Australian Property Market

Malta is wonderful but yeah, not a place to even think about in the increasingly long period of real heat.

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A Sydney home that prospective buyers weren’t able to physically inspect because it was missing almost all its roof has sold for close to $3m.

The three bedroom home at 89 Fitzroy St in Sydney’s inner west suburb of Burwood sold for $2,750,000 earlier this month.

That’s despite its roof being almost completely caved in, having boarded up windows and an overgrown yard.

Interested buyers were informed they were unable to set foot inside the dwelling.

“Please note: Internal inspections will not be permitted as the property does not meet health & safety requirements,” the listing read.

Instead, the property was advertised as a “land value opportunity in a prime location”.

“Available for the first time in more than 60 years, now offering a rare opportunity to purchase at land value in one of Burwood’s most highly desirable streets,” the listing read.

Those with deep pockets, and able to overlook the crumbling property, were told to consider the house’s proximity to schools.

“(The property is) located within easy access to some of the area’s leading schools and only 750 metres from Burwood train station, major shopping, cafes & restaurants,” it said.

The median house price for a three bedroom property in Burwood is around $2.1m, according to realestate.com.au

Ill never understand these articles. Land in expensive areas is… expensive?

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The point of the article is how ridiculous real estate prices in Sydney have become when a burnt out husk in Burwood sells for nearly three million at auction when the median house (and land) price in the area is an (equally) ridiculous $2.1 million. (Q.E.D. ‘City is unaffordable’)

15 mins from the CBD and lucrative area, properties or land would rarely go up for grabs in that area and some people want to build their dream place so that one’s almost a perfect storm

Doesn’t really look like the best area in Sydney thou. Seems like a lot to me.

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It is a lot. Just shy of $3M and you’re only paying in essence for the land because the dwelling is inhabitable. If there was a decent home on the block then you can probably justify the price tag a bit more. But either way house prices in Australia, especially Sydney and Melbourne, are completely ■■■■■■.

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There is a fair amount of properties on offer around there atm, mostly units, but very expensive.

Map view of Real Estate & Property for Sale in Australia - realestate.com.au

Could be density. Burwood has high density zoning everywhere.

It’s suprising though. Building costs are very high.

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I wouldnt be surprised if this guy winds up mysteriously deceased one day. I absolutely love him, but I imagine his work rustles a few jimmies, majorly.

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Burwood is one of Sydneys largest Chinese neighbourhoods.

And home to a pretty decent private school

Thats your answer

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Why Aussies are ditching homes they bought a couple of years ago | The Business | ABC News