Auburn studio sells for $141,000, reflects 9.22% gross yield
A one-bedroom unit in Auburn was Sydney’s most affordable auction sale last weekend, according to Australian Property Monitors.
Located at 326/95 Station Road, the unit sold for $141,000 through Century 21 Tan Brothers – Blacktown.
Prior to this sale, the unit last sold in 2010 for $117,000. It also sold in 2004 for $110,000, in 2001 for $64,000, and in 1993 for $67,000, according to RP Data records.
Property Observer also reported a sale in the same building in September this year. It was also that weekend’s most affordable auction sale, which sold for $150,000.
Listing agent Eddy Tan told Property Observer the auction went “very well”, with two or three registered bidders.
The successful bidder was an investor.
While Tan declined to reveal the reserve price, he noted that the unit sold “slightly above” the reserve.
He added that the property market in Auburn is “pretty hot” at the moment.
“We’ve sold almost everything that we have,” he said.
Going into 2014, he believes the market is “going to go very well”.
“I’m hoping 2014 will be better than this year,” he said.
According to Century 21’s estimated asking rent of $250 per week, the price reflects a gross rental yield of 9.22%.
A check by Property Observer revealed that asking rents for one-bedroom units in 95 Station Road range from $210 per week to $285 per week for 2013, according to RP Data records.
According to the latest RP Data report, the median unit price in Auburn is $357,500, up 15.3% on last year. The average discount required to sell a unit is 5.2%, while private treaty sales average 78 days on market.
The median asking rent for units in Auburn is $390 per week, while gross rental yield currently stands at 5.7%.