Essendon one-bedroom apartments attracting strong buyer interest
A one-bedroom apartment in Essendon was recorded as the cheapest auction sale in Victoria for the past weekend, selling for $266,000 according to Australian Property Monitors (APM).
Located at 20/44 Fletcher Road, the apartment sold at auction on April 6 through Barry Plant – Moonee Valley.
Property Observer reported in January that Essendon was one of 23 suburbs in Melbourne where first-home buyers can purchase a one-bedroom apartment and pay equal or less than the estimated first-home buyer mortgage repayment in Victoria of $414 per week.
Data compiled by the Real Estate Institute of Victoria (REIV) reveals that first-home buyers in Essendon are spending $414 a week on mortgage repayments with a median price of $310,000 for one-bedroom apartments.
The self-contained apartment is close to public transport, includes a carport on title, according to Jim Michaels, the Barry Plant listing agent.
Based on an estimated $260 rental, the price reflected a likely yield of 5.8%, significantly higher than the RP Data average gross rental yield of 3.9% in the area.
Essendon is 10km north-west of Melbourne’s CBD, and is well-connected by public transport and the Tullamarine freeway. Cafes and other amenities are also easily accessible.
According to the latest report by RP Data, the median sale price for units in Essendon is $418,000, slightly down by 1.1% from last year. The average discount required to sell a unit in Essendon is 8.4%, and sales average 67 days on market.
Other one-bedroom apartments listed for sale in Essendon include:
304/201 Buckley Street (pictured below), listed for $410,000 by Frank Trimboli Real Estate – Footscray.
413/55 Collins Street (pictured below), listed for $295,000 by Windy Hill Real Estate – Essendon.
