An Elizabeth South home with methamphetamine contamination and extensive damage from squatters is set to be flipped in just a few weeks following its sale.
The three-bedroom house at 59 Goodman Rd has been snapped up by a buyer who plans to fix it up before quickly getting it back on the market.
Selling agent Mike Lao, of Edge Realty, said they received several offers, including some ambitious ones below $300,000 to see if they could bag a bargain.
The sale price is yet to be revealed but Mr Lao said it was in the mid-$400,000 range – around its price guide, which was $429,000 to $469,000.
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The Elizabeth South home at 59 Goodman Rd has sold for an undisclosed price around the mid-$400,000 mark.
The house has methamphetamine contamination and extensive damage from squatters.
A renovator snapped up the home in the hope of flipping it.
Mr Lao said the buyer was a professional renovator and planned to have to fixed up within weeks.
“The person who bought it is somebody who is going to renovate it and hopefully sell it for a profit,” said Mr Lao, who sold it with Joshua Boyd.
“They’ve done quite a few in the area.”
Mr Lao said it attracted strong interest throughout the campaign despite the contamination and damage.
“We had people who were going to do it up and live in and some people were going to rent it out,” he said.
The property hit the market in February with a warning to prospective buyers that they would need to sign a waiver if they wanted to inspect it.
“Please note: Due to contamination, all attendees will be required to sign a waiver prior to viewing the property,” it read.
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The home has three bedrooms and one bathroom.
It had a $429,000 to $469,000 price guide.
The property attracted a lot of interest throughout its campaign.
“Yeah, it’s meth,” Mr Lao said at the time.
“The owner is going through an insurance claim and the assessor has said that there’s still some contamination in some of the bedrooms, so we’re making the report available, but they haven’t come back to do the remediation works, which is just essentially to paint over it. “We’re just covering ourselves and the vendor.
“I think other states have mandatory reporting for this, but here we’re just being overly cautious.”
Testing for methamphetamine prior to sale or renting isn’t compulsory in SA, but Mr Lao said its criminal element meant one was undertaken.
He said the home was an investment property, with the owner interstate extremely disappointed that it had been used in the manufacturing of an illicit substance.
Getting the home ready for sale wasn’t easy, with squatters on the site proving difficult to move on.
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