Carnegie 5.6% investment rental Melbourne's cheapest weekend sale
An apartment in Carnegie, southeast of the Melbourne CBD, was the Victorian capitals’ most affordable residential property to sell at auction this weekend.
The one-bedroom unit at 7/45 Oakleigh Road sold for $270,000 through agency Stuart Hocking Carnegie, according to Australian Property Monitors.
The price guide on the marketing leading up to the auction tipped a top price of $245,000.
Stylishly fitted out and decorated with flamboyant golden wallpaper and minimalist furniture, the unit is on the top floor of the two-level 1970s-built red brick block.
It is rented for $295 a week reflecting a yield of 5.6% for the investor.
The last time the strata-titled apartment sold was in 2007 for $162,000 andthat deal was exchanged within seven days of listing, according to RP Data.
The median asking rent in Carnegie is $347 a week.
RP Data notes that 143 units in the area have sold this year and the median price paid for an apartment was $406,000 in August 2014. Median growth experienced among units in Carnegie in 2013 was 2.6%.
