Punchbowl $375,000 sale the weekend's cheapest price

A Punchbowl $375,000 apartment sale was the weekend's cheapest auction price.

Over $349,000 was tipped in all its marketing for the two bedroom ground floor rear at 7/104 Victoria Road.

It was just one of six sales below $500,000 at weekend auction.

It last sold in 2003 at $160,000, reflecting dead on 7% annual price growth.

Just the one registered attendee secured it in post-auction negotiations, without competition. 

Another investor who had offered $375,000 pre-auction failed to turn up.

The block's last sale in May this year was at $375,000 for a two bedroom ground floor front aspect apartment. It had sold previously at $280,000 in 2013, $205,000 in 2009; and $129,500 in 2001.

"Set in a quiet street in a boutique block of only twelve, it presents an affordable first home or low maintenance investment," its McGrath selling agent George Kapos said.

It was last vacant for rent in October 2014 with a $340 a week rental, reflecting 4.7% yield.