Gladstone Park's ordinary 0.88% price growth in Melbourne's cheapest weekend auction

Melbourne’s least expensive property to sell at auction on the weekend was a small unit in Gladstone Park, northwest of the CBD.

The one-bedroom 60 square metre unit in the single level row of dwellings was at 20/16 South Circular Road. It was offered to buyers all ages but with a covenant that only 55+ year olds can occupy/rent the unit.

It sold for $190,000 through Jason Real Estate Tullamarine, according to APM, at a $10,000 increase over the past six years, reflecting 0.88% annual growth.

There were $225,000 hopes when the brick unit was listed in early 2014.

The unit last traded in 2008 for $180,000 and before that in 1994 for $77,000.

Last year another two units sold in the row, each for $205,000. 

The highest price paid for a one-bedroom unit in residential retirement complex is $227,500 in 2012.

The recent asking rental for the block are around $230 a week.

According to RP Data, the median unit price in Gladstone Park is $210,000.