Home buyers are showing they’re not scared to roll up their sleeves and clean up South Australia’s most undesirable properties, with renovating potentially more cost effective than detonating and starting over.
Selling agents say eager renovators are among the mix inquiring about some of the state’s worst eyesores, including an Oaklands Park home that is currently uninhabitable and not safe for inspection inside.
Caved-in ceilings and ripped out wiring and copper piping had not deterred strong buyer interest for 24 Albany Cres, according to McKenzie Property Co director Scott McKenzie, who said the three-bedroom home’s “bare bones are still good’’.
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The Oaklands Park home at 24 Albany Cres is in an ideal location and position.
It needs a bit of work though, particularly to the ceilings.
The ceiling has completely caved in in one room.
“I’m no builder but you would probably need a good $150,000 to bring it back to life, which isn’t much,’’ Mr McKenzie said.
“It would need a new bathroom (and) new wiring.
“Of course, with these homes, what you uncover as you go only increases those costs but I think $100,000 to $150,000 is what you would need to bring it back to liveable.
“For people looking to renovate, the bare bones are there so they can come in and do the inside as they want and keep the building price down (compared to the cost of building new).’’
Mr McKenzie said the property had been destroyed by thieves when the owner, who had lived in the home for about 40 years, moved out for a time due to ill-health.
He said some of the worst damage was in one of the bedrooms, where the ceiling was
“barely hanging on’’, presumably a result of someone “pushing it down or falling through it’’ while stealing the copper piping.
The owner did not have the funds available to fix the damage so had made the sad decision to sell, Mr McKenzie said.
The property will go under the hammer on March 20.
No price guide has been revealed but Mr McKenzie said recent comparable house sales and listings were priced in the high $700,000s to low $800,000s, making renovations still relatively affordable.
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The Mount Gambier property at 79 Sturt St is quaint from the outside.
It needs some TLC inside though …
The bathroom is just one of the many rooms that need some work.
“If you look at what’s been selling in the area, it’s hard to find a home these days in a location like that – on a good-sized block and a corner allotment – for under nine ($900,000) so … what you put in today will certainly serve you well in the years to come,’’ he said.
At Mount Gambier, a trashed two-bedroom dwelling, well known to locals for its chequered history, was also attracting would-be renovators willing to look past the extensive damage and picture a beautiful home, said Adelaide Property Network director Patrick Nhim.
“Anyone that’s handy on the tools would do well with fixing the house,’’ he said.
“It’s salvageable if they could save on the (repair) cost (by doing the work themselves).’’
Mr Nhim declined to detail the history of 79 Sturt St, other than to confirm there had been “squatters in the property once and there’s been some drug paraphernalia’’.
“The vendors are not local. It’s a situation where it needs to be sold and the vendors are just walking away from it,’’ he said.
“It presents a great opportunity for buyers that are prepared to do some work.’’
Mr Nhim estimated the home could be fixed up for about $200,000.
A price guide for the property will not be released until auction day on March 4.
“If you were building a brand new house, it would cost you about $500,000,’’ Mr Nhim said.
“If you were savvy, I think you could spend a little bit of money doing (the house) up, create a hammerhead allotment (behind the home) and you could do quite well.’’
Another dilapidated home, at 1650 Lobethal Rd, Lenswood, is also on the market and listed as perfect for renovation.
Being sold as is, with signs of black mould, vines seemingly growing through cracks in the wall and strewn with the belongings of a previous occupant, the two-bedroom home has a price guide of $400,000 to $440,000.
The Lenswood property at 1650 Lobethal Rd has seen better days.
A renovation could restore it to its former glory.
A lot of work would need to be done though.
– by Lauren Ahwan
English (US) · 