A fibro house sale in a historically cheaper part of Western Sydney has sparked debate about the current state of the housing market.
The three-bedroom house on Chapman Ave in Penrith was recently listed for sale with a price guide of $1.045m, putting it just below the $1.075m median price of houses in the area.
Records showed the home had previously sold for $110,000 in 1999 and $102,000 in 1992.
But some have been taking the current $1.045m list price as a sign of the times, with many taking to a Reddit post about the sale to express their views.
It has proved a major point of discussion, gaining over 300 comments since it was posted Monday.
This shack in Penrith has sparked plenty of discussion online
Reddit users lamented that the three-bedroom house, described in the post as a “fibro shack”, could be listed at such a price in a once affordable suburb like Penrith.
One commenter questioned how these kinds of prices had become “normal” in the area, describing it as “utter insanity”.
Many remarked that the shack and its dated appearance actually brought the listing price of the property down.
“Thats [sic] the price for the block,” one commenter said.
“The fibro shack is just in the way.”
Another claimed “It’d be $1.1M [sic] without the house”.
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The Chapman Ave home includes three bedrooms and one bathroom
One comment alluded to the higher temperatures in Western Sydney: “A fibro house in Penrith? I’m cooking just looking at it.”
Others saw potential. “Smart buy,” said one comment. “Penrith is gonna go bananas when the airport opens. Whole new ball game coming to Western Sydney.”
According to property records, the home was purchased for $110,000 in 1999 and has not been sold since. It has been listed three times since 2021.
If the owners were to achieve their listed sales price, they would be looking at an 850 per cent increase on the price of their home.
The listing prompted many commenters to voice their concerns about the state of Australia’s property market, with one remarking: “We are cooked as a nation”.
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Inside the kitchen of the over $1m listed home
The Penrith property sits on a 543sqm block which is R3 zoned, allowing for the development of townhouses or low-rise apartments.
According to the property’s listing, owners can spend mornings “admiring the gorgeous mountain views” from the home and “enjoy the view of fireworks when Penrith Panthers hold them for special events”.
The median price for a home in Penrith is currently $1.075m, a figure which has increased 15.4 per cent over the last 12 months.
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