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Melbourne property sells for $173,000 in cheap Aussie auction

The Oakleigh apartment was the most affordable property sold in Australia over the weekend.

A Melbourne apartment has been sold in what is thought to be one of the country’s cheapest ever auctions over the weekend. The catch? The property's living space is only as wide as an SUV.

Located in Oakleigh, the one-bedroom studio was snapped up for $173,000 at auction following a bidding war between three parties. It was bought by a first-home buyer who lives in the area and works at a local cafe.

Real estate agent James Grosso of Harcourts First told Yahoo Finance the auction was the cheapest auction he had seen in his four-year career. According to Domain, it was also the most affordable property sold in Australia over the weekend.

Cheap Melbourne property
The Melbourne apartment was the cheapest property sold in Australia over the weekend. (Source: Domain)

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“It’s one room and a bathroom. I think the highlights were the location, it’s close to the train station, close to amenities and [has] good freeway access,” Grosso said.

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“A lot of people are looking to buy cheaper homes because rates are so high and things are becoming unaffordable with the cost of living. It is making those kinds of properties more desirable for people as opposed to renting.”

The studio includes a combined bedroom, living and kitchen area, which has a width of 4.3 metres and is about the length of an SUV. It also features a combined bathroom and laundry space, along with a secure stacker car space.

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Grosso noted that most people selling apartments in Melbourne at the moment were investors and they were being bought up by homeowners.

“With land tax and the cost of living, it’s not really feasible to own an investment property in Melbourne at the moment,” he told Yahoo Finance.

Melbourne apartment
The apartment has a combined kitchen, living and bedroom space. (Source: Domain)

Melbourne had the most auctions in the country last week, CoreLogic data found, with 855 homes going under the hammer with a preliminary clearance rate of 70.8 per cent.

The most expensive property to sell at auction in Victoria last week was a five-bedroom, four-bathroom house in Lysterfield, which sold for $3.19 million. This was followed by a three-bedroom, two-bathroom house in Balwyn for $3.06 million.

There are a few other apartments in Melbourne that are currently up for sale for less than $180,000, including a number of small studios designed for students.

Melbourne studio
The student studio is just 2.8 metres wider, skinnier than the average car park. (Source: Domain)

One located in the heart of the city on Elizabeth Street is up for sale for $140,000. But at just 2.8 metres wide, the property is skinnier than your average car park.

The average price for a unit in Melbourne is $579,506, according to Domain, while the average house is $1,047,273.

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