Greetings from Scoutable and welcome to our October Wrap Up.
Across Sydney, Melbourne and Brisbane, there has been a significant drop in the number of properties scheduled for auction however, the spring market is seeing those numbers rise. The below data shows a drop in clearance rates of 11% in Sydney, 21% in Melbourne and 3% in Brisbane, for the October year on year comparison.
October saw 2,706 properties scheduled for auction across Sydney, with an average clearance rate of 52%. Melbourne saw 4,612 properties scheduled, with an average clearance rate of 51%. Brisbane saw 501 properties scheduled for auction with an average clearance rate of 39%. In comparison, October last year had an average clearance rate of 63% (4,570 properties), 72% (5,974 properties), & 42% (1,390 properties) respectively.
In September’s wrap up, we discussed understanding research data that reflects capital cities as a whole and how it is important to remember that each region within the city will perform differently. A recent article by David Ross, outlined the best and worst performing suburbs. The average September clearance rate for Sydney was 55%. Interestingly, Bondi recorded a clearance rate of 80.60%, while Kellyville only recorded 23.10%. This result demonstrates whilst the property market has slowed, properties in key locations with supply constraints are clearly outperforming the averages. Please see Australian’s best and worst performing suburbs over the September quarter below.
AUSTRALIA’S BEST PERFORMING SUBURBS
AUSTRALIA’S WORST PERFORMING SUBURBS
Please also find full article in the link below.
If you're thinking of buying or investing in Australian property, get in touch to learn about Scoutable's services and how we can assist with your property search.
Until next month,
Kellie Landrey | Principal Buyers Agent
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NINETEENTH CENTURY POTTS POINT HOTEL FOR SALE
PROPERTY OF THE MONTH
6/8 HEREWARD STREET MAROUBRA
Maroubra is a beachside suburb located 10 kIlometres from the Sydney CBD. Its name originates from an Aboriginal word meaning 'like thunder', which is a reference to the surf conditions and the sound of the waves.
In 2006, Maroubra Beach was the second Australian beach to be named a National Surfing Reserve (the first being Bells Beach in Victoria).
Hereward Street takes its name from an event that took place in the late 1800s. A fully rigged iron ship known as the Hereward, weighing 1,513 tonnes, was caught by strong winds and shipwrecked at the northern end of the beach while en route to Newcastle. In 2013, a brass alloy canon was salvaged from the wreck and can be seen at Maroubra Seals Club, overlooking the site of the wreckage.
6/8 Hereward Street is a top floor, 50sqm apartment in a small art deco block of eight. The floor plan provides open plan kitchen / living / dining, two bedrooms, bathroom and a shared laundry and entertaining garden. The apartment is north facing providing great light and is well presented in refurbished condition whilst maintaining its period charm.
Located one block from the beach and walking distance to the shops and CBD bus stop, 6/8 Hereward Street provides a great opportunity for first home buyers and / or investors alike. Maroubra provides above average potential for capital growth while maintaining strong rental yields due to the suburb's proximity to the beach, CBD, RPA Hospital and UNSW.
The price guide is $800,000.
The rental guide is $600 per week, reflecting a gross yield of 3.9% at a purchase price of $800,000.
If you’d like to know more about this property or any others, please get in touch.