Sunday, 16 August 2009

Keeping track of the rent, part 5

Week five of me tracking the high end of the rental market in Drummoyne, post code 2046.

This my original sample, taken 5 weeks ago. Here's progress:

  • 434 Great North Road ABBOTSFORD $700 - Finally seems to have moved after a month. This place was sold as a deceased estate back on the 1st of April, and was advertised as a place to renovate. I hope the new owners scrubbed it up before putting it on the market!
  • 85 Renwick Street DRUMMOYNE $750 - appears to have gone after a month.
  • 9a Wrights Road DRUMMOYNE $780 - still available after 5 weeks
  • 30 Preston Avenue FIVE DOCK $800 - price dropped to $780 - that appears to have done the trick, it is no longer listed
  • 20 Thornley Street DRUMMOYNE $900 - still available after 5 weeks
  • 6 Shackel Avenue CONCORD $950 - still available, and according to Google cache, it has been around since 26 May. That's now 10 weeks on the market, meaning the owner has lost $9,500 in rent. You have to wonder how long they'll hold out at this price. 16 Aug update - they finally drop the asking rent from $950 to $880. Let's see if anyone bites at the new price! Not only that, it is now listed with two agents - a sure sign of desperation, or exasperation at the first agent and the silly price they put on the place.
  • 32 Polding Street DRUMMOYNE $1,000- appears to have moved
  • 32 Barton Avenue HABERFIELD $1,000 - still available, but interesting to note that back on 18 June, it was listed at $670 per week. Something odd going on here.

This lot came on the market four weeks ago and are still available:

  • 3 Norman St FIVE DOCK - $1,000, still there after a month
  • 18 Fitzroy CROYDON - $900, but dropped to $800 on 9 August. A $100 drop. Things aren't looking pretty when the price drops after one week by that much. Still listed after a month.
  • 51 Macnamara Ave CONCORD - $750, no drop in price. The real estate agent says to "be quick". Ha ha. Four weeks and not a sniff.
  • 31 KINGS ROAD FIVE DOCK - $750 - seems to have been rented

New listings last week:

  • 2 Budd St DRUMMOYNE - started off at $900, still at $900
  • 688 Parramatta Road CROYDON - $770. According to the real estate agent, they managed to move it at $700 per week. Gone. However, the sales arm of this agency does not appear to be talking to the rental arm. The sales arm are trying to flog it based on an annual rental of $40,000 (which equates to $770 per week), but the rental arm have clearly leased it at $700 per week (annual rental of $36,400). Oops.

New arrivals this week:

  • 20 Burnell Street DRUMMOYNE - $750
  • 68 Abbotsford Parade ABBOTSFORD - $900

In short, business still appears to be slooooow.

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