Yahoo Finance Why buyers are going nuts over ‘completely uninhabitable’ property
“Inner city pad of your dreams” and “completely uninhabitable” are two phrases you don’t usually hear in the one sentence.But if there’s any property that fits both descriptions perfectly, it’s this one bedroom Potts Point apartment.
The most-viewed property in its area on realestate.com.au last week, the apartment was described as “absolutely shocking” by Ray White agent Joshua Orly to realestate.com.au.
“It does need a lot of work,” Orly said.
“It’s being sold by the NSW Trustee and Guardian so we don’t know how it came to be in its current state — all I know is that it’s definitely going to be sold by auction.”
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The floor is so unstable Orly described it as like “walking on egg shells”. But he’s certain it will sell at auction with a $550,000 price guide, thanks to its jaw-dropping Sydney Harbour Bridge vistas.
“Completely uninhabitable, this is a unique opportunity to create the inner city pad of your dreams set against one of Sydney’s most iconic backdrops,” the listing reads.
“Aside from the extensive views captured across the harbour, its corner position also provides whisper-quiet interiors with only one shared wall.”
Sydney’s prices are falling but still ‘severely unaffordable’
Despite a sustained decline in property values, Sydney is still considered a “severely unaffordable market” to enter, according to the latest Demographia International Housing Affordability Survey.
In fact, Australia is more difficult to enter than New York, the researchers observed.
And according to The Economist’s latest annual global house price report, Sydney is one of world’s 10 most unsustainable property markets.
But that could be coming to an end with prices forecast to slip further this year. Sydney is set to see 15 per cent shaved off peak prices, as property expert Michael Yardney hypothesised.
Finder.com.au research released this week suggested Sydney houses will fall $57,758 (-6.21 per cent) by the end of the year, while units will fall $54,386 (-7.71 per cent) in value.
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