Nickol, WA home sold by mortgagee for half prior sale price amid falling rental market
A house in Western Australia's Nickol, near Karratha in the Pilbara region, has been sold by the mortgagee in possession for a $357,000 loss.
The home at 6 Mayo Court sold under the hammer for just $293,000, 44% of the value it sold for in 2007 when it transacted for $660,000.
Situated on 705 sqm, the home was marketed as "perfect for the investor or home occupier alike."
It is a three bedroom, one bathroom property which features an open plan kitchen and living area with a rear patio.
Rachel Ross and Tiffinie Guillesser marketed the property that was once owned by the State Housing Commission.
The State Housing Commission originally sold the house in 1992 for $76,500.
Its demise in value was also reflected in its rental worth.
In three years its rental asking price dropped by $600 a week.
It sought $1,050 a week in 2011 before asking $675 a week in 2014. The home failed to find a tenant and was listed for $550 a week later in the month.
Currently the median rent in Nickol is $480 a week.
Property Observer recently wrote about another Nickol mortgagee, 10 Brolga Meander, which sold in May.
The median price for a home in Nickol is $365,000 according to CoreLogic, which calculate its annual change in median price over the past 10 years as 0.3%.
