Merrylands Sydney's cheapest sells on 4.9% yield

The cheapest weekend sale at Sydney auction was $380,000 for a Merrylands apartment.

The 7/23 St. Ann Street, Merrylands flat was leased for $360 per week for the past year or so.

The vendor was moving overseas, the Century 21 listing agent Nick Papas said. It sold prior to auction to a mum and dad investor.

The first floor, two bedroom, one bathroom apartment was marketed as a property "ideal for the first home buyer or smart investor".

Century 21 South West Fairfield secured the sale with Papas telling Property Observer he thought the 4.9% yield was pretty good for the market.

There was an 83% weekend clearance rate according to Australian Property Monitors.

Sydney's north west reported a perfect score at the weekend with a 100 percent clearance rate, APM senior economist Dr Andrew Wilson said.

Next best was the neighbouring upper north shore with 92 percent, followed by the inner west with 91.4 percent and the highest sales at 53.

The city and east recorded a clearance rate of 89.4 percent with the lower north 86 percent, the northern beaches 85 percent, Canterbury Bankstown 80 percent, the south 78.4 percent, the west 69.4 percent, the south west 67.9 percent and the central coast 50 percent.