Lakemba one bedder sells at $395,500, but was Sydney's cheapest weekend result

Lakemba one bedder sells at $395,500, but was Sydney's cheapest weekend result
Jonathan ChancellorNovember 23, 2014

A top floor Lakemba one bedroom apartment was the cheapest sale across metropolitan Sydney at weekend auction.

It fetched $395,500.

It was marketed as Lakembs's largest one bedroom unit, given its 98 square metre size.

It came with two balconies, a renovated kitchen and a bathroom.

There was also a lockup garage.

The Knapton Property selling agents were saying it had a potential rental of $350 per week, reflecting a 4.5% yield.

It last sold at $277,000 in July 2011, reflecting 11% annual growth.

It is not the highest sale in the block of 10 as $410,000 was achieved mid-year, but that was a two bedder for tamden garage space for two garages. It sold to an investor who put it up at $410 a week.

The weekend auction top bidder was a first time buyer who will rent it out for a short time while they remain in Singapore was the apparent buyer, up against a neighbour.

Bidding went to the mid-$350,000s, with around 15 bidder parties, then it was the two bidders left to battle it out.

 

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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