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Distressed Property of the Week

1409/35 Burdett Street, Albion QLD 4010

The vendor is now accepting offers from $475,000 on this 2-bedroom apartment located in Albion. The property is reduced from the initial asking price of $515,000 when it was originally advertised in January 2022, the unit was last sold in May 2016 for $505,000. The vendor is hoping the reduced price will attract buyers after spending several months on the market. The apartment currently has a tenant on a lease of $470 p/w until March 2023.

According to Nick Mellish from Place Estate Agents Ascot, the open plan apartment is located on the fourth floor and comprises of 2 bedrooms, 2 bathrooms, one car spot and balcony. The 6-level apartment block is located in a suburb rich with heritage and streets filled with cafes, restaurants and grocers. 

Now, Lets see what the numbers show. Asking sales prices for 2-bedroom units in postcode 4010 have increased by 8% over the year to 16 August 2022. You can view recent sales in 4010 here. Over the last 12 months, the vacancy rate has decreased to 0.7% in August 2022 from 1.9% in August 2021.

However, asking rents for 2-bedroom units in postcode 4010 have increased 9.5% over the last 12 months. The gross rental yield on 2-bedroom units currently sits at 5.6%. Given these figures, equip yourself with the latest market research, as you could possibly drive a harder bargain with the seller.

Monitor this market 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.

July Vacancy Rates Remain Stable at 1%

Capital City Asking Rents Rise Again by 1.2%

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

The total number of rental vacancies Australia-wide now stands at 36,741 residential properties, which was slightly down from 37,049 in June. Sydney and Melbourne vacancy rates fell to 1.5% and 1.6% from 1.6% and 1.7%. However, it is noted some outer Sydney regional vacancies rose with the Central Coast and Wollongong recording increased vacancies.

Vacancy rates in the Melbourne CBD, Sydney CBD and Brisbane CBD all fell to below average levels. Melbourne CBD fell to 2%, Sydney CBD fell to 3.4% and Brisbane CBD fell to 2.2%. This maybe evidence of the rise in international arrivals requiring inner city accommodation.

Falls in the two largest capital cities were offset by rises elsewhere.

Brisbane recorded an increase in rental vacancy rates to 0.7%. The Gold Coast and the Sunshine Coast also recorded increased vacancies, albeit from very tight levels.  Canberra rose to 0.9% with many ACT outer regions also recording a sharp rise in rental vacancies. Darwin rose to 0.6%.

Asking Rents

Over the past 30 days to 12 August 2022, capital city asking rents rose by another 1.2% with the 12-month rise standing at 17.4%. Capital city house rents are recording 12 month increases of 15.1%, while unit rents have risen by 16.2%.

Hobart, Darwin and Canberra however recorded falls in weekly rents of 1.8%, 0.6% and 0.3% respectively.

The national median weekly asking rent for a dwelling stands at $496 a week.

Louis Christopher, Managing Director of SQM Research said:

“We appear to be recording more evidence of a small easing in rental conditions. If it wasn’t for the falls in rental vacancies in Sydney and Melbourne, the national rental vacancy rate would have recorded a rise for the month of July as there were vacancy increases in most other capital cities and in many regional locations. That said, the rental market by and large remains very tight. And now, with the falls in CBD rental vacancies rates to well below average, we have evidence that the rise in overseas arrivals is starting to put some additional demand pressure in certain pockets of the rental market. We will wait to see if the increased immigration demand creates pressure elsewhere.

Meanwhile, rents continue to sharply rise in most locations, albeit SQM is now recording falls in rents for Canberra, Hobart and Darwin, which will at least provide some relief to local tenants.”

Auction Results

for week ending 14 August 2022
Full individual auction results can be found on our website:

Auction Listings*

for week ending 21 August 2022

CITY Saturday   Rest of Week STATE Saturday   Rest of Week   Link
Sydney 597   204 All NSW 677   304   Auctions in NSW
Melbourne 696   117 All VIC 758   128   Auctions in VIC
Brisbane 95   77 All QLD 182   188   Auctions in QLD
Perth 3   12 All WA 4   15   Auctions in WA
Adelaide 89   44 All SA 90   46   Auctions in SA
Canberra 71   34 All ACT 71   34   Auctions in ACT
Darwin 1   3 All NT 1   4   Auctions in NT
Hobart 0   0 All TAS 2   2   Auctions in TAS

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

Real Estate Realities

Katy Perry Sells Regency-Style Beverly Hills Home for US$18 Million

Katy Perry's Beverly Hills Estate just broke-even with a sale of US$18 million after being on the market since March for "just under U$19.5 million"  according to Mansion Global. Perry purchased the estate in 2017 for US$18 million.

The 5,400 square foot Hollywood Regency-style home includes five bedrooms and six bathrooms. According to the Los Angeles Times the estate "sits on more than an acre of land in the celeb-filled neighborhood." 

The entrance features solid black gates with a stone-paved tree-lined driveway that leads to the home's entrance. According to real estate brokerage Hilton & Hyland, Brett Lawyer's listing; the interior "receive lots of natural light from a “sky-lit entry gallery” and numerous windows and French doors throughout." These windows and doors allow for views of the expansive backyard; which includes a tree-house, infinity pool and beyond a forested parkland.

Additional features of this estate according to Lawyer, "include a chef’s kitchen with a separate prep room, step-down living room with a fireplace, a media room, large sky-lit gym, and sauna.” Perry currently lives with her family in Montecito, California; on a nine-acre estate that she purchased with fiance Orlando Bloom for US$14.2 million in 2020.

More . . .

Black Dragon's Words for the Week

 

"Life itself is the most wonderful fairy tale." -

~ Hans Christian Andersen

SQM Research Housing Indexes

SQM Research Weekly Asking Prices Index

 
Week ending
16 Aug 2022
Asking Price
($)
Chg on
prev wk($)
Rolling month
% chg
12 mth
% chg
Sydney All Houses 1,673.984 7.811  0.1%  7.3% 
All Units 713.581 0.119  -0.8%  2.0% 
Combined 1,219.453 4.171  -0.3%  3.2% 
Melbourne All Houses 1,159.663 -4.263  -0.2%  7.4% 
All Units 585.429 -0.529  0.2%  3.3% 
Combined 943.650 -2.859  -0.4%  3.2% 
Brisbane All Houses 919.276 1.294  -0.1%  28.0% 
All Units 466.353 2.247  2.7%  18.9% 
Combined 772.791 1.602  0.3%  24.0% 
Perth All Houses 762.737 2.606  0.4%  9.7% 
All Units 408.038 0.557  0.0%  5.0% 
Combined 673.277 2.090  0.3%  7.9% 
Adelaide All Houses 726.460 2.590  1.2%  25.9% 
All Units 365.463 4.337  2.5%  10.7% 
Combined 643.631 2.990  1.4%  22.9% 
Canberra All Houses 1,056.243 -8.937  -1.8%  28.0% 
All Units 584.845 1.342  2.3%  20.2% 
Combined 865.746 -4.783  -0.9%  24.3% 
Darwin All Houses 692.528 0.872  2.3%  13.7% 
All Units 378.712 -0.212  1.4%  1.7% 
Combined 582.347 0.492  2.0%  10.2% 
Hobart All Houses 779.644 -3.463  1.6%  20.5% 
All Units 489.161 2.939  2.6%  8.8% 
Combined 724.007 -2.237  1.7%  18.1% 
National All Houses 803.472 0.453  0.1%  17.2% 
All Units 500.428 1.966  2.3%  16.9% 
Combined 723.677 0.851  0.4%  15.8% 
Cap City Average All Houses 1,196.102 3.599  0.6%  10.9% 
All Units 603.529 1.245  0.0%  3.9% 
Combined 987.523 2.770  0.3%  7.1% 

Next update: 23 Aug 2022

SQM Research Weekly Rents Index

 
Week ending
12 Aug 2022
Rent
($)
Chg on
prev wk($)
Rolling month
% chg
12 mth
% chg
Sydney All Houses 830.74 -0.74  0.1%  19.1% 
All Units 538.85 3.15  1.6%  15.7% 
Combined 643.25 1.76  1.5%  19.5% 
Melbourne All Houses 567.78 0.22  0.4%  9.1% 
All Units 442.99 1.01  1.9%  19.6% 
Combined 491.10 0.70  1.6%  17.3% 
Brisbane All Houses 620.39 0.61  0.0%  20.3% 
All Units 453.67 2.33  1.3%  14.8% 
Combined 544.06 1.40  1.1%  20.7% 
Perth All Houses 599.52 0.48  0.5%  13.4% 
All Units 443.30 -0.30  0.8%  10.1% 
Combined 529.19 0.13  0.8%  12.4% 
Adelaide All Houses 524.16 -1.16  -0.5%  17.1% 
All Units 378.79 3.21  1.4%  13.1% 
Combined 478.00 0.22  0.3%  18.1% 
Canberra All Houses 763.95 -3.95  -1.1%  5.5% 
All Units 568.05 -0.05  0.4%  10.9% 
Combined 656.00 -1.80  -0.3%  9.0% 
Darwin All Houses 646.76 -9.76  -1.6%  5.5% 
All Units 500.03 10.97  -0.7%  8.0% 
Combined 565.08 1.78  -0.6%  8.5% 
Hobart All Houses 512.64 1.36  -2.2%  8.5% 
All Units 465.57 -15.57  -1.2%  10.1% 
Combined 496.02 -4.62  -1.8%  9.6% 
National All Houses 589.00 5.00  1.4%  12.0% 
All Units 452.00 1.00  0.9%  12.7% 
Combined 516.78 2.89  1.6%  13.6% 
Cap City Average All Houses 664.00 0.00 0.0% 15.1% 
All Units 489.00 1.00  1.5%  16.2% 
Combined 561.65 0.58  1.2%  17.4% 

Next update: 20 Aug 2022

SQM Ratings Newsletter ☆☆☆☆☆


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