There is an old saying that you should buy the worst house on the best street. But does that make sense in contrast to the Sydney real estate market?
Many of the dilapidated "sunken ships" in the east, Nexi and the upper north are still priced at millions of Australian dollars due to their superior location.
Their existence is a low-cost opportunity for homebuyers to transform their dream homes.
The 177 Seaforth Cres, in Seaforth, for example, has a market price of A $5 million.
The outside is overgrown with weeds, and the inside is littered with rubbish. There were holes in the roof and some of the walls had collapsed. But if it were to be completely renovated, or a new home would be rebuilt on the 1813-kilometer site, the conservative estimate would be more than A $10 million.
Agent Maria Cassarino said, "if you push down and rebuild it, it`s likely to be one of the best houses in the area. Because of its area and scarcity. "
"because in the Seaforth area, we don`t have such a property at all, especially on the waterfront, where lots are scarce. That`s why this project is so special. "
And throughout Sydney, there are plenty of opportunities to reinvent dreams at a low price.
For example, the four-bedroom at 328 Moore Park Rd,Paddington costs just A $1.8 million, about 517,000 less than the average price in the area. The other crumbling house in 3 Elliott St,North Strathfield has a market price of just A $1.1 million, which is 5800 million below the region`s average.
A three-bedroom house in 98 Rickard Rd,Narrabeen will be auctioned tomorrow for just A $ eight hundred thousand to A $ eight hundred and eighty thousand.
Median home prices across Sydney have fallen 7.4% over the past 12 months, according to the CoreLogic hedonistic index. This brings the once-inaccessible North District back to normal-especially those that require high-income jobs in general.
LJ Hooker`s agent, Alessio Scivett, said the North Strathfield house was worth two hundred thousand yuan more than it is now a year ago. "it`s completely time to buy real estate or invest in capital growth," he said. "especially for" old boat "properties like this."
The influx of dilapidated homes is largely due to homeowners` legacies-at the same time, inventories of high-quality homes have fallen from previous years.
Scivett also believes buyers are indeed forced to be more open to existing properties.
Matt Marano, which is in charge of selling 328 Moore Park Rd, said that despite the slowdown in the market, prime locations could still attract a large number of buyers.
"after all, position determines everything."
But when it comes to William Demirdonder, a potential buyer, his idea as a buyer is that, regardless of market performance, properties such as those in the east are always desirable based on the popularity of the region.
"A lot of people see this potential, so they`re always scrambling to pay for a premium on second-hand homes. But if you do it in the right way, such as choosing a good plot and pushing down the reconstruction, you can really make more money. "
