Australia’s cheapest home snapped up sight unseen

A Sydney buyer has snapped up an abandoned, century-old country home with beehives in its walls for one-tenth of the price of a typical Australian home, without ever stepping foot inside.

The ‘renovator’s delight’ was one of three houses to sell for $85,000 in July, sales data from realestate.com.au has revealed.

That’s almost one-tenth of the cost of a median home according to the latest PropTrack Home Price Index, which shows national dwelling prices reached a record high of $827,000 in July.

From beehive infestations to termites to retro charm – here is a glimpse at some of the cheapest homes to change hands across the country last month.

Renovate or detonate

Selling sight unseen to a Sydney buyer for $85,000, this rural New South Wales home with beehives in its walls, broken doors, and no flooring in some rooms was aptly advertised as ‘ripe for renovation’.

Located at 4 Anna Street, Urana, sales agent Michelle Wilcox from PRD Wagga Wagga posted a tongue in cheek video of the home’s merits by throwing a hammer at it with a bomb going off, while stating the buyer could “renovate or detonate.”

Ms Wilcox said she asked the vendors prior to compiling the video if she could “push the boundaries” to market the approximate 100-year-old residence, and they were happy for her to do so.

“It was just abandoned many, many years ago, and then the owner before now started to gut it, but then ran out of time,” she said.

“So he just sort of left it, and they didn’t pay a lot for it. The land value with a dilapidated house and price has gone up a little bit, but obviously the house had just gotten worse and worse.”

Termite disclaimer

“This home needs work” was how 17 Watchem Road in Birchip, Victoria, was advertised, with no illusions about the mammoth task awaiting its next owner.

Not scared off by the evidence of termites in its timber verandah, selling agent John Hadley from NorthWest Real Estate Warracknabeal said the home was snapped up by an owner-occupier.

Mr Hadley said the 70 to 80 year old home took about six weeks to sell, and the appeal of the two bedroom, one bathroom property was its $85,000 asking price.

The listing noted that the home did not meet the Victorian Governments Rental minimum Standards, but was connected to power, sewerage and water.

Retro charm

Rounding out the $85,000 sales list was 16 Jamieson Street, Broken Hill, advertised as a “fantastic opportunity for first homebuyers, renovators, or investors.”

It offered three bedrooms, one bathroom, a sunroom and a retro-style kitchen with orange cabinetry and wallpaper.

“Priced accordingly”

In Western Australia’s Mid-West, a blue fibro three bedroom, one bathroom home on a corner lot in dire need of some TLC sold for $112,000.

The cheapest home to sell in WA – located at 55 Linthorne Street, Mingenew – was noted as “priced accordingly this property will be sold as is condition” due to the works needed to bring it back to life.

Set on a 1044sqm block, the listing offered no internal images.

Its list of features included a living area with a fireplace, a kitchen in need of a new oven, a back veranda and a patio.

Tassie charm

Endless views of the Midland Valley and the Central Highlands are afforded from this timber two storey unit, which was snapped up for $180,000.

Situated about 45 minutes from Launceston, in the village of Poatina, 1 Wide View Crescent featured two bedrooms, an open plan kitchen and living area and a combined bathroom and laundry area.

Northern Territory’s bargain buy

The Northern Territory’s cheapest sale was 9/3 Allchurch Street, The Gap, which changed hands for $230,000.

The one bedroom unit was advertised as being in close proximity to the CBD, ideal for a first-home buyer, investor, or someone seeking a low-maintenance home.

Investor opportunity in the ACT

An entry level Hackett ground floor unit snapped up by an investor for $262,000 was the ACT’s cheapest property sale last month.

Sales agent Mick Barlow from Mick Barlow Property Ainslie said 25/127 Madigan Street, was among several “old school apartments” built in the 1960s and 70s, which were common in inner north in Canberra.

“They’re pretty much renowned as the cheapest real estate in the inner north Canberra,” he said.

The unit features a kitchen and meals area, and a main living area, with the complex a short distance from the Dickson shopping precinct.

Tropical living

In Cairns North, the $115,000 sale of 7/261-265 Sheridan Street was Queensland’s cheapest sale for July.

The ground floor studio apartment included an open plan layout with one bedroom and one bathroom.

It was part of a gated complex offering amenities such as a swimming pool and barbecue facilities.

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