You are not imagining it - a city property has sold for $86,000

No, you are not imagining it – this apartment has sold for only $86,000.

It’s not a misprint. The apartment in Melbourne’s Noble Park was whisked off the market for less than the price of a prestige car.

The studio apartment, which sold on August 15, currently reaps $913 per cent month in rent, the Ray White listing advises.

SOLD - $85,000

104/58-59 Douglas Street, Noble Park VIC 3174

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The floorplan is compact but packs in a bathroom with a shower, a kitchen with sink, rangehood, bar fridge and hotplates and a singular space for the bedroom and sofa.

Ray White Dandenong agents Fatima Rezai and Burak Gul looked after the sale.

Studios are a normal residential choice in dense cities around the world including Manhattan and Paris.

In Australia they are less common and when found, are often used for student accommodation, as this listing is, and offered as investments.

The petite property is near to Noble Park train station, and the resident will share a laundry with other tenants,

Another unit in the Douglas Street building is on the market for a slightly higher sum, hitting seven figures.

$95,000 to $100,000

5/58-59 Douglas Street, Noble Park VIC 3174

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Melbourne’s weekend auction clearance rate clocked in at 62.4 per cent – an increase on last weekend’s results, which slipped in at 59.6 per cent.

The highest sale in Melbourne was a handsome 1940’s red brick residence, just a block from the foreshore in Brighton.

SOLD - $4,530,000

23 Martin Street, Brighton VIC 3186

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Marshall White Bayside struck the deal for 23 Martin Street, led by Andy Nasr, Tas Bartels and Simon Monnier-Penny.

The substantial four-bedroom manor underwent a renovation by Scottish architect Rennie Mackintosh and with bay windows, strapped ceilings and a richly-planted garden, married sleek contemporary with established, heritage accents.