One owner Lalor Park house fetches $350,000 median after 55 years ownership
A 1950s three-bedroom Lalor Park house was the weekend's cheapest auction sale in New South Wales last weekend, selling for $350,000 according to Australian Property Monitors.
Located at 9 Corella Road, the brick house sits on a 620-square-metre corner block.
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The property, last sold in 1958 for £7,200, was auctioned as a deceased estate.
Its listing agent Matt Lucas of LJ Hooker Blacktown told Property Observer there were 50 plus people present at the onsite auction with competitive interest.
“We had eleven registrations and five people going head-to-head,” he said.
Lucas said the house has the potential to be an “investment-style property,” but the current buyers were looking to renovate it first.
The property features the original kitchen.
Based on LJ Hooker's estimated $320 rental per week, the price reflected a likely rental yield of 4.75%, slightly lower than the average rental yield in Lalor Park which currently stands at 5.6%, according to RP Data.
However Lucas told Property Observer that the asking rent is likely to increase to $380 to $400 a week after the property has been renovated, bringing the estimated rental yield to 5.79%.
Lucas added that Lalor Park typically attracts first-time homebuyers and young families. In recent weeks investors have also been showing strong interests in the area.
“It’s a bit of a changing time mainly due to investors coming in. There’s not much available stock left,” he told Property Observer.
According to the latest report by RP Data, the median sale price for houses in Lalor Park is $350,000, down by 1.7% on last year. The average discount required to sell a house is 5.4%, while private treaty sales average 54 days on market.
Other houses currently for sale in Lalor Park include: 46 Northcott Road, listed for $395,000 by Australian Real Estate Kings Langley and 16 Iwunda Road, listed for $369,000 by Richardson and Wrench Baulkham Hills.