Warwick Farm $340,000 sale as Sydney bumper auction weekend's cheapest
A Warwick Farm sale at $340,000 was the cheapest Sydney sale on the bumper auction weekend.
Currently tenanted at $290 per week rental return, it sold to a Liverpool Hospital nurse first time buyer who will keep the tenancy, but move in later.
The price of the 65 sqm two bedroom, one bathroom apartment reflected a 4.4% rental yield.
The early 1970s last sold in June 2013 at $234,500, but without any alterations in the meantime.
The sale - at 18% annualised price appreciation - was secured by McGrath agent Camden agent Glen Craigie and Rick Mancini.
Glen Craigie told Property Observer he'd adjusted his price expectations slightly lower - from $320,000plus to $299,000 plus - during the auction campaign given the amount of competing stock that came on the market which offered investors greater choice.
There were five registered to bid, but just two bid after the $270,000 opening offer.
There were 11 sales under $500,000 across Sydney amid the 800 plus weekend auction offerings.
The cheapest notified auction sale was outside Sydney at Halekulani, near Budgewoi at $308,000 for 70 Manoa Road.
