Investors miss out in Rooty Hill auction battle
A three bedroom Rooty Hill cottage, one for the avid gardener, was Sydney's cheapest weekend auction sale.
There were 12 registered parties at the auction, with estate agent Caroline Gray at Tesoriero Real Estate Rooty Hill estimating that 10 got to make a bid before its $401,000 sale.
As an investment opportunity, the property had the potential to earn a weekly return of $380 to $390 per week, so if it did sell to an investor it reflected a 5% yield.
Three quarters of those interested were investors, but it sold to a first time buyer.
The home is set on a 252 square metre block of land.