Melbourne mortgagee apartment sold for $45,000 loss

A Melbourne mortgagee home has been sold for $542,000.

The apartment last sold for $585,000 in 2012. It was an off the plan purchase.

Edward Thomas and Amanda Draper of Edward Thomas marketed the property.

Situated at 910/639 Lonsdale Street, the two bedroom two bathroom apartment also has an underground parking space.

The home has been on market for a combined 1700 days over the course of 3 campaigns before it successfully found a buyer.

It was only offered as a mortgagee in this latest campaign which started in September 2019 and it sold at auction with a price guide of $470,000 - $510,000.

Located in the Upper West Side development, the unit has access to a number of features including a well equipped gymnasium, heated lap pool, rock climbing wall as well as communal gardens and BBQ areas.

It is positioned opposite the Southern Cross station, near trains, trams, The DFO, Coles, Crown Casino, Southbank and Docklands restaurants.

Built in 2014, the home was offered as a rental as recently as 2017 seeking $635/pw, an increase on what it sought in 2014 when it was listed for $560/pw.

The median price for a home in Melbourne is $590,000 according to CoreLogic.