Mortgagee sales continue on NSW Central Coast with Toukley providing the weekend's cheapest sale

Mortgagee sales continue on NSW Central Coast with Toukley providing the weekend's cheapest sale
Diane LeowDecember 7, 2020

A 1950s three-bedroom house in the popular retirement and lifestyle NSW town of Toukley was last weekend’s cheapest sale, fetching $184,000 at auction, according to Australian Property Monitors (APM).

Located at 306 Main Road, the property sold at mortgagee auction through George Brand Real Estate – Toukley

Property Observer reported in February that Central Coast Sydney was ranked the sixth-worst performing region in Australia by value, with a delinquency rate of 1.81%.

Although last December it was reported that instructions to provide mortgagee valuations in Toukley were down by 36% over 2012, according to property valuation and advisory group Herron Todd White.

The sold cottage sits on a 632 square metre block with large backyard, reflecting dual occupancy income potential.

Set close to a supermarket and the beach, Matt Rogers suggested the property allowed for new owners to “build in their own equity”.

The house last sold for $105,000 in 2007 according to RP Data records, reflecting a price appreciation of $15,800 per year over the last five years.

There were about four bidders present, and it appeared the successful bidder was an investor.

The price reflected a likely rental yield of 5.93%, slightly above the average rental yield in Toukley, which currently stands at 5.3%.

It was advertised has having a potential rent return of $200 to $220 per week.

RP Data records show the property was listed for rent at $195 a week in late 2007. In 2011, the rental asking price was given at $250 a week.

Toukley lies approximately 107km north of Sydney. According to the latest RP Data report, the median sales price of houses in the area is $295,000, an increase of 6.5% from last year.

Property agents in the area say that the market in Toukley has been “exceptional”.

“We’re finding a lot of buyer enquiries, properties are selling quickly, and prices are moving in the right direction,” Benjamin Hamilton at the Wiseberry Heritage agency told Property Observer.

The average discount required to sell a house in Toukley is 10.4%, while average days on market stand at 91 days.

Diane Leow

Diane has spent her entire career in the world of digital. She is passionate about delivering the best content to a world that is becoming increasingly jaded by the news. She also believes in the importance of great journalism and how it can change the world. Oh, she also drinks a lot of coffee.

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