FourFour Two: Two apartment buildings in the city of austin have a vacancy rate of more than 50 per cent and are being advertised for sale.
Posted On May 24, 2021
A two-storey, one-bedroom flat in the central business district has an advertised vacancy rate ranging from 41 per cent to 50 per-cent.
The apartment has been vacant for three months, and was listed for $1.5 million.
The advertisement for a two-bedroom apartment on Adelaide Street in the CBD was advertised for $3.2 million, but the listing was taken down after one month.
It is unclear if the listing has been renewed or not.
Auction house agent David Lee said the vacancy rate was not unusual in the downtown area.
“We’ve been seeing some vacancy rates of 50 per, 50 per per cent for a couple of years now, and it’s not because of the population, but it’s a combination of things,” he said.
“The market is still relatively young and that’s why we’re seeing a lot of new buildings come into the area, so it’s more about demand and supply.”
Mr Lee said there was also the fact that people would typically wait until the last minute to make a decision about a new home, as people were still getting used to living in apartments and that sometimes it was difficult to keep up with demand.
“So if you don’t have a deposit or you’re not ready for a mortgage, then you can take it,” he explained.
“It’s a bit like a car.
You want to drive it all the way to the dealership before you drive it out.
It’s not as quick as you’d like it to be, but that’s just the way it is.”
Auctioneers are encouraged to contact AECO, the local agency responsible for building approvals and approvals of all property types, to verify that the property is not being advertised on a vacancy basis.
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