A rundown cottage with no electricity, working kitchen or bathroom has been snapped up for just $90,000, marking Australia’s cheapest home sale last month.
The vendors had used their onsite caravan and barbecue for showers and cooking, and undeterred by the mammoth list of renovation works needed, the new owners of 90 Taverner Street, Rainbow are relocating from Melbourne to call the cottage home.
Data from realestate.com.au has revealed the cheapest house sales by capital city across the nation in April, with prices ranging from $90,000 in Rainbow, Victoria to $140,000 in Broken Hill, New South Wales and $298,700 in the Australian Capital Territory.
The bargain buys were snapped up for a fraction of the cost of a typical home in Australia, with the national median home price reaching $910,000 in April, according to the latest PropTrack Home Price Index.
The three-bedroom house at 90 Taverner Street, Rainbow sold for $90,000. Picture: realestate.com.au/sold
From fire-ruined homes to properties unsafe for home opens, and a $1 reserve auction, here is a look inside Australia’s cheapest property sales in April.
Ugly duckling with no power
Advertised as “get ready to roll your sleeves up,” sales agent Brett Driscoll from Ray White – Mildura said the owners of the three-bedroom limestone home had decided it was time to sell to move somewhere offering “creature comforts.”
The Rainbow house was situated on a 3,019sqm block. Picture: realestate.com.au/sold
They had installed a toilet in the derelict home but used an off-grid caravan for the facilities the home lacked.
Set on a large 3,019sqm block, the home included water and sewerage connections, pressed metal ceilings and open fireplaces.
$1 reserve auction
A fire-ravaged derelict cottage in northeast Victoria listed with a $1 reserve price sold under the hammer for $98,000 in a 30-plus bidder frenzy, exceeding the agent and vendor’s expectations.
The four-bedroom house at 1 Mansfield Road, Benalla was snapped up for $98,000. Picture: realestate.com.au/sold
Sales agent Peter Symes from Ray White – Benalla said the $1 reserve idea was considered the best way to engage the market and “get people cracking.”
Despite being advertised as “likely beyond repair", bidding for 1 Mansfield Road, Benalla began at just $5 but quickly grew to $500 and continued to grow by thousands.
Western Australia: Fire-wrecked home offers opportunity
Another extensively fire-damaged regional home earnt a spot in Australia’s top five cheapest homes sales last month, this time in regional WA.
Developers paid $130,000 for the three-bedroom house at 37 Ware Street, South Kalgoorlie. Picture: realestate.com.au/sold
The $130,000 sale of 37 Ware Street, South Kalgoorlie also marked WA’s cheapest home sale in April, and sales agent Larissa Todd from Professionals Platinum said the fibro asbestos home “didn’t have much going for it.”
Built in the 1950s, the three-bedroom, one-bathroom home was advertised as a chance to build a new dream home, or to develop the 1,012sqm block.
The South Kalgoorlie house had extensive fire damage. Picture: realestate.com.au/sold
Ms Todd said the costs to remove the fibro asbestos deterred many buyers, but the property was snapped up by developers.
South Australia: Starter home at $140,000
One of South Australia’s cheapest sales was a two-bedroom, one-bathroom home at 19 O'Malley Street, Cummins.
The two-bedroom house at 19 O'Malley Street, Cummins fetched $140,000. Picture: realestate.com.au/sold
Selling for $140,000, the home was advertised as a “starter home” and its 895sqm block allowed scope to knock down the home and rebuild.
NSW: Tenant damage forces sale
After tenant damage left 15 Nicholls Street, Broken Hill in complete disrepair, the owners could not afford the renovations to make it liveable and were forced to sell.
Sales agent Mitchell Halpin from Broken Hill First National said there was strong competition on auction day, which saw it sell under the hammer for $140,000.
Set on a 303sqm block, the three-bedroom house at 15 Nicholls Street, Broken Hill sold for $140,000. Picture: realestate.com.au/sold
“The owner was over the moon – they were able to move on, and be able to discharge the mortgage that was on there and, get it sold, and move on with life,” he said.
Queensland: State of disrepair
Unliveable and severely damaged by white ants, Queensland’s cheapest home took just a matter of weeks to sell.
A local buyer snapped up 29 Lawson Street, Ayr and plans to build a shed on the 809sqm lot for storage while they travelled. Picture: realestate.com.au/sold
While the home itself was in a poor condition and needed significant renovation works, a new roof was installed five years ago.
After sitting empty for many years, 29 Lawson Street, Ayr was snapped up for $160,000 by a local person who planned to build a shed on the 809sqm lot for storage while they travelled, said sales agent Kylie Lawson of Explore Property Burdekin - Ayr.
Tasmania: Investment opportunity
A three-bedroom home was Tasmania’s cheapest sale, selling for $165,000.
The three-bedroom house at 14 Clemons Street, Rosebery changed hands for $165,000. Picture: realestate.com.au/sold
Advertised as an “affordable investment in the heart of Rosebery,” the tenanted home at 14 Clemons Street, Rosebery featured an updated kitchen, generous sized bedrooms and a fully fenced block.
ACT: One-bedroom unit takes first place
Selling for $298,700, 34/5 Hyndes Crescent, Holder was the Australian Capital Territory’s cheapest sale.
The one-bedroom unit at 34/5 Hyndes Crescent, Holder was purchased for $298,700. Picture: realestate.com.au/sold
The top floor, one-bedroom, one-bathroom unit featured a spacious living area and an updated kitchen.
Northern Territory: Cheapest home in the top end
A three-bedroom, one-bathroom home in Katherine East marked the Northern Territory’s’ cheapest sale in April.
Selling for $250,500, at 21 Frangipanni Court, Katherine East was part of a quiet cul-de-sac and was set on a 922sqm land parcel.
A buyer paid $250,500 for the three-bedroom house at 21 Frangipanni Court, Katherine. Picture: realestate.com.au/sold
The property, which offered good-sized rear and front yard for future improvements, or for children to play, was advertised as “well suited to owner-occupiers and investors alike.”
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