The home the Nezda family bought had sat abandoned for 15 years. Picture: Supplied
A family that abandoned Australia due to exorbitant property and grocery costs say it was the best decision they ever made after buying their new home for cash in Europe.
Amanda and Paul Nedza have settled in Italy after snapping up an abandoned three-storey home for €200,000 (AUD $328,600).
The couple, both 38, viewed several places before buying the four-bedroom villa in central Italy near the Tuscany border.
The Nedzas were able to purchase their new home without a mortgage after selling up in Melbourne and making the journey to the Italian countryside.
“Buying our home in Italy was significantly cheaper than what we had in Australia and not having a mortgage has made a huge difference,” Mrs Nedza told Daily Mail.
“We wanted slower days, more time together, a change of scenery and a life that felt more intentional.
“So we packed up our life, stepped away from our businesses and work and started again somewhere unfamiliar but deeply meaningful to us.”
Amanda and Paul Nedza, with their son Stefan, have moved to Italy. Picture: Supplied
It has been nine months since the couple moved with their 11-year-old son Stefan and they have already noticed a huge difference between the cost of living in Italy compared to Australia.
“Overall, with cheaper food, fewer big expenses and a more local lifestyle, we are finding Italy costs less for us than Australia,” Mrs Nedza said.
The family is living day-to-day off savings that should last two years. Their long-term plan is to start a business.
In the meantime, their new home requires extensive renovations after sitting idle for about 15 years.
“Our home in Italy already feels really special, and once the renovations are finished, it is going to be incredible,” Mrs Nedza said.
“Structurally it was in good condition, but it needed a lot of work to make it comfortable and fully functional. There was no gas connected, so we had to arrange that, and we also needed to install a water tank and pump to create water pressure. “
The family have been able to make the move thanks to European heritage that should allow them to access residential rights with ease – Mrs Nedza has Italian roots while her husband is Polish.
Why more Aussies are flocking to Italy
The Nedzas aren’t alone in their great Italian adventure – many other Aussies are making similar moves via an initiative that offers up homes for just €1.
Italy’s One Euro House Program has made headlines a number of times in the last few years as people consider the possibility of snapping up a home for the equivalent of AUD $1.67.
It’s a concept particularly appealing to Australians struggling to break into their own country’s booming property market because the Italian government places no restrictions on Aussies looking to take advantage of the program.
With Australian interest rates copping multiple hikes in 2026 alone and uncertainty building over the federal government’s changes to negative gearing and capital gains taxation, an Italy home could be the ideal alternative for people willing to make the leap.
$1 homes in Italy are still a viable option for Aussies to beat the housing crunch at home. Picture: Realtor
The choice seems obvious: Put yourself under huge financial strain to pick up a cramped apartment for $1 million in Sydney or enjoy life in an Italian villa you’ll gradually renovate after buying it for $1.67.
Due to an ageing population and urban migration, some of the country’s quaintest towns have an empty-home problem. The towns are looking for people to purchase — and renovate — unoccupied and abandoned homes.
To drive interest in the properties, many of these towns are advertising homes for $1. These municipalities are hoping an influx of new ownership could help jump-start local economies and provide needed tax funds for public services.
The catch: Why a $1 villa costs thousands upfront
While many homes are listed at $1, the actual investment you’ll need to make is much more.
The deposit: To start, municipalities require an upfront deposit of $5,000 to be considered for the home, along with a $15,000 renovation deposit. Those funds are put in escrow while you wait to see if you’ve been granted a home. If you’re given the chance to buy a home but don’t complete your renovations within a set period of time, you’ll lose your deposit.
Legal fees and taxes: Beyond the deposits, you’ll also be responsible upfront for paying any legal fees that might be incurred in the transfer process, including property and land registration taxes, along with VAT and notary fees. Many buyers and agents in Italy say it can actually be cheaper to look for houses priced below $50,000 that don’t come with specialised stipulations.
Ollolai is another region in Italy trying to entice people with cheap homes. Picture: Realtor
The strict timeline: Once you buy a home, you’re locked in and required to submit a renovation plan to the local council and start work on the property within two months of purchase. You’ll have to complete your renovations within three years or risk losing the home altogether.
Because most of these homes are hundreds of years old, they could require a major investment. Foundations may be crumbling, plumbing may be non-existent, or the roof may need to be completely replaced. In some cases, buyers have had to spend tens of thousands of dollars to get their homes in liveable condition, but that’s the gamble you’re taking on a $1 property.
Aside from the material cost of renovations, you’ll also want to factor in the cost of either overseeing the renovation project or hiring someone to do it for you.
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