Ascot Vale $245,000 unit sale reflecting 5.09% yield was last weekend's cheapest Victorian auction

Jonathan ChancellorMay 8, 2013

A one-bedroom apartment in Ascot Vale was recorded as the cheapest auction sale in Victoria over the last weekend, selling for $245,000, according to Australian Property Monitors (APM).

Located at 5/230 Ascot Vale Road, the apartment (pictured below) sold at auction on May 4 through Jim Michaels of Barry Plant Moonee Valley.

ascotvalemay9one

The unit was listed for rent in October last year with a $240 weekly asking rent, according to RP Data records.

Based on this figure, the price reflected a rental yield of 5.09%, slightly higher than the average rental yield for units in Ascot Vale which currently stands at 4.4%.

The unit had a $145 weekly asking rent in 2005. The asking rent for the unit was $250 a week in 2010.

According to the latest report by RP Data, the median sale price for units in Ascot Vale is $410,000, down 13% on last year. The average discount required to sell a unit is 10.5%, while private treaty sales average 84 days on market. 

Other one-bedroom apartments for sale in Ascot Vale include: 4/242 Union Road (pictured below), listed for $340,000 by Weda Property Essendon.

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Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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