Dilapidated homes sell for record low prices across Australia
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In a notable real estate development, a severely rundown cottage in Broken Hill, New South Wales, has been sold for a mere $40,000, marking it as the cheapest home sale in Australia for February. The property, located at 215 Pell Lane, is devoid of essential amenities such as a kitchen and bathroom and has been deemed unsafe for inspections. Despite its dilapidated condition, the home has attracted a local buyer intent on reviving it.
Molly Clemens, a real estate agent from Broken Hill Property Management, described the property as needing “some love” and a complete renovation. “A local person has actually purchased the property, and they will plan to renovate it,” Clemens noted. “They do quite a few renos, and they do them really well, so it’s exciting to see what they do with it.”
The sale price is a tiny fraction of the national median house price, which reached $996,000 in February, according to the PropTrack Home Price Index. Clemens highlighted that the absence of a kitchen and bathroom were significant factors in the reduced price. “They were ‘big ticket items’ for securing qualified trades in the town, which accounted for its advertised sales price of $49,500,” she explained.
The property, set on a 486sqm block, lingered on the market for 165 days before the price was slashed, prompting two offers. The new owner, a local renovator, plans to transform the neglected structure into a functional home, illustrating a growing trend of investing in fixer-uppers with potential.
Meanwhile, in Western Australia, another budget-friendly property transaction took place with the sale of a house at 8 Carrie Street, Pingrup, for $86,000. The three-bedroom, one-bathroom home was sold “strictly as is,” complete with personal items left by previous occupants. The listing described it as a “genuine roll up your sleeves” opportunity, cautioning buyers about its older fibro/asbestos construction that required substantial renovation or potential removal.
In Tasmania, two properties were sold at bargain prices, highlighting the state’s affordability in certain areas. A modest 35sqm shack known as ‘Bits n Pieces’ sold for $90,000. The listing underscored that “the real value lies in the location,” situated on an 850sqm block in Doctors Point. Another property, a 1980s three-bedroom home in Queenstown, was purchased for $93,000. Harcourts West Coast sales agent Rodney Triffett remarked on the interest the property generated despite its condition. “It’s a property that’s been empty for such a long time after falling into a bit of a lesser condition, as you can see in the photos,” he said. “But it’s from my understanding, that someone will be renovating it and hopefully bring it up to a better standard.”
Victoria also presented a unique offering with a two-bedroom house in Manangatang, which sold for $120,000. The property, while lacking installed kitchen appliances, boasted a freshly renovated bathroom and a non-functional jet spa. The listing noted, “The executors believe it to be the pump, but are unsure,” reflecting the uncertainties that often accompany lower-priced homes.
In Queensland, a four-bedroom home at 30 Ramsay Street, Cloncurry, sold for $142,000. The property, part of the community for over 80 years, offers a convenient location near essential amenities and features a large sunroom and a versatile enclosed area beneath the house.
South Australia saw the sale of a half duplex at 16 Domeyer Court, Port Augusta West, for $265,000. The updated property includes three bedrooms and one bathroom, appealing to both investors and first homebuyers.
The Australian Capital Territory’s most affordable sale was a one-bedroom apartment at 4/3 Keith Street, Scullin, which sold for $265,000. Advertised as “an ideal entry-level opportunity,” the apartment features new carpet, floorboards, and fresh paint.
Finally, in the Northern Territory, a modern studio apartment at 143/21 Cavenagh Street, Darwin City, sold for $232,000. The low-maintenance apartment offers air conditioning, city views, and ocean glimpses from the balcony, rounding out a month of diverse and budget-friendly property transactions across Australia.