Lakemba mortgagee sale was Sydney's cheapest
A 1970s Lakemba apartment was Sydney’s cheapest auction sale at $355,000.
It was a mortgagee sale.
The Yerrick Road unit features two bedrooms, a bathroom, and a small balcony.
There is 69 square metres of internal floorspace, plus a secure car space.
It last traded in 2005 when sold for $170,000, but had traded slightly higher in the 2003 boom at $184,000.
Danny Hassen, from The Agency Inner West, sold the property.
The second mortgagee was Magnolia Capital, who are substantial shareholders in The Agency.
Lakemba’s median unit price is $375,000, according to realestate.com.au, with 92 sales over the past year.
Some recent years have seen as many as 300 units sold annually within the suburb.
Based on the last five years of sales, Lakemba has seen a compound price growth rate of 2.1% for units.
