19/299 Lakemba Street, Wiley Park NSW 2195

$540k valuation vs $470k asking | 6.6% gross yield on current lease | 101sqm in a 43-unit complex | below median price for Wiley Park This property presents a compelling buying case primarily through its pricing gap and yield profile. At $470,000 against a median of $520,000 and a Domain valuation range reaching $620,000, the unit is positioned well below market benchmarks for a 101sqm two-bedroom. The current lease at $600 per week delivers a gross yield of 6.6%, which is strong for the area and makes this suitable for an investor seeking immediate positive cash flow or a first-home buyer wanting to offset mortgage costs with rental income. The 65% owner-occupier ratio in the building suggests reasonable building management and lower turnover risk compared to predominantly rental complexes. The key risk here is the low recent turnover within the 43-unit complex, which may indicate either satisfied long-term owners or potential building issues not immediately visible. The auction clearance rate of 0% in Wiley Park for units suggests limited buyer competition at auction, but this property is listed privately which avoids that risk. The opportunity lies in the pricing being below the Domain valuation range bottom, combined with the 21-day average days on market for the suburb, indicating that if this unit sits longer than three weeks, further negotiation room may open up. The unit’s size at 101sqm is generous for a two-bedroom apartment and should hold value better than smaller units in the area.