Carrum Downs cheapie sells for $306,000 reflecting 5.69% yield

A three-bedroom house in Carrum Downs was the weekend’s most affordable auction sale in Victoria, according to Australian Property Monitors.

Located at 3 Oakes Place, the house sold for $306,000 through Munn Partners Real Estate Carrum Downs.

Listing agent Michelle Munn told Property Observer that the auction was “good”, with about 20 attendees and two registered bidders.

The successful bidder was an owner-occupier.

Munn added that the property market in Carrum Downs is “pretty good” at the moment, with properties in the $300,000 to $350,000 price range selling “fairly quickly”.

“First home owners and owner-occupiers are buying, rather than investors. It’s a popular area as it’s cheaper than the surrounding areas like Seaford. It’s a little bit more reasonably priced,” she said.

Prior to this sale, the house was last listed for sale in 2004 at an asking price of $240,000. It spent 41 days on market, according to RP Data records.

According to Munn Partners Real Estate’s estimated asking rent of $335 per week, the price reflects a 5.69% rental yield.

According to the latest RP Data report, the median sale price for houses in Carrum Downs is $325,500, down 3.7% on last year. The average discount required to sell a house is 6.1%, while private treaty sales average 75 days on market.

The median asking rent for houses in Carrum Downs is $320 per week, while gross rental yield currently stands at 5.1%.