Double the reserve, but half its prior selling price in Prahran

Double the reserve, but half its prior selling price in Prahran
Double the reserve, but half its prior selling price in Prahran

A student-only apartment at Prahran - listed with a disclosed $65,000 reserve - sold at weekend auction for $113,000.

But the vendor had paid $219,500 in 2009 when it was bought from Urban Studio Axiom.  

Located at G01/8 Porter Street, the tiny property has its own garden and courtyard.

It is leased for another 12 months for $245 per week - its sale price reflecting an 11 rental yield.

The apartment was marketed as suitable for a couple or individual.

Prahran station is in close proximity as well as tram lines and eateries and bars.

The property was offered through Purplebricks agent Andrew Leung who took a $65,000 opening bid.

There were six bidders.

It is not the first resale at huge discount to prior sale price in the block.

There was a $100,000 sale last March having previously sold at $179,500 in 2009, with banks having a clear aversion to student housing lending.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Prahran Studio Apartment

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