Newtown studio is weekend's cheapest sale

Newtown studio is weekend's cheapest sale
Newtown studio is weekend's cheapest sale

Sydney's cheapest auction sale was $410,000 for a Newtown studio, one of just four reported weekend sales under $500,000.

The purchaser got a 39 square metre second floor corner position (pictured) overlooking King Street.

It was recently offered as a $430 a week rental, putting the sale at a 5.45 percent gross rental yield.

It had traded at $345,000 in 2014, at a slightly higher 5.8 percent yield. 

There were just three other reported sales where buyers got something in the $400,000s.

There was a two bedroom $446,000 Merrylands unit sold through Starr Partners. It last sold in 1999 at $215,000, so took around two decades to double in price.

A two bedroom Bankstown townhouse sold for $455,000.

There was a pre-auction $460,000 sale of a Potts Point studio, last sold at $36,500 in 1984.

The 27 square metre studio had city skyline views from its fifth floor Wylde Street vantage point.

The price guide had been $400,000 by McGrath agent Matthew Allerton.

A $382,000 Pemulwuy unit failed to sell.

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Newtown Studio Apartment

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