Margaret River mortgagee listing drops asking price for the fifth time

A Margaret River, WA mortgagee has been listed for $265,000.

The unit was listed for $312,500 when it was first put on the market in September 2018.

The asking price has been reduced five times to where it is now.

Megan Booth of First National is currently marketing the property.

Situated at 9/7 Honeyeater Loop, the abode comprises a two bedroom, one bathroom townhouse with a double carport.

Set on 192 square metres, the two storey holding features solar passive design, 220 gallon rainwater tank and a number of modern features.

It was listed as a rental in 2009 seeking $295 per week and now in 2019 seeking $320 per week.

The property last sold for $361,000 in 2008.

The median sale price for an apartment in Margaret River is $444,000, according to the latest CoreLogic data.