It only has one bedroom and has seen better days, but that hasn’t deterred bargain hunters from trying to snap up the cheapest house currently on the market in a capital city CBD.
Concealed behind a dense thicket of vines, the one-bedroom period semi on a 92sqm block at 24 Marion Street, Adelaide could be the bargain of the century for a buyer who’s willing to get their hands dirty.
The circa-1880 home has been listed for auction with a $560,000 price guide, making it by far the cheapest house in a capital city CBD that’s currently on the market on realestate.com.au.
This rundown Adelaide semi is going to auction with a $560,000 price guide, making it the cheapest house currently on the market in a capital city CBD. Picture: realestate.com.au/buy
Described in the listing as “in poor condition” and requiring “substantial renovation and restoration works”, it’s a project that’s not for the faint-hearted.
Listing images show cracked render, peeling paint and carpets that are ready for a well-earned retirement.
The listing describes the property as a "blank canvas" for builders and renovators. Picture: realestate.com.au/buy
The kitchen and bathroom pre-date decimal currency, and the compact backyard has been entirely engulfed by a tangle of vines dense enough to block out the sun.
But the rundown state and compact proportions haven’t deterred renovators and property flippers, said selling agent Matthew Paternoster of Williams Real Estate.
A kitchen reno would be high on the eventual buyer's to-do list... Picture: realestate.com.au/buy
In fact, the chance to buy an untouched property that’s ready for a fresh start is part of the appeal, he said.
“We've had pretty strong enquiry since it was launched online,” he said.
“A lot of buyers have been attracted by the price guide and the opportunity to make it something really quite special.”
...closely followed by a bathroom makeover. Picture: realestate.com.au/buy
Mr Paternoster said the sale was on behalf of the South Australian public trustee, which was overseeing the estate of the owner.
“It was occupied until recently,” he said. “It had an incredible collection of antiques, a trove of treasures, a library worth of books in what was the bedroom.”
Most of the enquiry had been from “seasoned professionals” looking to rejuvenate the old property, Mr Paternoster said.
A custom library setup in the bedroom once housed the owner's set of antique books. Picture: realestate.com.au/buy
“We’ve also had people looking to do a quick renovation to hold for the short term before a bigger renovation later,” he said.
“This really is a blank canvas to make it what they want.”
A big part of the property’s appeal was in its location in the southeast corner of the Adelaide CBD, Mr Paternoster said.
The back garden could do with a trim. Picture: realestate.com.au/buy
“We call it the ‘Paris’ end of the city, being nice and close to Victoria Park,” he said. “Finding an opportunity like this in the Paris end is quite rare.”
Mr Paternoster said a full renovation could turn the rundown property into a fantastic city pad.
“I've sold a lot like this that have been renovated and had the love given to them,” he said.
“I can certainly see the vision of what this property can be transformed into.”
There's a house in there somewhere. Picture: realestate.com.au/buy
Despite high interest rates and construction costs, Mr Paternoster said there was still a healthy appetite for well-located renovation projects in Adelaide.
“There's definitely still confidence from renovators, flippers and developers at the moment,” he said.
The property goes to auction on Friday 3 July.
English (US) · 