‘Worst’ house is Sydney’s last under $900k
It used to be a price point representing the norm but there is now just one house for sale for under $900,000 across inner Sydney, new analysis has revealed.
The house is a so-called "renovator's delight" in the inner west and requires substantial work. It has no parking.
The Marrickville house on Newington Rd has holes in the floor, crumbling walls and other damage.
It comes as CoreLogic data revealed Australian property prices have been growing at the fastest pace in 32 years, with Sydney leading growth among capital cities.
Sydney's recent explosion in prices was off the back of previous booms, including a prolonged market uplift between 2013 and 2017.
The median price of a Harbour City dwelling, based on sales of units, townhouses and houses, is $928,000.
Most of the available freestanding houses - the most popular housing category - are more than 10km from the CBD, with the Hills district and southwest Sydney accounting for the biggest supply.
In addition to the Marrickville house, the only other house priced under the median within a 10km radius is a dated Tempe house under a major flight path. It goes to auction this weekend with expectations of just over $900,000.
But the Marrickville house on Newington Rd is the only one well below $900,000. Selling agent Nick Reskakis of PRD-Kogarah said the deceased estate listed with an $800,000 price guide required a complete overhaul.
"It's one of the worst condition houses I have ever seen," he said, adding it was difficult to determine how much it would cost to bring the two-bedroom home up to the standard of nearby homes.
A similar sized home on the same street that was fully renovated would likely sell for about $1.3 million, Mr Reskakis added.
The home is understood to have been held by the same owner for more than 50 years but it is not known how it came to be in its current condition.
Due to go to auction this weekend, the Tempe house on Terry St also has two bedrooms and lacks a parking space.
It is in better condition and comes with a sizeable backyard for the area but the interior appears dated and selling agent Nick Politis of Sublime Property Agents has it listed as an "affordable renovator's delight".
Starr Partners chief executive Douglas Driscoll said the shortage of affordable housing stock was one of the reasons prices were climbing so rapidly.
"You could pinpoint multiple reasons prices are rising - low interest rates, people with more money to spend on real estate - but a huge part of it is that there isn't enough property available," he said.
Originally published as 'Worst' house is Sydney's last under $900k