQM Ratings Newsletter ☆☆☆☆☆


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