Melton cheapie sells for $220,000 and 6% rental yield

Diane LeowDecember 7, 2020

A three-bedroom house in Melton was a recent weekend cheapest auction sale, according to Australian Property Monitors.

Located at 504 High Street, the house sold for $220,000 through First National Real Estate Melton.

First National Melton agent Justin Carberry told Property Observer there were about 20 people present at the auction, with four registered bidders.

The successful bidder was an investor.

The listing states that the property has “future development potential. Other possibilities may include but are not limited to the use of the premises for commercial business. 

Carberry noted that the successful bidder had no intention of using the property for commercial business as yet.

He added that no reserve price was set for the property as it was a deceased estate handle by state trustees.

Carberry also told Property Observer that the property market in Melton is “moving along fine” at the moment.

“Prices haven’t gone up. We’re seeing more buyers and houses are selling, but we haven’t had a price rise in awhile,” he said.

With First National Melton’s estimated rental of $255 a week, the price reflects a 6.03% rental yield.

According to the latest RP Data report, the median sale price for houses in Melton is $241,000, down 3.6% on last year. The average discount required to sell a house is 10%, and private treaty sales average 107 days on market.

The median asking rent for houses in Melton is $250 per week, while gross rental yield currently stands at 5.4%.

Diane Leow

Diane has spent her entire career in the world of digital. She is passionate about delivering the best content to a world that is becoming increasingly jaded by the news. She also believes in the importance of great journalism and how it can change the world. Oh, she also drinks a lot of coffee.

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