Essendon North apartment was Victoria's cheapest auction sale last weekend

A one-bedroom apartment in Essendon North was recorded as the cheapest auction sale in Victoria for the past weekend, selling for $235,500 according to Australian Property Monitors (APM).  

Located at 1/3 Royal Avenue, the apartment (picture below) sold at auction on April 27 through Matthew Febey of Nelson Alexander Real Estate Essendon.

“There were three bidders present – it was fairly competitive,” Febey told Property Observer.  

Febey added that the vendor’s reserve price was $215,000. The unit was also previously on the market at $215,000, and its sale price of $235,500 was “a good result”.  

Febey said the successful bidder was an owner-occupier.  

Based on Nelson Alexander’s estimated rent at $230 a week, the price reflected a rental yield of 5.08%, higher than the average rental yield for units in Essendon North which currently stands at 3.8%.  

According to the latest report by RP Data, the median sale price for units in Essendon North is $420,000, down by 10.4% on last year.  

Febey also told Property Observer the market in Essendon North is “quite healthy”, and “there are multiple buyers for the properties as long as the property’s price is right”.  

“Realistic vendors are selling better than vendors with high expectations,” he added.  

Other one-bedroom apartments for sale in Essendon North include 24/60 Keilor Road, listed for $310,000 to $340,000.