Australia's CHEAPEST three bedroom houses!!!

Where I used to live, when I first moved there, locals were boasting that house prices were around 15K for an average reno place. At the time, they were around 60K and very quickly that jumped to over 100k within a year or so. Yeah, cheap is cheap, but values do increase when people "snap up the lower end" if you know what I mean. :)
 
Nathan ,hope you are feeling better :)

Are you able to disclose the 20k purchase for 200 a week rent yet?

The suspense is killing me :p
 
If you can buy a house for under 20k and get descent rent then why wouldn't the renters do it themselves. Seems very dubious at best. Why wouldn't the agents buy it themselves etc. Anything that cheap would be a tin shed in the middle of nowhere. Still stranger things have happened.
 
The $50k house on that page may be generating interest on the internet but I spoke to the agent and he hasn't had a call about it for months. Also houses that cheap aren't tin sheds, they can be quite solid stone houses reasonably close to amenities, I have my eye on one but until my house sells I can't put an offer in.

My house was $25k, I could rent it out for over $100 a week, much more than that if I snag a wind farm worker as a tenant. I don't want to rent it out, I want to sell it. Even at its current asking price it would be positively geared, but I can almost guarantee it won't go to an investor.

Some renters can't get the money, period. Also if you rent there is no maintainence etc, and you don't get rent assistance. You can buy positively geared houses out this way in quite good areas but as renting is so frowned upon noone will buy them as investment properties.

All renters are scum and will trash your house, remember? And this attitude is even more prevalent here than in the city. When I was thinking of renting this place out, which btw cost $65k and came with a $50k block of land helpfully offsetting the price, everyone told me to never ever ever dream of renting it out, you'll have no house left at the end of it.

Also the cheap houses tend to be much crappier than anything you can rent. If you rent a crappy house you can get a HIA order on it and get the rent down to $50 a week and not have to maintain it, so why buy?
 
Hah, probably. But I'd wager that house has no floors, no kitchen, no bathroom ...

*bookmarks it* that's within driving distance of my place ... hmmmmmmm
 
I said:

Also the cheap houses tend to be much crappier than anything you can rent. If you rent a crappy house you can get a HIA order on it and get the rent down to $50 a week and not have to maintain it, so why buy?

A $25k house these days is totally unlivable. You'd need to add things like kitchen, floors, reroof, bathroom, water connections, windows etc before you can move in - tens of thousands of dollars. Then you have rates, maintainence, insurance etc etc.

You can rent the house next door for $50pw.

So unless you have lots of spare money for fixing up, which people who are looking in the ultra cheap range tend not to have, why buy?

Oh and for something that is unlivable in a bad area you need a very, very hefty deposit too, and since you can't move in quickly as a general rule you can't get the FHOG on the real cheapies.

On the other hand, a $60k house can be perfectly habitable, in this price range, why rent?

I'm talking as a regular joe here not someone like Nathan who is looking at these places to maximise the rental on them. Regular joes won't touch the cheap fixer-uppers with a bargepole even if they'll triple in value with some minor work, as they get pegged as 'too hard'. The real cheap fixer-uppers are all over the place but are usually so far from civilisation that people with spare money aren't willing to travel to spend a few weeks/months fixing them up, and the locals don't go near them. I should know, I bought one, and every single local who I've talked to went "you bought THAT house? Why? It needs so much work!" and then they walk into it and almost pass out because it is now so unrecognisably nice.

The house I bought was priced at roughly 1/4 of what the place is worth now and it is *not* in a bad area. The house I bought 6 years ago was unlivable and in a bad area, and I spent $40,000 on it - couldn't have done that on the local wage.

And yes, I am currently watching two cheap fixer uppers, one is priced right and one is about 50% overpriced. Both with mind to restore and resell/rent out. I'll be putting an offer of 52% under asking on the second one if I can find some sucker to sell my old house to, and if the guy (apparently a totally desperate vendor) says no, there'll be others :D

It really depends on your mindset - investor vs OO.
 
Oh and Nathan was lucky enough to snag an unlisted cheapie. I haven't seen a listed house under $50k that you could just move into for quite a few years now, except for places like Andamooka and Coober Pedy. I trawled through all the < 100K houses on realestate.com.au last night for amusement value and my goodness there's some shockers in the cheap range - the decent stock (in SA anyway) starts at $80k. There's a phenomenal amount of really quite respectable houses in the same price range as mine, lots of opportunity for positively geared stuff out there, just not in the ultra-low range.

You used to be able to get nice habitable houses for $15,000 *sigh* oh, those were the days ...
 
I will post and gloat soon. Just been too busy of late to sit on here writing up all my deals.

There are 3 houses on land in a line, bought them for $20,666.66 each.

They are in process of going unconditional still, hence why further details are still a mystery.

Have had quiet a few Great BUYs of late, this is just one to show the fact that there are properties out there cheaper then a new corolla that are cf+ and return 52%pa.
 
The $49,500 Terowie one has been withdrawn from the market due to lack of interest. The agent hasn't had a single call about it for mooooooooooooonths.

There's two others in the town, mine at $85k and another at $69k, both would be CF+, neither need work - the cheaper one is a much smaller house than mine and would probably yield higher. I got my place 'appraised' at about $130-150pw rent and the only outgoings would be the loan costs, insurance etc and the $500pa council rates. You could plunk those two on a blog post about CF+ places if you've got nothing better to do.

Mine could be modified to be a 5 or 6br house pretty easily (divide the family room and add a loft), but I don't know why you'd bother, you'd just get a family with 5 or 6 kids move into it.
 
Nathan said:
I will post and gloat soon. Just been too busy of late to sit on here writing up all my deals.

There are 3 houses on land in a line, bought them for $20,666.66 each.

They are in process of going unconditional still, hence why further details are still a mystery.

Have had quiet a few Great BUYs of late, this is just one to show the fact that there are properties out there cheaper then a new corolla that are cf+ and return 52%pa.
Click to expand...

where the heck do you find these gems highest I have found is 15.99% return and well over 20k lol
 
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