A five-bedroom, two-bathroom property is on the market for just $49,000 – with the seller warning it is for ‘serious renovators only’.
The property is in Beulah, a town in the southern Mallee region of Victoria, and was listed earlier this month.
The low price is sure to attract potential buyers – but they have been warned to think carefully before making an offer.
Listed on domain.com.au, the agency selling the property says ‘you’ll need to watch more than a couple of episodes of The Block before you tackle this one’.
The property in Beulah in regional Victoria is on the market for just $49,000 – with the seller warning it is for ‘serious renovators only’
The low price is sure to attract potential buyers – but they have been warned to think carefully before making an offer
Photos show filthy rooms covered in rubbish and severely damaged walls and furniture.
There is a bungalow attached to the house but it is also in a very poor state and requires serious work.
The listing, written by John Hadley of NorthWest Real Estate, warns: ‘What you see is what you get.
‘Is this the cheapest house in Victoria? This project is for the serious renovators and once you have filled numerous skips bins to get it back to a blank canvas, you can see what you have to deal with.
‘The bungalow is probably the best spot to start before you tackle the house. Yes there have been white ants and no, we haven’t had any quotes to have them cleaned up.
‘I have no idea what it will rent for once it has been renovated.
‘All potential purchasers should do their own due diligence because you’ll need to watch more than a couple of episodes of The Block before you tackle this one.’
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Listed on domain.com.au, the agency selling the property says ‘you’ll need to watch more than a couple of episodes of The Block before you tackle this one’
Photos show filthy rooms covered in rubbish and severely damaged walls and furniture
News of the property comes as Victorians struggle to buy a house amid cost of living and inflation pressures.
Last month, it was also revealed that the Victorian government could slap millions of residents with a new property tax as it struggles to pay for its social and affordable housing scheme.
Daniel Andrews’ government is reportedly looking into new ways to boost its bottom line after a similar proposed tax last year was scrapped following backlash.
It comes as a fresh blow for Victorians with residents already paying the most taxes in the country, according to data released by the Australian Bureau of Statistics.
An average resident paid $5,638 in 2021-22 to the local and state governments, compared with $5,537 paid by NSW residents and $3,952 by Queenslanders.
The listing, written by John Hadley of NorthWest Real Estate, warns: ‘What you see is what you get’
Westpac also announced last month it is now expecting Australian house prices to surge in 2024 because of high immigration.
The Reserve Bank of Australia’s 10 interest rate rises since May, 2022 have caused real estate values to sag, with Sydney’s median house price dropping by 13.3 per cent during the past year to a still unaffordable $1.23million.
But Westpac economists Matthew Hassan and Bill Evans are expecting a five per cent rebound in Sydney and Melbourne in 2024, with Australia’s two biggest cities likely to absorb most of the immigration intake.
Melbourne’s median house price was $905,894 at the end of last year and Westpac’s prediction of a one per cent decline would take it back to $896,835.
But a predicted five per cent increase in 2024 would take prices up to $941,677.
