Cheap Liverpool, NSW villa sells for $320,000, reflects 5.61% yield
A two-bedroom villa in Liverpool was Sydney’s most affordable auction over the past weekend, according to Australian Property Monitors.
Located at 4/8 Reilly Street, it sold for $320,000 through Century 21 Fairfield.
Prior to this sale, it last sold in 2009 for $235,000, according to RP Data records. It also sold in 2001 for $145,000, in 1999 for $126,000, and in 1998 for $118,000, according to RP Data records.
Listing agent Nickolas Dilles told Property Observer it was a “very good” auction, with about 25 people in attendance and six registered bidders. The auction saw “very spirited bidding”.
Dilles revealed that the reserve price was $290,000, and the successful bidder was an owner-occupier.
He added that most of the registered bidders were investors, but “owner-occupiers will pay a premium”.
Dilles also said that the property market in the Liverpool, Fairfield and Cabramatta areas is “extremely busy” at the moment.
“It’s very very vibrant. Anything on the market’s sold in around 10 days,” he said.
He added that a shortage of stock and good returns were contributing factors to the areas’ popularity.
Dilles noted that there is a lot of investor activity in the area at the moment, and believes there is a “50/50” split between investors and owner-occupiers.
In the next six to 12 months, Dilles thinks the property market in Liverpool and its surrounds will continue to grow.
“It’s continuing to escalate, primarily because there’s no stock around. There are many properties being sold at their first open house,” he said.
According to Century 21 Fairfield’s estimated asking rent of $345 per week, the price reflects a 5.61% yield.
According to the latest RP Data report, the median sale price for units in Liverpool is $278,500, up 5.1% on last year. The average discount required to sell a unit is 6%, while private treaty sales average 64 days on market.
The median asking rent for units is $325 per week, and gross rental yield currently stands at 6.1%.