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Distressed Properties Report
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Property Explorer
Boom and Bust 2021 Report
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Distressed Property of the Week

50/41 Playfield Street Chermside, 4032 QLD

The owner of this contemporary 99sqm 2-bedroom apartment in Chermside, located 9km north of the Brisbane CBD, is currently accepting offers of $335,000-$365,000 as of the 18th June 2021. This apartment is located on the 5th floor of the Central Park North complex. The property last sold in 2006 for $370,000 and the vendor is hoping the price is right to attract offers.

This apartment could suit either an investor or owner-occupier, as it is situated in a convenient location. Within walking distance, the dweller can discover an aquatic centre, services club, library, Westfield shopping centre and a bus interchange offering direct links to the Brisbane CBD are all within walking distance. Younger and higher-income residents are attracted by cafes, restaurants and bars.

The recently repainted apartment features high ceilings, an abundance of natural light and large open-style living space allow for a peaceful environment. One of the bedrooms includes balcony access while the other master bedroom features an ensuite and a walk-in wardrobe. The property is fully air-conditioned with a gourmet kitchen and a contemporary main bathroom with a hidden laundry and a combined bath and shower. Completing this home, the complex offers the owner a secure car park and sauna facilities.

Now, let’s look at SQM’s numbers to gauge the property's financial appeal. The vacancy rate sits at 0.9% in postcode 4032, below Brisbane’s overall vacancy rate of 1.3%. Asking rents for 2-bedroom units in postcode have increased by 3.8% over the year to 28 June, while weekly rental listings have fallen. The gross rental yield is currently 5.2%. The asking sale price for 2-bedroom units has risen a modest 0.4% over the last 12 months, lagging behind the national property market boom, possibly reflecting unit oversupply.

Over the longer term, property demand in this postcode is likely to remain strong given its convenient location to the Brisbane CBD and the area's growing appeal and affluence, with a much higher weekly family income than the Queensland average. You can view recent sales in 4032 here.
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 27 June 2021

Full individual auction results can be found on our website:

Auction Listings

for week ending 4 July 2021

  Saturday   Rest of Week STATE Saturday   Rest of Week   Link
Sydney 802   190 All NSW 946   278   Auctions in NSW
Melbourne 909   207 All VIC 1006   219   Auctions in VIC
Brisbane 101   59 All QLD 187   186   Auctions in QLD
Perth 13   2 All WA 13   8   Auctions in WA
Adelaide 97   51 All SA 97   54   Auctions in SA
Canberra 49   15 All ACT 49   15   Auctions in ACT
Darwin 0   4 All NT 0   4   Auctions in NT
Hobart 1   0 All TAS 2   1   Auctions in TAS

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

Real Estate Realities

Billionaire Kerr Neilson sells Castlecrag house for $8 million 

Billionaire Kerr Neilson, the co-founder of Platinum Asset Management, originally purchased this home two years ago at auction in May 2019 for $5.3 million.  Sources say this modernist residence has recently sold for about $8 million through Ray White Lower North Shore’s Anthony Cowie.

The north-facing house was built in 1955 on a 1,580 square metre waterfront block and was designed by the architect John Brindly as his family home. The property is the first permanent dwelling built on what used to be the Yachtville Estate. The property retains many of its original finishes. Local architects were hopeful that Neilson would restore the home to its original condition. But these hopes were dashed when a development application to demolish the home was approved by Willoughby Council. Neilson had planned to build a $6.5 million contemporary residence to be designed by Chenchow Little Architects.

An objection was lodged to the DA before council by Melissa Mathers and she said “It’s such a shame that such a stunning old house will be knocked down. It is tired, there are cobwebs around and the garden is quite untidy, but my heart sunk to see the DA out the front.” When asked, Ray White’s Mr Cowie would not comment on the recent resale, as the settlement will shortly confirm the exact sale price.

Neilson has been dubbed “Australia’s Warren Buffett” for his investment prowess and reportedly ranked 73 on this year’s AFR Rich List 200 with an estimated wealth of $1.55 billion.

Black Dragon's Words for the Week

"Strive not to be a success, but rather to be of value." 

~ Albert Einstein

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index
Week ending
29 Jun 2021
  Asking Price     Chg on
prev wk
Rolling month
% chg
12 mth
% chg
Sydney All Houses 1,560.7 18.0  3.2%  13.2% 
All Units 687.3 3.9  3.2%  -0.7% 
Melbourne All Houses 1,064.9 -1.2  0.7%  3.7% 
All Units 563.8 -2.3  -0.2%  -0.9% 
Brisbane All Houses 690.4 3.8  1.9%  7.0% 
All Units 395.0 0.3  1.8%  4.4% 
Perth All Houses 691.0 4.1  3.2%  2.7% 
All Units 390.2 -0.8  0.5%  2.5% 
Adelaide All Houses 572.2 3.6  4.5%  8.3% 
All Units 323.7 -0.6  -0.4%  4.7% 
Canberra All Houses 806.2 4.8  5.4%  -3.0% 
All Units 474.0 -3.0  -1.7%  7.3% 
Darwin All Houses 600.8 -5.8  -0.7%  3.7% 
All Units 374.1 0.7  -4.5%  8.2% 
Hobart All Houses 650.6 -2.3  -0.8%  13.7% 
All Units 414.2 -6.5  0.1%  12.5% 
National All Houses 687.5 7.6  0.7%  14.1% 
All Units 421.3 -1.4  1.3%  7.0% 
Cap City Average All Houses 1,078.4 10.4  2.8%  9.0% 
All Units 573.2 -0.7  2.2%  0.4% 

Next update: 6 Jul 2021

SQM Research Weekly Rents Index
Week ending
28 Jun 2021
Rent       Chg on
prev wk
   Rolling month
% chg
12 mth
% chg
Sydney All Houses 683.0 4.0  3.1%  6.7% 
All Units 459.8 1.2  1.4%  -2.8% 
Melbourne All Houses 516.8 0.2  1.9%  -2.6% 
All Units 362.3 0.7  0.3%  -10.2% 
Brisbane All Houses 510.6 4.4  3.2%  9.3% 
All Units 388.3 0.7  0.0%  2.1% 
Perth All Houses 522.4 0.6  0.7%  15.1% 
All Units 399.7 1.3  0.8%  13.9% 
Adelaide All Houses 447.3 1.7  2.3%  8.7% 
All Units 328.0 2.0  -1.1%  3.3% 
Canberra All Houses 710.9 0.1  2.3%  14.3% 
All Units 500.7 2.3  1.6%  6.9% 
Darwin All Houses 610.5 -3.5  0.9%  26.0% 
All Units 447.2 15.8  4.9%  25.8% 
Hobart All Houses 462.0 -6.0  -5.7%  5.8% 
All Units 418.8 -3.8  -1.0%  12.0% 
National All Houses 511.0 2.0  0.6%  15.1% 
All Units 399.0 1.0  1.3%  8.1% 
Cap City Average All Houses 571.0 0.0 2.5%  6.1% 
All Units 416.0 1.0  1.2%  -1.7% 

Next update: 4 Jul 2021

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