Aidan Devine
First published 2 Apr 2024, 5:00am
A unique real estate opportunity has captured the attention of bargain hunters and investors alike – and there are 49,000 reasons why.
The three-bedroom house in the heart of outback town Bourke is currently the cheapest freestanding house in NSW, excluding properties within retirement communities.
Listed for just $49,000, the price is nearly 30 times cheaper than the average Sydney house, which has a current median price of about $1.4 million.
The three-bedroom residence on Mertin St is set on a spacious 1075 square metre block but the rock bottom offer comes with a twist – the house is in dire need of extensive repairs and renovations.
The $49,000 house has three-bedrooms and a bathroom.
The images included in the listing reveal an interior filled with discarded furniture and debris.
The kitchen appears to be in particularly bad shape. The ceiling above the sink appears to have collapsed and the original building material has scattered across the cupboards and floor.
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It is understood that the bathroom may not be fully usable given that it too is covered in debris. The backyard is overgrown with vegetation.
Information provided in the property listing noted the house was “cheap as chips”, but had seen “better days”.
The listing added that the home could still be “revived to its golden age”. It is situated within walking distance of essential amenities such as shops, banks, and the post office.
The house on Mertin St.
The backyard.
Even in rural parts of the state, it is rare for properties of any shape or form to be listed in NSW for under $150,000 and rarer still to see a price as low as $49,000.
A burnt house in Moree is one of the few other options for those seeking a property priced below $50,000, but the sale is essentially “land value” as the burnt house cannot be restored.
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PropTrack figures published this week showed property prices have been growing across the country this year, hitting a fresh peak in March after previously falling over much of 2022 and early 2023.
Sydney has been one of the standout markets, with prices growing nearly 9 per cent over the past year.
The kitchen needs some work.
The house is near the centre of Bourke.
The Bourke St house appears to be full of furniture.
PropTrack economist Eleanor Creagh said expectations of a rate cut later this year were boosting buyer activity.
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A recent uptick in property listings was not enough to offset the increased demand for housing, Ms Creagh added.
“Despite an increase in the number of homes hitting the market this year, demand has absorbed the surge leading to further price increases,” she said.
10 Tawarri St, Moree has been listed for $43,750 but the house needs to be knocked down.
“Housing demand is also being buoyed by population growth, tight rental markets, resilient labour market conditions and home equity gains.”
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