Blacktown had Sydney's cheapest weekend offering
Sydney's most affordable property reported sold over the weekend was a three bedroom, one bathroom townhouse unit at Blacktown.
The 4/86 Eggleton Street property sold for $331,000 through Harcourts Unlimited Blacktown agent Andrew Chrysanthou, according to Australian Property Monitors.
It was bought by an owner occupier, but had been leased at $380 a week, so the sale price reflected around a 6% yield. The rent didn't reflect much change on its asking rental of two years ago.
It last sold at $270,000 in 2007, so reflected 3% annual growth over the past six years.
And at that it fared better than Sydney’s overall price growth as over the last eight years Sydney property prices have increased by an average 2.7% per annum, which is identical to the average 2.7% inflation rate over the same period.
RP Data says the median Blacktown unit has risen 27% over the past five years to $318,000.
