Kurunjang notches up Victoria's cheapest weekly sale: APM
A four-bedroom house in Kurunjang was last weekend’s most affordable auction sale in Victoria, selling for $260,000, according to Australian Property Monitors.
Located at 10 Light Fingers Street, the property (pictured below) sits on a 545-square-metre block that features a large backyard. It last traded at $86,000 in 2008 and was built in 2009.
Property Observer reported in August last year that Kurunjang (3337) was one of Victoria’s ten worst postcodes for mortgage arrears.
Listing agent Ned Nikolic of Barry Plant Melton told Property Observer that the vendor was a bank, but declined to explain the circumstances surrounding the auction.
There were four bidders present at the auction, and it appeared the successful bidder was an investor.
Based on an estimated rental of $275 a week, the auction price reflected a likely yield of 5.5%, slightly higher than the RP Data gross average yield of 5% in the area.
According to the latest RP data report, the median sale price for houses in Kurunjang is $277,000, down by 7.5% on last year. The average discount required to sell a house in Kurunjang is 9.1%, while private treaty sales average 98 days on market.
Other houses for sale in Kurunjang include: 40 Banker Street, listed for $315,000 by YPA Estate Agents Melton, and 10 Tulloch Avenue, listed for $319,000 by Barry Plant Melton.
