Greetings from Scoutable and welcome to our November Wrap Up.
Last weekend, of the 1,431 properties scheduled for auction in Sydney, only 394 of those sold under the hammer. Interestingly, 310 properties were sold prior to auction, 8 sold after, and 317 were passed in. A further 220 were withdrawn. While it may seem dismal, we believe it to be a great market for buyers as the auction climate cools. Melbourne had a fair turnout with a 66% clearance rate whereas in Brisbane, close to 50% were either passed in or withdrawn.
As usual for this time of year, stock levels are dropping with the lead up to Christmas and school holidays. Vendors and agents alike are keen to tie things up before the market completely shuts down - though options may be limited, a perfect time to secure a property for a good price.
The Reserve Bank of Australia decided to keep the official cash rate on hold at 1.5% at its November meeting and is expected to remain at this record low till the latter half of next year according to the OECD (The Organization for Economic Co-operation and Development).
Are you looking to buy or invest? Let us help. We love property and would love to find the perfect one for you.
Till next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
NEW RULING ON DEPRECIATION FOR ESTABLISHED DWELLINGS
ABANDONED REDFERN TERRACE SET TO SELL
RBA LIKELY TO INCREASE CASH RATE IN SECOND HALF OF 2018
PROPERTY OF THE MONTH
7/4 WARATAH STREET RUSHCUTTERS BAY
This one bedroom art deco apartment is situated in an unrestricted company titled building, suiting both first home buyers and investors. The walk up complex was built in the 1930s, comprising 25 apartments, over three levels.
Whilst the apartment is compact, at approximately 35sqm, the layout and leafy outlook certainly give it a sense of space. The property is presented in rentable condition, however, there is plenty of scope to improve with refurbishment of the kitchen and bathroom, and the option to expose the timber floor beneath the carpet.
The property is located next to Rushcutters Bay Park, within walking distance to the CBD (approx. 2km), transport (500m to Kings Cross train station), cafe and retail facilities.
With a price guide of $600,000, it was snapped up quickly and sold last night for $630,000.
The apartment provides above average potential for capital growth whilst providing solid rental returns.
If you'd like to know more about this property or any others, please get in touch.