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'Cheap as chips' house in NSW sells for just $49,000

The three-bedroom property is nearly 30 times cheaper than the average Sydney house.

Australian property prices are continuing to skyrocket but there are still a small handful of places where you can pick up a house for less than $50,000.

One of the cheapest houses in New South Wales has just been snapped up for $49,000, which is nearly 30 times cheaper than the average Sydney house price of $1.4 million.

Located in the outback town of Bourke, the three-bedroom property is among the cheapest freestanding houses in the state. But there’s a catch - the “cheap as chips” property is in need of extensive repairs and renovations.

Bourke property house
The Bourke property had an asking price of just $49,000 and is among the cheapest houses in the state. (Source: realestate.com.au)

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Seller Mohammed Al-Arasi told Yahoo Finance he had received a lot of interest in the 1,075-square-metre property, despite it only being on the market for a few days.

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“It was listed at the end of last week, just before the long weekend break. I had about three offers but lots of other interest,” Al-Arasi said.

Most of the damage to the property was in the kitchen, he said, with photos showing the ceiling above the sink had collapsed. The bathroom is also not usable in its current condition.

Bourke property house inside
The kitchen is filled with debris and the roof has a hole in it. (Source: realestate.com.au)
Bourke property
The outside of the property is also overgrown. (Source: realestate.com.au)

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Al-Arasi said the property had fallen into disrepair because it had been left uninhabited for a number of years and had run down over time.

This wasn’t enough to scare off potential buyers though, with the new owners set to do a full renovation of the property.

“Even if they were to spend $100,000 or so on it, it would still be worth it. With a full renovation, it would be worth $300,000 or so,” Al-Arasi said.

Bathroom and kitchen
The bathroom isn't in working order, while the kitchen has seen better days. (Source: realestate.com.au)
Bourke property
The backyard has overgrown vegetation. (Source: realestate.com.au)

The property was last sold for $60,000 in 1993, according to realestate.com.au data, and for $42,500 prior to that in 1991.

The median house price in the area is $120,000, based on 26 property sales over the past 12 months.

Properties for less than $50k

A fire-damaged house in Moree is among the slim number of houses available in Australia for under $50,000.

Located on a 605-square-metre block, the one-bedroom house sustained major fire damage, with the listing noting “some materials may be salvageable, before rebuilding or replacing with a relocatable home”.

Moree property
The Moree property is also available for under $50,000 but is heavily fire damaged. (Source: realestate.com.au)

Another one-bedroom fibro house located on a 1,012-square-metre block is also up for sale in Bourke for $40,000. It features an outside toilet, with the listing noting it “needs some work but represents great value”.

Property values rose 0.6 per cent in March, CoreLogic found, making it the 14th month in a row that housing values experienced an upswing. The median value of a property in Australia is now $772,730.

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