Unliveable properties are growing in popularity.
They’re the new hot property: rundown, unliveable, dilapidated dumps.
These houses that were previously deemed a red flag due to lack of available trades and skyrocketing building costs, have had a recent resurgence in popularity.
Real estate agents say with the right discounted price and location, homeseekers are flocking to these once avoided homes due to lack of stock and the opportunity to make it their own.
This property at 7 Albert St in Erskineville has been left with old furniture, tools, planks of wood strewn across the overgrown backyard with mould covered, cracked walls and floors.
It has a $900,000 price guide.
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Listing agent Shaun Stoker at Ray White Erskineville said the home had been unoccupied for the last few years, with the previous owner having lived there for 50 years yet leaving it largely “untouched” for decades.
Images of the current state inside the Erskineville home.
A lot of the buyers interested in these properties were builders, Mr Stoker revealed.
“I find builders are looking for projects where they can fix them up, they’re diverting their attention to revamping instead of knocking down and rebuilding because it’s lower risk,” he said.
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“They’re also cutting out the middle man, we don’t get as many developers, it’s straight to the builders who can get materials at cost.”
The $900,000 price guide appeared steep for the dilapidated condition, but it was less than half the median house price in Erskineville, which is sitting at $1.85m according to PropTrack.
The Erskineville home had three bedrooms, which was another big draw card.
Old furniture still in the home.
“A lot of them (buyers) said it would cost $500,000 to rebuild it into the level that needs to go to,” Mr Stoker said.
Another unkempt property in the Inner West was gauging interest from those looking for a renovator’s delight.
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The three-bedroom Ashfield unit had graffiti on the walls, rust and mould throughout the kitchen and stained carpet with holes and patches.
Listing agent Adrian Abrook from LJ Hooker Ashfield said price was the biggest contender for dilapidated homes.
The kitchen appears to have mould and stains.
“Buyers are looking at this as a cheaper alternative to other properties on the market that are refined,” he said.
The agent reported that the owner of the apartment had fallen ill some time back and her carers who moved into the property were alleged to have let it fall into a dilapidated state.
The owner is now reportedly in better health and different care and is selling the property to fund a new living situation.
He said although the property has only been on the market for a few days, there had already been good inquiries.
“Most people who want to renovate don’t care that it’s in this condition, because they’re going to hit it with a crowbar anyway,” Mr Abrook said.
Graffiti on the wall and patchy carpet.
“Rather than undo the $20,000 someone has spent on a kitchen, it’s ideal for someone who wants to do their own thing,” he said.
Mr Abrook said the price was number one, then location.
“Trades are still hard to find, materials are experiencing cost increases, to do renovation work has increased in recent times,” he said.
“Most of the interested buyers want to get the basics in and worry about the better thing later, some are looking to do their own work to the property,” he said.
The three bedroom Ashfield apartment has a $750,000 price guide.
The price guide was currently around the $750,000 mark and most of the feedback suggested it would cost around $180,000-$200,000 to fix up the property.
Three-bedroom units in Ashfield had median price of $1.059m according to PropTrack, with recently listed property with price guides between $1.1m-$.1.2m.
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