Searching for a new home? You can get one for only $49,000—but there’s a catch
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New South Wales (NSW) has a diverse and expansive landscape, where the property market is often seen as a club for the wealthy. However, a surprising option has emerged that could be the ideal opportunity for those on a budget or those who love a renovation challenge.
The most affordable freestanding home currently available in NSW is calling out to potential homeowners, with a price tag that's less than a new car—just $49,000.
But, as with most things that seem too good to be true, there's a twist to this real estate deal.
Nestled in the remote town of Bourke, in the state's northwest, this property has been described as 'cheap as chips' in its online listing.
To put things into perspective, the average house price in Sydney was $1,595,310 in December 2023, according to Domain’s House Price Report.
This makes the Bourke home's asking price seem small compared to the NSW property market.
However, before you start dreaming of your outback escape or investment opportunity, it's important to note that this home is not for the faint-hearted.
The listing candidly admits that the house requires significant renovation.
'This solid bones house has seen better days but can still be revived to its golden age,' it stated.
The house has three bedrooms and is situated on a sizeable 1,075 sqm plot of land.
However, the pictures provided indicate that it is in a state of disrepair, with broken windows, walls covered in graffiti, and a kitchen with significant damage to its cabinets and counters.
Additionally, some doors have been removed, which adds to the list of repairs needed to restore this house to its former glory.
Despite its current state, the property has been identified as perfect for renovators.
It boasts a concrete foundation and brick walls, and its location is a convenient walking distance from local shops, banks, and the post office.
For those with a vision and a willingness to roll up their sleeves, this could be the project that transforms a neglected structure into a cherished home.
Interestingly, this isn't the only bargain property to hit the market in Australia's vast outback.
A similar home in South Australia's Coober Pedy was on offer for just $50,000.
This home included air-conditioning, built-in wardrobes, and proximity to the town's main street. However, like its NSW counterpart, it requires major repairs.
The Coober Pedy property, situated on a 1000 sqm freehold title block, also featured a smaller two-bedroom building with a toilet, previously used as a hairdressing salon.
'This home provides the next owner an opportunity to add their character, modifications, and upgrades to one's desired comfort level,' the listing read.
Both homes are currently under offer but remain listed online, indicating a possible trend where more Australians are considering the potential of properties that need a bit of care.
These types of properties might represent an opportunity to downsize, invest, or even embark on a new adventure in retirement.
It's a chance to apply a lifetime of skills to a project that can be both financially rewarding and personally fulfilling.
What do you think, members? Is the challenge of renovating a fixer-upper something you'd consider in your golden years, or do you prefer the comfort of a move-in-ready home? Share your thoughts and experiences with property bargains and renovation projects in the comments below!
The most affordable freestanding home currently available in NSW is calling out to potential homeowners, with a price tag that's less than a new car—just $49,000.
But, as with most things that seem too good to be true, there's a twist to this real estate deal.
Nestled in the remote town of Bourke, in the state's northwest, this property has been described as 'cheap as chips' in its online listing.
To put things into perspective, the average house price in Sydney was $1,595,310 in December 2023, according to Domain’s House Price Report.
This makes the Bourke home's asking price seem small compared to the NSW property market.
A home in Bourke, NSW is on the market for only $49,000. Image source: Unsplash
However, before you start dreaming of your outback escape or investment opportunity, it's important to note that this home is not for the faint-hearted.
The listing candidly admits that the house requires significant renovation.
'This solid bones house has seen better days but can still be revived to its golden age,' it stated.
The house has three bedrooms and is situated on a sizeable 1,075 sqm plot of land.
However, the pictures provided indicate that it is in a state of disrepair, with broken windows, walls covered in graffiti, and a kitchen with significant damage to its cabinets and counters.
The house was in a state of disrepair. Image source: Realestate.com
Additionally, some doors have been removed, which adds to the list of repairs needed to restore this house to its former glory.
Despite its current state, the property has been identified as perfect for renovators.
The house sits on a 1,075 sqm lot. Image source: Realestate.com
It boasts a concrete foundation and brick walls, and its location is a convenient walking distance from local shops, banks, and the post office.
For those with a vision and a willingness to roll up their sleeves, this could be the project that transforms a neglected structure into a cherished home.
Interestingly, this isn't the only bargain property to hit the market in Australia's vast outback.
A similar home in South Australia's Coober Pedy was on offer for just $50,000.
This home included air-conditioning, built-in wardrobes, and proximity to the town's main street. However, like its NSW counterpart, it requires major repairs.
A property in Coober Pedy, SA is on the market for $50,000. Image source: Homely.com
The Coober Pedy property, situated on a 1000 sqm freehold title block, also featured a smaller two-bedroom building with a toilet, previously used as a hairdressing salon.
'This home provides the next owner an opportunity to add their character, modifications, and upgrades to one's desired comfort level,' the listing read.
Both homes are currently under offer but remain listed online, indicating a possible trend where more Australians are considering the potential of properties that need a bit of care.
These types of properties might represent an opportunity to downsize, invest, or even embark on a new adventure in retirement.
It's a chance to apply a lifetime of skills to a project that can be both financially rewarding and personally fulfilling.
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