The vendor is now accepting offers from $1,225,000 on this 2-bedroom apartment, located in North Sydney. The property is reduced from the initial asking price of $1,400,00-$1,450,000 in September 2021 and the previous sold price of $1,280,000 in February 2017. The vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.
According to Harrison Wright from Altium Property, this open plan 2-bedroom residence features a balcony, secure underground parking and basement storage. The residence is only a short walk away from North Sydney's CBD and transport options that can take you to the City CBD.
But is the apartment a good investment? Asking sales prices for 2-bedroom units in postcode 2060 over the 12 months to 21 December 2021 have decreased by 6.9%.You can view recent sales in 2060 here.
However, asking rents for 2-bedroom units over the last 12 months have increased by 6.3% to 21 December 2021. The gross rental yield on 2-bedroom units currently sits at 3.1%. In postcode 2060, the vacancy rate in has decreased to 3.4% in December 2021 from 5.2% in December 2020.
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.