Perth house sets a record-breaking low price of $140,000 in 2023
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Amid the ongoing cost-of-living crisis, some are looking into investing in property – whether downsizing their homes, moving closer to family, or simply trying their hand at renovating and reselling houses.
Or maybe the grandkids are looking to buy their first homes and need some advice from their wise grandparents! One thing's for sure; there are some bargains to be had in the property market if you know where to look.
However, we've recently come across a story about an incredibly low-priced property in Perth that has us all wondering whether it's a fantastic find or a complete disaster.
The property in question is a three-bedroom, one-bathroom duplex in the Camillo suburb, south-east of Perth, which recently sold for a record-breaking low price of $140,000.
To give you some perspective, the median house price in Camillo is $350,000, while the overall median house price in Perth is a whopping $571,000. And all this, despite 11 consecutive interest rate hikes by the Reserve Bank pushing property prices higher across Australia.
So what does a $140,000 property look like?
Well, according to the pictures and description provided by the selling agent, Mark Grogan from O'Neill Real Estate, it's nothing like a dream home.
In the online listing, Mr Grogan was brutally honest about the state of the three-bedroom, one-bathroom duplex. He said the run-down property looked ‘pretty rough’.
‘“Pretty” is generous because it's ugly. Rough is being polite,’ he clarified.
The photos shared online attest to the real estate agent’s grim description of the property. In it, you could see a missing front door, brick walls boarded up with plywood and a yard that looks more like a rubbish dump than a welcoming outdoor space. There’s even a shopping trolley and a torn mattress strewn across the yard.
The agent's honesty extended to admitting that the house requires a new kitchen, bathroom, doors, windows, floors, and ‘other bits and pieces’ before it's even remotely habitable.
Despite the brutally honest sales pitch, the property attracted some interest from bargain hunters or brave renovators to pull off a dramatic home makeover. Eventually, it was sold for its low, low price.
It remains unclear whether the new owners intend to flip the property or live in it, but given the potential for a highly rewarding renovation project, they might have made a clever investment. (And in today’s current housing crisis, we think it is a smart business move.)
It's always wise to learn from others' experiences when it comes to property. So, in light of this tale, what advice can we impart to our members?
Make sure to do your homework: Research the local market, and learn about recent sale prices and trends in the area you are interested in.
Be prepared for unforeseen costs: When buying a fixer-upper, there can be unexpected expenses that didn't show up during your initial inspection.
Get advice from experts: Consult with experienced renovators, builders, and real estate agents who can provide valuable advice on risk factors and potential opportunities.
Know your limits: Always consider how much time, energy, and financial commitment a renovation project might require.
So, there you have it, members — an unbelievable tale of a record-breaking low-priced Perth house that could be a renovator's dream (or nightmare, depending on your perspective).
We hope this story provides some food for thought and perhaps even entertains you during your next morning cuppa. And remember, when it comes to property, it's always possible to find a diamond in the rough if you're willing to search, learn, and take calculated risks.
Do you have any advice for those looking to buy their first houses? Let us know in the comments below!
Or maybe the grandkids are looking to buy their first homes and need some advice from their wise grandparents! One thing's for sure; there are some bargains to be had in the property market if you know where to look.
However, we've recently come across a story about an incredibly low-priced property in Perth that has us all wondering whether it's a fantastic find or a complete disaster.
The property in question is a three-bedroom, one-bathroom duplex in the Camillo suburb, south-east of Perth, which recently sold for a record-breaking low price of $140,000.
To give you some perspective, the median house price in Camillo is $350,000, while the overall median house price in Perth is a whopping $571,000. And all this, despite 11 consecutive interest rate hikes by the Reserve Bank pushing property prices higher across Australia.
The Perth property is considered the cheapest in the city. Credit: O’Neill Real Estate
So what does a $140,000 property look like?
Well, according to the pictures and description provided by the selling agent, Mark Grogan from O'Neill Real Estate, it's nothing like a dream home.
In the online listing, Mr Grogan was brutally honest about the state of the three-bedroom, one-bathroom duplex. He said the run-down property looked ‘pretty rough’.
‘“Pretty” is generous because it's ugly. Rough is being polite,’ he clarified.
The photos shared online attest to the real estate agent’s grim description of the property. In it, you could see a missing front door, brick walls boarded up with plywood and a yard that looks more like a rubbish dump than a welcoming outdoor space. There’s even a shopping trolley and a torn mattress strewn across the yard.
The agent's honesty extended to admitting that the house requires a new kitchen, bathroom, doors, windows, floors, and ‘other bits and pieces’ before it's even remotely habitable.
The agent admitted the house needed to be renovated. Credit: O’Neill Real Estate
Despite the brutally honest sales pitch, the property attracted some interest from bargain hunters or brave renovators to pull off a dramatic home makeover. Eventually, it was sold for its low, low price.
It remains unclear whether the new owners intend to flip the property or live in it, but given the potential for a highly rewarding renovation project, they might have made a clever investment. (And in today’s current housing crisis, we think it is a smart business move.)
It's always wise to learn from others' experiences when it comes to property. So, in light of this tale, what advice can we impart to our members?
Make sure to do your homework: Research the local market, and learn about recent sale prices and trends in the area you are interested in.
Be prepared for unforeseen costs: When buying a fixer-upper, there can be unexpected expenses that didn't show up during your initial inspection.
Get advice from experts: Consult with experienced renovators, builders, and real estate agents who can provide valuable advice on risk factors and potential opportunities.
Know your limits: Always consider how much time, energy, and financial commitment a renovation project might require.
So, there you have it, members — an unbelievable tale of a record-breaking low-priced Perth house that could be a renovator's dream (or nightmare, depending on your perspective).
We hope this story provides some food for thought and perhaps even entertains you during your next morning cuppa. And remember, when it comes to property, it's always possible to find a diamond in the rough if you're willing to search, learn, and take calculated risks.
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