Investor snaps up Hoppers Crossing cheapie at $285,000 reflecting 5% rental yield

A three-bedroom house in Hoppers Crossing was the weekend’s cheapest auction sale in Victoria, according to Australian Property Monitors.

Located at 34 Baden Drive, the house sold for $285,000 through PRDnationwide Werribee.

Listing agent Greg O'Meara told Property Observer that the auction “went well”, with over 60 attendees, and five registered bidders.

The successful bidder was an investor.

O'Meara added that the house was in an excellent location. The listing states that it is about 600 metres from the train station and about 400 metres to shops.

“It’s about location, location, location – as an investment property you wouldn’t have any problems renting it out,” he said.

According to PRDnationwide’s estimated asking rent of $275 a week, the price reflects a 5.02% rental yield.

Prior to this sale, the house was last listed for sale in 2008 at an initial asking price of $245,000 before it was adjusted to $265,000, according to RP Data records. It spent 280 days on market.

According to the latest RP Data report, the median sale price for houses in Hoppers Crossing is $310,000, down 3.4% on last year. The average discount required to sell a house is 7.4%, while private treaty sales average 80 days on market.

The median asking rent for houses in Hoppers Crossing is $280 per week, while gross rental yield currently stands at 4.7%.