Newtown rental sells at 6.4% yield as Sydney weekend's cheapest sale
Sydney’s cheapest sale at auction over the weekend was $265,000 for a studio in the inner city Newtown.
The 26 square metre studio at 216/88 King Street, which is the main road cutting through the area that is flanked by Sydney University, sold through Agency by Glenn Regan according to APM.
The unit is on the second level of Georgina Apartments and is rented for $330 a week, reflecting a yield of 6.4% for an investor. The median asking rent for Newtown according to RP Data is $450 a week
The studio, which is in a building with a swimming pool, intercom and an lift, last traded in 2007 for $205,000.
According to RP Data the median price paid for a unit in the hip area is $535,250 of the 100 units sold in the past 12 months.