Glenroy two bedroom unit $290,000 sale to first home buyer

A two-bedroom Glenroy apartment was the weekend’s most affordable sale in Victoria, selling for $290,000 according to Australian Property Monitors.

Located at 2/167 Glenroy Road, the apartment sold at auction on June 8 through Raine & Horne Glenroy.

Sebastian Rello of Raine & Horne Glenroy told Property Observer that the apartment was previously on the market at $285,000, and that the reserve price stood at around $280,000.

He also said there were four registered bidders present at the auction. The successful bidder was an owner-occupier, who was also a first-time homebuyer.

According to RP Data records, the apartment had been listed for sale in May this year at “$250,000 plus”. It has been offered for sale in 2005 for 160 days at $212,500, and also in 2003 for $150,000.

Rello also told Property Observer the market in Glenroy is “quite buoyant”.

“We’ve been getting a lot more enquiries. A lot of people are coming through for inspections. It’s definitely a lot better than what it was last year, we’re getting bigger crowds and more bidders if the price is right,” he said.

Based on Raine & Horne’s estimated $320 rent a week, the price reflected a likely rental yield of 5.74%, higher than the average rental yield in Glenroy which currently stands at 4.6%.

According to the latest report by RP Data, the median sale price for units in Glenroy is $339,250, down by 14.1% on last year. The average discount required to sell a unit is 7.8%, while private treaty sales average 109 days on market.

Other two-bedroom apartments for sale in Glenroy include: 3/31 Prospect Street, listed for $370,000 by D’Aprano Real Estate Ascot Vale.