Maroubra apartment trades at 6% yield, weekend's cheapest Sydney auction sale

The cheapest Sydney home sold at auction this weekend was a $320,000 Maroubra studio apartment, according to Australian Property Monitors.

The 25 square metre corner apartment at 54/20 Maroubra Road is a far cry ($4.68 million) from the Darlinghurst apartment sold late last week.

It was sold partially furnished by Marc Fitzpatrick and James Larger of Liberty. The listing information describes it as having an "open plan living space, with enough room for a living area, dining area and separate bedding area".

The apartment includes a car space.

According to its listing, tenants were applying to rent the apartment at $370 a week, reflecting a 6% yield. The apartment was sold without tenants.

The sales value of the apartment has increased by $140,000 in the past six years – it was purchased by the vendors in 2008 for $180,000. In the six years prior to 2008, its value increased by just $13,000; it was sold in May 2002 for $157,000.

RP Data recorded the median price of a unit in Maroubra, 10 kilometres south-east of Sydney, at $727,500 in September.