Nickol, WA home sold by mortgagee for half prior sale price amid falling rental market

Nickol, WA home sold by mortgagee for half prior sale price amid falling rental market
Nickol, WA home sold by mortgagee for half prior sale price amid falling rental market

A house in Western Australia's Nickol, near Karratha in the Pilbara region, has been sold by the mortgagee in possession for a $357,000 loss.

The home at 6 Mayo Court sold under the hammer for just $293,000, 44% of the value it sold for in 2007 when it transacted for $660,000.

Situated on 705 sqm, the home was marketed as "perfect for the investor or home occupier alike."

It is a three bedroom, one bathroom property which features an open plan kitchen and living area with a rear patio.

Rachel Ross and Tiffinie Guillesser marketed the property that was once owned by the State Housing Commission.

The State Housing Commission originally sold the house in 1992 for $76,500.

Its demise in value was also reflected in its rental worth.

In three years its rental asking price dropped by $600 a week.

It sought $1,050 a week in 2011 before asking $675 a week in 2014. The home failed to find a tenant and was listed for $550 a week later in the month.

Currently the median rent in Nickol is $480 a week.

Property Observer recently wrote about another Nickol mortgagee, 10 Brolga Meander, which sold in May.

Nickol, WA home sold by mortgagee for half prior sale price amid falling rental market

The median price for a home in Nickol is $365,000 according to CoreLogic, which calculate its annual change in median price over the past 10 years as 0.3%. 

Tags: 
Nickol Mortgagee Sale

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