A Northern Rivers property has sold for a bargain $33,500.
That’s less than five per cent of a standard home price in regional NSW, where the median is $795,000.
Located in Kyogle, 32 km north of Casino, the property is a 842 sqm parcel of land with a small dwelling.
The listing for 7 Norton St states that there is a little shed on the property, which the previous owner used to “camp on”.
“There is a small solar system on the roof and a rain water tank to set you up for your stay. This would be the perfect place to bring the kids for the weekend with a great park just down the road,” the listing states.
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The dwelling with water tanks, a working toilet and a solar panel.
The listing says there is a portable toilet and a spot for a portable shower in the shed too.
A neighbouring property, 13 Norton St sold in December 2023 for $450,000.
Its also only a five-minute walk from Kyogle train station.
The property was sold by agents Jeremy Millar and Josh Sawtell at Australian Property and Livestock (APL) SummerCo.
Mr Sawtell said the reason for the property’s low price was “very rare”.
“The council won’t let (the land) have a building entitlement, as its in a flood spot,” he said.
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“If the house gets flooded or washed away, they don’t let you rebuild … (the land) does go under in a real big flood.”
The Kyogle property.
Although there are other houses neighbouring the property, he said most of the houses in the flood zone were built up to withstand it.
He also said the property had “a heap of inquiry,” due to the low price point.
“The council were going to buy it all and turn it into a park,” he said.
They were however turned off by the potential costs, according to Mr Sawtell.
The buyers who purchased the property however had other plans to use the property.
“They might put a caravan on it, they might live in it time to time and travel around Australia in the caravan and use it to park up when they need,” he said.
“But it’s a very rare property and price point.”
More images of the bargain property.
In Kyogle, the house price median is $487,500, up 8.3 per cent in the last 12 months according to PropTrack data.
He noted that there was an increased interest in the area at the moment.
“(Its) getting a bit of momentum … we have about seven real properties with houses under offer in Kyogle at the moment.”
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