BrickX buys its 15th fractional ownership property in Darlinghurst
Fractional property investment platform BrickX have announced their first property of 2018, an apartment in Darlinghurst. It is now their 15th property in total.
BrickX paid $639,000 for the one bedroom unit on the tree-lined Royston Street. They are offering Bricks at $69.
It was advertised by Ray White Elizabeth Bay selling agents Ian Campbell and Nick Thompson as an attractive affordable first home.
Last traded for $360,000 in 2011, the top floor apartment on level three is set in the corner of the Art Deco building.
There is a separate kitchen, bedroom and ensuite.
Last year in the block there were two sales of one bedroom units. One sold for $635,000, the other $656,000.
BrickX are suggesting there is a strong net rental yield of 2.5%.
They say over 60% of Darlinghurst residents are renters.
CoreLogic figures show house prices in Darlinghurst have increased by 7% per annum over the past 20 years.
Tim Lawless, CoreLogic Head of Research and member of the BRICKX adviser panel, said the return is better than average.
“The past two decades has seen Darlinghurst unit values rise at the annual rate of 6.6% per annum which is higher than the Greater Sydney average.
“With solid labour market conditions low mortgage rates and overseas migration rates continuing to boom across New South Wales, inner fringe apartment markets where new supply is constrained are likely to continue outperforming the broader market.”
BrickX have just announced they have reached 10,000 members, with over $17 million transacted on the platform since its launch.
The first four properties since the launch have returned an annualised return of seven percent.