The vendor is accepting offers from $730,000 as of 19 August on this 1-bedroom apartment, located in Ultimo. The property last sold in March 2016 for $755,000 and the vendor is hoping the reduced price will attract either an owner-occupier or landlord for a quick sale.
According to Jiayin Yuan and Winston Huang from K2 Real Estate, the modern, open plan 1-bedroom apartment includes balcony access and is situated in the suburb of Ultimo. The building features 5-star complex facilities and allows for easy access to the ICC, Darling Harbour, Sydney Fish Market, The Star, Broadway Shopping Centre and UTS.
If you think it is a good deal, make sure you crunch the numbers first. In postcode 2007, the vacancy rate has decreased over the last 12 months to 3.8% in August 2021 from 8.7% in August 2020. Asking rents have gained 4.1% over the last 12 months to 24 August. The gross rental yield on units currently sits at 11.3%.
However, asking sales prices for units have fallen over the year by 6.8%. You can view recent sales in 2007 here. Given these figures, it would pay to do more research, as you could possibly drive a harder bargain with the seller given the fall in unit prices.
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