Greetings from Scoutable and welcome to our October Wrap Up.
October saw 2,530 properties scheduled for auction across Sydney, with an average clearance rate of 82%. This is up 30% from last year's October average clearance rate of 52% (2,706 properties).
Melbourne saw 4,194 properties scheduled, with an average clearance rate of 76%, up 25% from last year's 51% average (4,612 properties).
Brisbane saw 467 properties scheduled for auction, with an average clearance rate of 48%, up 9% from last year's 39% average (501 properties).
When buying a property, there are the obvious things you consider when deciding if the place is right for you. The space, layout, light, location, access to transport and facilities. Then there are the financial factors - price, deposit, repayments, rental yield, annual outgoings, stamp duty, legal fees etc.
Once you have the right price and right location, what’s next? You need to investigate the property to ensure there are no hidden issues. The common due diligence most of you are aware of are building and pest inspections, strata reviews (for apartments), contract reviews and other legal matters such as foreign buyer requirements.
There are a few things however, that many don’t consider which could greatly impact your decision to purchase. Zoning, floor space ratio and building height limits of your property and surrounding properties will show what the local council allows to be built on the land. For example, if the property you are considering is a residential house but is zoned for high density living then there is potential for the area to be redeveloped which would impact the street appeal, light, views and outlook. All of these factors can be researched via the local council website. Here you will also be able to explore any nearby development applications, as well as upcoming major projects that may impact your property (positively or negatively) such as road widening, a new school, retail redevelopment and new major transport infrastructure. Research is key to ensure you have all the information before making such a big financial and lifestyle purchase.
If you, or someone you know, are in the market for a new home or investment property, engage Scoutable. We know property and we'd love to find the perfect one for you.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
PROPERTY BOOM LOOKS IMMINENT
https://www.news.com.au/finance/economy/australian-economy/new-property-boom-looks-imminent-with-a-range-of-indicators-pointing-to-price-growth/news-story/6747db50ef1fe804380c92cc1382b103
SYDNEY DEVELOPER GRANTED OWNERSHIP DUE TO SQUATTING LAWS
https://www.abc.net.au/news/2019-10-30/sydney-squatting-laws-home-on-market/11652336
EIGHT OF THE BEST PRESTIGE HOMES CURRENTLY ON THE MARKET
https://www.domain.com.au/news/mosman-manors-and-toorak-penthouses-eight-of-the-best-prestige-homes-for-sale-right-now-894396/
PROPERTY OF THE MONTH
20/9 NEWTON STREET, ALEXANDRIA
The October property of the month is an apartment we recently purchased for a client. It represented a great buying opportunity for an investor and first home buyer alike. Nestled in the rear of a 1970s apartment block, 20/9 Newton Street Alexandria comprises two bedrooms, one bathroom, open plan kitchen / living / dining and small balcony with a green outlook. Whilst the apartment is in liveable condition, there is potential to add future value.
The property is located on the cusp of Redfern and Erskineville village, just moments to the Australian Technology Park and the proposed Waterloo Metro station. This area represents a good investment location due to it's close proximity to the CBD, public transport and access to retail amenities. This pocket of Alexandria provides low rental vacancy rates with strong demand from tenants. The property of the month will provide solid rental returns whilst providing above average potential for capital growth.
The property was purchased for $665,000. An estimated weekly rent of $500 per week shows a gross yield of 3.9%.
If you'd like to know more about this property or any others, please get in touch.
