Wiley Park cheapie sells for $362,000 reflecting 6.46% yield

A three-bedroom unit in Wiley Park was the weekend’s most affordable auction sale in New South Wales, according to Australian Property Monitors.

Located at 7/5 Defoe Street, the unit sold for $362,000 through Knapton & Co Pty Ltd Lakemba.

Listing agent Luke Knapton told Property Observer that the auction went “very very well”. About 30 people attended, with 9 registered bidders.

The successful bidder was an investor.

The reserve price was set at $370,000, but the vendors were happy with the outcome.

“It was a fair bit more than we originally appraised it at,” Knapton said.

Knapton added that demand in Wiley Park's property market is “very strong” at the moment.

“Three-bedrooms are the rarest entity, with one every few months popping up,” he said.

The property market in Wiley Park has been seeing a mixture of buyers, with local and interstate investors as well as owner occupiers showing interest, according to Knapton.

The estimated asking rent for this unit is $450 per week, reflecting a rental yield of 6.46%.

The same unit was last listed for rent in 2010 at an asking price of $270 per week, according to RP Data records. Knapton cites population growth in the area, as well as strong demand and limited supply, for the sharp increase in asking rent.

Prior to this sale, the unit last sold in 2011 for $301,000, according to RP Data records.

According to the latest RP Data report, the median price for units in Wiley Park is $275,000, up by 5.8% on last year. The average discount required to sell a unit is 6.8%, while private treaty sales average 62 days on market.

The median asking rent for units in Wiley Park is $340 per week, while gross rental yield currently stands at 6.4%.

Diane Leow

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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