Greetings from Scoutable and welcome to our September Wrap Up.
I hope you all had a great long weekend, relaxing, catching up with friends / family and enjoying the warmer weather. For those who follow the footy, I hope your team won!
In true spring fashion, we've seen stock levels consistently rise over the course of the month. There's still speculation about what's happening to the market, in Sydney specifically, and while property prices have plateaued somewhat, the market still seems strong.
An interesting statistic is that over 70% of people who invest in property, buy within 5km of their home. It makes sense as the area is familiar. However, when selecting an investment property, the familiar might not be the best investment, research is key. When Scoutable is researching areas to invest in, we focus on properties that are: -
Low maintenance – properties with minimal or no facilities, this helps keep costs down.
Wide appeal – we look for properties that don’t appeal to just one type of tenant. Ideally the property will appeal to two or more of the following groups - singles, couples, young families, professionals and retirees.
Attractive features – we look for features that will attract tenants, for example, good light, internal laundry, proximity to transport and retail facilities.
Gentrifying suburbs – Areas neighbouring established or establishing suburbs, they have a lower entry purchase price, with high growth expected due to the regeneration of the area.
Strong rental yield – ideally 3%+. The rental yield is the annual rental income divided by the purchase price
Low vacancy rates – We find out about the vacancy rates for the area. A high vacancy rate may indicate an oversupply, which could make it harder to rent the property out.
Planning – We check in with council for any proposed changes in the suburb that may affect future property prices. For example, new multiple storey apartment developments or zoning changes.
If you are considering investing in Australian property, please get in touch to discuss areas Scoutable has marked for investing.
Till next month,
Kellie Landrey | Principal Buyers Agent
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PROPERTY OF THE MONTH
905/12 MACLEAY STREET, POTTS POINT
Do you ever go to inspections just to have a dreamy sticky beak? Us too! Like this penthouse apartment in the "Macleay Regis" for instance. It has a company title and a $6million price guide so it's likely to have a limited pool of buyers but an opportunity to see this heritage home shouldn't be missed.
Built in 1938, Macleay Regis was inspired by New York's Rockefeller apartments. It has undergone a meticulous restoration and walking through the entry foyer is like walking into a time warp.
Full of original features, apartment 905 has an internal floor space that is larger than the land size of most inner city terraces (205sqm) and the living space alone is bigger than most one bedroom apartments. The dining area is a work of art consisting of panelled walls, ornate ceiling, herringbone hand laid parquet floors and a stained glass bay window.
Moving on from the interiors, the rooftop garden / terrace, just shy of 100sqm, boasts panoramic north east views from the Harbour Bridge to the heads - check out the video we posted to Instagram last week.
Though it's not uncommon to have separate parking in Potts Point, the only flaw is the off-site parking (across the road). On the other hand, the two secure spaces are on a separate title which is invaluable in these parts.
It's always a treat to see properties like this and we love how Potts Point has conserved so many of it's fine heritage buildings.