Slow growth in Melbourne's Albion with $185,000 sale

Melbourne had the nation's cheapest auction when a one bedroom apartment fetched $185,000 at 10/117 Anderson Road, Albion through hockingstuart Point Cook.

It last sold at $177,000 in 2012 when it was rented at $180 a week.

It's last rental asking price was $210 in 2014. 

CoreLogic puts the median price of Albion apartments at $251,500. It was around $240,000 in 2012.