Househunters urged to sign waiver before inspecting Elizabeth Grove home

An Elizabeth Grove home that’s in such bad condition potential buyers must sign a waiver to inspect it will likely still be sold at a profit.

The dilapidated property at 217 Main North Rd has been on the market for less than a week but already received six purchase offers, said selling agent Mike Lao, of Edge Realty.

Mr Lao confirmed those wishing to inspect the property were asked to sign a waiver but said that had done little to dampen interest in the 1960s-built three-bedroom home.

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The Elizabeth Grove home at 217 Main North Rd is dilapidated inside.

Househunters must sign a waiver before inspecting it.

It doesn’t seem to be deterring prospective buyers though.

He said “dodgy electrical wiring’’ was the greatest concern however SA Power Networks had disconnected power to the property, which had been used by the current owner as a rental.

There were also holes in the flooring and, without knowing what was in the crawl space or whether there was any termite damage, Mr Lao said the waivers were required “out of an abundance of caution’’.

Set on a generous 709sqm allotment near schools, shops and the Lyell McEwin Hospital, the home has a price guide of $499,000 to $548,000.

Mr Lao said offers already received had ranged from $400,000 to more than $500,000.

“That (price guide) is land value,’’ he said.

“And (the vendor) will still make money out of it.

“They bought it for a song so while they’re upset it’s not (being sold) in a great condition, I don’t think they will be out of pocket at all.

“It was different in the old days (when properties in poor condition would be sold at a loss) – everything (on the market) is doing better now and they (the vendor) will do OK.’’

Property records show the home last sold in 2024 for $551,000.

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The home was last used as a rental property.

It’s listed for sale with a $499,000 to $548,000 price guide.

According to property records, it last sold in 2024 $551,000.

At that time, the property included a neat kitchen with built-in cabinetry, which appears to have since been ripped from the walls.

A wall-mounted airconditioner unit is missing from the front lounge, where feature timber panelling is also in a state of disrepair.

The listing states there is still a “functional’’ bathroom and separate toilet, and the property is “ideal for renovators, investors and developers … ready to unlock the true value within’’.

Mr Lao said the owner had been overseas for a time and was devastated at the condition of the property when they returned.

He said the highest offers to so far be received for the home had come from those hoping to repair and renovate the property as an investment.

At the lower end of the scale, several potential buyers were hoping to demolish the home and subdivide, he said.

Interest in seemingly undesirable properties is nothing new, with many prepared to shell out for ramshackle homes.

Last year, a once grand bungalow at 53 Dudley Ave, Daw Park – likened to the “Black Hole of Calcutta’’ by its selling agent, sold for $156,000 more than its $1.05m asking price, despite having no electrical wiring or plumbing and smelling of incontinence.

– by Lauren Ahwan

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