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Distressed Property of the Week

743-745 New Canterbury Road Dulwich Hill NSW 2203

Distressed Property of the Week

743-745 New Canterbury Road Dulwich Hill NSW 2203

The vendor is now accepting offers from $570,000 on this 1-bedroom apartment located in Dulwich Hill. This has been reduced from $599,000 when it was originally advertised in April 2022 and was last sold for $840,000 in July 2014. The vendor is hoping the reduced price will attract buyers after spending several months on the market. 

According to Nick (Xiaohang) Zheng from Home789 Redfern; this 1-bedroom 71sqm unit features an open plan living, dining area and balcony that is north facing. The  apartment is situated on the second floor within a boutique complex and Dulwich Grove Light Rail and Hurlstone Park station are located within walking distance.

Now, let’s look at numbers to gauge the property's financial appeal. Over the last 12 months asking rents have increased 14.3% over the last 12 months to 19 July 2022. The gross rental yield on units currently sits at 3.3%. In postcode 2203, the vacancy rate has decreased over the last 12 months to 1.2% in July 2022 from 2.5% in July 2022.

However, asking sales prices for units have increased over the year by 1.4%. You can view recent sales in 2203 here. Given these figures, arm yourself with the latest market research, enabling you to possibly drive a harder bargain with the seller, who is clearly keen to get this property off their hands.

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.

Vacancy Rates Remain stable at 1%

Capital City Asking Rents rise again by another 1.8% over past 30 days
Some signs of a slowdown in the regional rental market

SQM Research today has revealed national residential property rental vacancy rates remained steady at 1% in June 2022.

The total number of rental vacancies Australia-wide now stands at 37,049 residential properties, up from 36,478 in May. Sydney vacancy rates rose to 1.6% from 1.5% and Melbourne vacancy rates remained steady at 1.7%. Brisbane recorded another fall in rental vacancy rates to 0.6%. However, Adelaide, Canberra and Hobart, all recorded rises in the number of vacant rental dwellings.

Vacancy rates in the Melbourne CBD fell to 2.7% from 2.9% and rose in the Sydney CBD to 3.9% from 3.5%.

Asking Rents

Over the past 30 days to 14 July 2022, capital city asking rents rose by another 1.8% with the 12-month rise standing at 16.1%. Capital city house rents are recording 12 month increases of 15.3%, while unit rents have risen by 14.8%.

Meanwhile, in a sign of a peak in the regional national rental market, asking rents fell by 1.0% for houses at the national level, led by declines in rents for the NSW North Coast (down 2.6%), NSW Central Coast (down 1.9%), Launceston (down 1.8%), Bellarine Peninsula (down 1.0%), Gippsland (down 1.2%), South Western Victoria (down 2.6%).


Louis Christopher, Managing Director of SQM Research said:

“The rental market remains significantly in favour of landlords with rental vacancy rates remaining at 1%. However, there are now signs of a peak in the rental market in regional Australia with a larger number of regions now recording rising rental vacancy rates and some falls in rents.

While capital city rents continue to march higher, it’s possible we could be near the peak in the national rental crisis. Outside Brisbane, there was no material decrease in rental vacancy rates over June. Indeed, four capital cities recorded a rise in rental vacancy rates.”

Auction Results

for week ending 17 July 2022
Full individual auction results can be found on our website:

Auction Listings*

for week ending 24 July 2022

CITY Saturday   Rest of Week STATE Saturday   Rest of Week   Link
Sydney 590   195 All NSW 685   335   Auctions in NSW
Melbourne 687   76 All VIC 754   103   Auctions in VIC
Brisbane 127   65 All QLD 213   141   Auctions in QLD
Perth 5   7 All WA 5   14   Auctions in WA
Adelaide 112   43 All SA 114   48   Auctions in SA
Canberra 65   31 All ACT 65   31   Auctions in ACT
Darwin 2   4 All NT 2   4   Auctions in NT
Hobart 0   0 All TAS 0   0   Auctions in TAS

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

Real Estate Realities

Antique Train Carriage Purchased for $1.13 Million

British Singer Ed Sheeran and his wife have purchased an antique train carriage for $1.13 million. The Victorian-era carriage is located in Romney March, Kent with a view of the English Channel and "looks to be the couple’s new beach house." 

The two bedroom home is "a converted, original 1880s train carriage from the former Southern Railway" and similar to a granny flat that Australians build in their backyard. The home has kept its rustic roots in the middle section and  features a wood-burning fireplace. The living room, bedrooms and kitchen are featured at the rear of the home and "are modern extensions to the original structure." Both the front and rear of the home have had under floor heating added and feature sliding doors that open onto a small garden.

This home is less flashy than the family's main multi-home estate in rural Suffolk. This estate reportedly cost $6.45 million and includes the main home, two farmhouses, outdoor kitchen, a football oval, pond, bungalow and an 8 metre tall tree house. The sprawling estate has been "dubbed “Sheeranville” by the British press."

More . . .

Black Dragon's Words for the Week

 

"The only limit to our realization of tomorrow will be our doubts of today." -

~ Franklin D. Roosevelt

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

 
SQM Research Weekly Asking Prices Index
Week ending
19 Jul 2022
Asking Price Chg on
prev wk
Rolling month
% chg
12 mth
% chg
Sydney All Houses 1,671.1 -12.2  -1.8%  3.0% 
All Units 717.4 -1.0  0.2%  4.7% 
Combined 1,221.9 -6.9  -1.5%  0.8% 
Melbourne All Houses 1,160.9 -3.4  -1.4%  7.3% 
All Units 584.6 -0.2  -0.7%  3.6% 
Combined 947.1 -2.2  -1.5%  3.2% 
Brisbane All Houses 921.2 -0.3  -1.2%  32.9% 
All Units 454.1 0.9  0.8%  15.5% 
Combined 771.1 0.1  -1.0%  27.2% 
Perth All Houses 758.7 -2.1  -1.2%  8.6% 
All Units 407.0 -0.2  0.4%  4.5% 
Combined 670.3 -1.7  -1.0%  6.8% 
Adelaide All Houses 717.6 -0.5  -1.1%  25.9% 
All Units 356.5 3.0  2.1%  8.9% 
Combined 634.8 0.3  -0.7%  22.6% 
Canberra All Houses 1,084.6 -3.0  -0.9%  32.0% 
All Units 571.8 3.3  3.8%  19.1% 
Combined 879.0 -0.5  0.1%  27.0% 
Darwin All Houses 677.0 14.8  4.1%  12.1% 
All Units 373.4 2.9  5.9%  -0.3% 
Combined 571.0 10.6  4.4%  8.6% 
Hobart All Houses 764.2 1.6  0.0%  17.8% 
All Units 448.8 -6.3  -2.2%  4.6% 
Combined 704.2 0.1  -0.3%  15.1% 
National All Houses 802.5 -2.7  -1.5%  16.8% 
All Units 489.1 2.2  0.7%  15.5% 
Combined 720.7 -1.4  -1.2%  15.2% 
Cap City Average All Houses 1,188.0 -5.7  -1.4%  7.9% 
All Units 602.2 0.6  0.1%  5.4% 
Combined 983.5 -3.5  -1.3%  5.0% 

Next update: 26 Jul 2022

SQM Research Weekly Rents Index

 
SQM Research Weekly Rents Index
Week ending
12 Jul 2022
Rent Chg on
prev wk
Rolling month
% chg
12 mth
% chg
Sydney All Houses 827.5 -0.5  1.6%  20.3% 
All Units 529.1 1.9  1.4%  14.2% 
Combined 631.7 1.1  2.1%  18.1% 
Melbourne All Houses 565.5 2.5  0.9%  9.3% 
All Units 434.6 2.4  2.0%  18.6% 
Combined 483.0 2.4  1.9%  16.1% 
Brisbane All Houses 620.5 -0.5  1.6%  20.2% 
All Units 448.0 4.0  3.4%  14.7% 
Combined 538.6 1.7  2.9%  20.0% 
Perth All Houses 596.6 2.4  2.4%  14.0% 
All Units 440.4 0.6  1.3%  9.4% 
Combined 525.3 1.6  2.0%  12.2% 
Adelaide All Houses 525.9 -1.9  0.8%  16.5% 
All Units 374.2 -3.2  0.6%  11.4% 
Combined 476.3 -2.3  1.0%  16.8% 
Canberra All Houses 766.3 -4.3  -0.5%  6.6% 
All Units 567.3 1.7  0.3%  13.6% 
Combined 656.1 -1.0  -0.1%  10.7% 
Darwin All Houses 657.2 10.8  0.8%  5.5% 
All Units 503.6 11.4  11.4%  9.9% 
Combined 568.7 11.2  6.4%  9.0% 
Hobart All Houses 524.2 0.8  0.3%  10.2% 
All Units 471.1 -1.1  1.5%  15.9% 
Combined 505.3 0.1  0.7%  12.8% 
National All Houses 581.0 -4.0  -1.0%  11.9% 
All Units 448.0 -1.0  1.8%  12.3% 
Combined 508.9 -2.4  0.7%  12.8% 
Cap City Average All Houses 663.0 -1.0  1.2%  15.3% 
All Units 482.0 3.0  1.5%  14.8% 
Combined 554.5 1.4  1.8%  16.1% 

Next update: 20 Jul 2022

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