The sale of a mouldy old shack in the Blue Mountains has just demonstrated, to anyone still wondering, how bonkers Sydney’s property market is.
Let’s state the obvious: the real estate market in Australia is a mess. Anyone wanting to buy property in Sydney or Melbourne better have a LOT of cash saved up for the deposit. The alternative is to look in regional areas across the country for something a little more affordable; right?
Well, maybe not. If a recent property auction in the Blue Mountains is the beginning of a trend, then you can expect to pay half a million dollars for a rundown home that is practically falling apart. Think we’re exaggerating? Sadly not; a house that was described as a “dilapidated old shack” in its listing has just sold at auction for $565,000, according to realestate.com.au.
The house, located in Kurrajong Heights (close to the popular Hawkesbury area), had been left untouched for three years prior to the auction and is covered with mould and dirt.
With only two bedrooms and one bathroom, the derelict house really didn’t have much to offer aside from a fireplace, its location and a decent chunk of land – it sits on 856 square metres and, despite the house being on the smaller side, has a huge “overgrown backyard”.
Therefore, the listing advertised that buyers should “come with an open mind” and could “capitalise on the immense potential”.
The current median house price in Kurrajong Heights is $925,000 but surely, if someone was willing to pay just $360,000 less for a house that’s unliveable, that median price will soon rise.
Aspiring homebuyers better start cutting out more than the avocado toasts and takeaway coffees tout suite…