FANCY bagging a NSW home for less than $100,000?
A contingent of seven, mostly one- and two-bedroom, houses goes to auction tomorrow with price expectations of as little as $50,000 on some of the properties.
Fifty-thousand dollars is roughly 10 times lower than the typical price of houses across NSW and almost 18 times lower than Sydney’s median house price of $900,000.
There’s just one catch — the seven properties are located in outback town Broken Hill, more than 1000km west of Sydney.
Mostly rundown, the properties belonged to a single owner, whose estate is selling the homes in a succession of auctions tomorrow.
The owner was local character Robert “Scrubber” Simons.
Perhaps Broken Hill’s biggest property mogul, Mr Simons owned an incredible 35 homes in the outback town when he passed away aged 78 earlier this year.
John Bent, of Century 21 McLeods Hill, said he expected some of the homes to fetch just $50,000 each.
“They’re pretty bloody rackety,” Mr Bent said.
“Some of the nicer ones might get over $100,000, but the rest will be ridiculously cheap.”
Mr Bent said most of the interest was expected to come from investors outside of Sydney.
He said the portfolio had been an investment for their late owner.
“I think he’d planned on refurbishing them, but never got around to it,” Mr Bent said.
“Some of them were rented out, but most of them were left empty.”
“There are some people in town who might own five or so properties, because it’s so much cheaper here, but to own 35 is pretty unheard of.”
Tomorrow is expected to be a bumper day of auctions with more than 1100 properties going to the bidders in NSW.
Originally published as Contingent of houses go to auction with super low price expectations
ncG1vNJzZmivp6x7r7HWrGWcp51jrrZ7xaKlmqaTmnyzscClZJ6rpJbBpnvSspunnaliu7TDjpyfnpmgYoJxt4yhpq6rlah6qbHAnWStp12WwqTAyKilZqGeYq%2Bzu8qepWagmaG5cLrEsKpmq6Skv7p7k25ubWqSaoJ6g5dtmpuZlGeBeIKVnHBvmmaXf3OBwJo%3D