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Thanks to the property downturn, some houses are going for $7,000

House prices are sliding, to the delight of first-home buyers. (Photo: Getty, realestate.com.au)

It ain’t much to look at, but it’d cost you less than a second-hand car.

According to realestate.com.au, a home on Murray Street in Hay, a town in NSW’s south west, was the cheapest house sold this year at $7,000.

Sitting on 506 sqm, the dilapidated house has all been written off because it required so much work done, said real estate agent Therese Murphy.

“The house was trashed and there were loose bricks everywhere,” she told realestate.com.au.

The $7,000 house in Hay. (Source: realestate.com.au)

But the rock-bottom price worked – buyer interest surged after the house was listed under the four-digit figure.

It’s not the only house in Australia with discounted price tags – a number of other houses in Australia have been selling at eyebrow-raising prices that could give some first-home buyers a foot in the door.

Other homes in regional NSW are available for less than $30,000, with even some in the greater Sydney area that could be yours for $150,000.

This 800sqm one-bedroom cabin is for sale for $150,000 in the Hawkesbury area. (Source: realestate.com.au)

Property prices have slid by 10 per cent or more in Sydney and Melbourne alone in the year leading up to 30 April, with home values dropping 7.2 per cent across the nation, according to CoreLogic’s April figures.

For $15,000, you could snap up a partially burnt house on Edward Street in Moree, northern NSW – though it’d need some serious work.

The $15,000 partially burnt house in Moree. (Source: realestate.com.au)

The northwestern NSW town of Boggabilla has a four-bedroom house selling for $28,000, according to realestate.com.au.

The four-bedroomer going for $28,000. (Source: realestate.com.au)

According to analysts at CoreLogic and Aussie Home Loans, the cheapest four suburbs in the country to buy a house are in regional WA – but even they’d set you back more than $35,000 at the cheapest.

The Sydney suburbs within 20km of the CBD with the lowest median house values are Granville, Wiley Park and Chester Hill – but they’ll all cost you more than $647,750.

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