No.11 Farrow Pl, Bridgewater. Picture: Supplied
It may not be Hobart’s prettiest property, but it is the cheapest and the most popular with buyers.
Over 5500 house hunters viewed its listing on realestate.com.au within days of launching to the market, propelling No.11 Farrow Pl to the top spot on Tasmania’s most-viewed homes chart. It also cracked the national Top 10.
The 1970s-built three-bedroom Bridgewater house has sustained significant fire damage and is being offered primarily for its land value — a 730sq m block — and redevelopment potential.
It is priced at $189,000-plus.
PropTrack figures show Bridgewater’s median house price is $500,000, which is up 19 per cent over the past 12 months.
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No.11 Farrow Pl, Bridgewater.
No.11 Farrow Pl, Bridgewater.
4one4 Property Co sales consultant Aaron Murray said it was incredibly rare these days to find a Hobart house priced under $200,000.
“In the current market, if a house comes up under $200,000 anywhere in Greater Hobart, it’s almost guaranteed to attract a lot of attention,” he said.
“Most buyers would struggle to find another house at that price point, which is why we’ve seen such strong inquiry already.
“It’s certainly not something that comes along very often.”
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No.11 Farrow Pl, Bridgewater.
No.11 Farrow Pl, Bridgewater.
Mr Murray said the majority of inquiries have come from investors, builders, developers and renovators, both locally and from interstate.
He said, at this price point, people see an opportunity to either redevelop the site, build a new home, or potentially add value through substantial works.
“Affordable entry points are getting harder to find in Greater Hobart, so opportunities like this tend to attract buyers who aren’t afraid of taking on a project,” he said.
The listing shows the property’s exterior, boarded-up windows, the yard and a bird’s eye view of its location.
Mr Murray said interior pictures were not possible to include.
“We simply haven’t been able to gain access to the home,” he said.
“Following the fire, the property was boarded up, and we’ve been advised it’s unsafe to enter.
“From what can be seen externally, there is substantial damage.
“The gutters have melted, sections of the eaves are burnt, and the overall condition suggests significant works would be required.
“Because of that, we’ve been marketing it more as a land-value opportunity, with the expectation that many buyers will be considering demolition and rebuilding, subject to the necessary approvals.”
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No.11 Farrow Pl, Bridgewater.
No.11 Farrow Pl, Bridgewater.
Mr Murray said with a standard renovation project, buyers can usually walk through and start planning what they want to do.
“In this case, there is very limited information available about the condition of the home internally,” he said.
“That means buyers need to make decisions based largely on external inspections and their own investigations.
“It’s a different type of sale, but there is still a market for these sorts of opportunities.”
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