This $2000 'Uninhabitable' Property in WA Could Be Australia's Best-Kept Real Estate Secret—Find Out Why!
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In the quaint town of Morawa, Western Australia, a property sale has turned heads and raised eyebrows across the nation. Labelled 'uninhabitable' by the local council, a two-bedroom, one-bathroom home has been sold for a jaw-dropping $2000, potentially making it Australia's cheapest residential sale in recent memory.
For our members at the Seniors Discount Club, who are often on the lookout for savvy investments or affordable housing options, this story is a testament to the old adage that one person's trash is another's treasure.
The property, located approximately 370km north of Perth, was put on the market after the previous owner defaulted on their council rates. Despite its dilapidated state, with crumbling walls and stained surfaces that bear the marks of time, the 1012sqm lot attracted interest at auction.
Auctioneer Tony Maddox recounted the event, noting the bidding war that started at a mere $1000 and doubled when another bidder offered the winning $2000. 'Is that all I’m going to get?' Maddox asked, to which the bidder confidently replied, 'Yep.' With a nod from the council CEO, the gavel fell, and the property found a new owner.
The buyer's plan? To renovate the forlorn structure into a habitable home. With the land valued at around $10,000 and the potential post-renovation worth estimated between $60,000 and $80,000, this could be the real estate steal of the decade.
For those of us who have seen the ups and downs of the property market, this sale highlights the opportunities that still exist for those willing to take on a project. It's a reminder that with a bit of elbow grease and vision, value can be found in the most unexpected places.
But what does it take to transform such a property? Renovations can be a daunting task, especially for those in their golden years. However, with careful planning, a solid budget, and perhaps the help of family or local tradespeople, even the most rundown property can be brought back to life.
For seniors considering a similar venture, it's important to weigh the pros and cons. On the one hand, the low purchase price allows for a larger budget for renovations. On the other, the physical and mental demands of such a project can be considerable. It's also crucial to consider the location and whether the investment of time and money will ultimately pay off.
For those not quite ready to don the construction hat, there are other bargain properties out there. Take, for example, the next cheapest home currently on the market in Lightning Ridge, NSW, listed at $35,000. Like the Morawa property, it requires significant work but could be a diamond in the rough for the right buyer.
The story of Morawa's cheapest home serves as a beacon of possibility for those seeking affordability in a market that often seems out of reach. It's a call to adventure for the brave, a puzzle for the problem-solver, and perhaps, a new beginning for the dreamer.
We'd love to hear from you, our readers. Have you ever taken on a renovation project? What advice would you give to someone considering purchasing a property like this? Share your stories and tips in the comments below, and let's inspire each other with tales of transformation and triumph.
For our members at the Seniors Discount Club, who are often on the lookout for savvy investments or affordable housing options, this story is a testament to the old adage that one person's trash is another's treasure.
The property had tall grass and was deemed uninhabitable by some people. Image Credit: Real Estate Australia
The property, located approximately 370km north of Perth, was put on the market after the previous owner defaulted on their council rates. Despite its dilapidated state, with crumbling walls and stained surfaces that bear the marks of time, the 1012sqm lot attracted interest at auction.
Auctioneer Tony Maddox recounted the event, noting the bidding war that started at a mere $1000 and doubled when another bidder offered the winning $2000. 'Is that all I’m going to get?' Maddox asked, to which the bidder confidently replied, 'Yep.' With a nod from the council CEO, the gavel fell, and the property found a new owner.
The buyer's plan? To renovate the forlorn structure into a habitable home. With the land valued at around $10,000 and the potential post-renovation worth estimated between $60,000 and $80,000, this could be the real estate steal of the decade.
For those of us who have seen the ups and downs of the property market, this sale highlights the opportunities that still exist for those willing to take on a project. It's a reminder that with a bit of elbow grease and vision, value can be found in the most unexpected places.
But what does it take to transform such a property? Renovations can be a daunting task, especially for those in their golden years. However, with careful planning, a solid budget, and perhaps the help of family or local tradespeople, even the most rundown property can be brought back to life.
For seniors considering a similar venture, it's important to weigh the pros and cons. On the one hand, the low purchase price allows for a larger budget for renovations. On the other, the physical and mental demands of such a project can be considerable. It's also crucial to consider the location and whether the investment of time and money will ultimately pay off.
For those not quite ready to don the construction hat, there are other bargain properties out there. Take, for example, the next cheapest home currently on the market in Lightning Ridge, NSW, listed at $35,000. Like the Morawa property, it requires significant work but could be a diamond in the rough for the right buyer.
The story of Morawa's cheapest home serves as a beacon of possibility for those seeking affordability in a market that often seems out of reach. It's a call to adventure for the brave, a puzzle for the problem-solver, and perhaps, a new beginning for the dreamer.
