Stewart Malony from Century 21 Caringbah, NSW had a 1 bedroom apartment, in Caringbah, up for auction last week at Hurstville Civic Centre. The 6 unit apartment block had been built on a large block of land giving the apartment block a very big back yard. The strata title on the apartment block was also interesting. Each unit had a claim to a percentage of the land.

At auction the 1 bedroom apartment was passed in at the bargain basement price of $120,000. Before the property was passed in, Brian Cannon, the auctioneer made a big deal about the implied rental yield of 8% at that level.

As it happen a PTY Property viewer from the Northern Beaches (45 min north of Sydney) was watching the auction and contacted Stewart the next morning to organise an inspection.

At the time of writing this blog it appears that the Northern Beaches investor is going to pay $155,000 and be the new lucky owner.

Stewart said “Another reason why your service is so valuable.”