Double the reserve, but half its prior selling price in Prahran

A student-only apartment at Prahran - listed with a disclosed $65,000 reserve - sold at weekend auction for $113,000.

But the vendor had paid $219,500 in 2009 when it was bought from Urban Studio Axiom.  

Located at G01/8 Porter Street, the tiny property has its own garden and courtyard.

It is leased for another 12 months for $245 per week - its sale price reflecting an 11 rental yield.

The apartment was marketed as suitable for a couple or individual.

Prahran Station is in close proximity as well as tram lines and eateries and bars.

The property was offered through Purplebricks agent Andrew Leung who took a $65,000 opening bid.

There were six bidders.

It is not the first resale at huge discount to prior sale price in the block.

There was a $100,000 sale last March having previously sold at $179,500 in 2009, with banks having a clear aversion to student housing lending.