Cheap homes in need of renovation attract homebuyers

Elders Real Estate Mildura Lukas Pedder said the sellers bought the property to renovate but found another fixer-upper project to tackle.

“We’re seeing mostly investors looking to fix and rent out these types of properties or fins,” he said.

Buyers have been eyeing a two-bedroom beachfront apartment on the Golden Mile in Melbourne’s seaside suburb of Elwood.

The apartment at 11/45 Ormond Esplanade was a draw for buyers looking for a bargain, said Kyle Spinks of Belle Property St Kilda. And that despite cracks in the walls – it urgently needs to be renovated.

The mid-century estate is asking for $650,000 to $700,000, while Elwood’s average unit price is $725,000 for domain data.

Spinks said that despite the work involved, buyers were interested because the apartment was so close to the sea.

“It’s popular because it’s on the top floor and it also has these really high ceilings that make it feel like a house,” Spinks said. “People say it has this very charismatic feeling when they walk in.”

One of the priciest fixer-uppers on the market is in Ultimo, in Sydney’s inner suburbs, where a run-down two-bedroom Victorian terrace has been listed at a guideline of $1 million to $1.1 million.

The home at 165 Jones Street is completely uninhabitable, according to marketing, with photos showing a gaping hole in the roof, rotting floors, peeling paint and a backyard with an overgrown garden.

Belle Property Surry Hills’ Blair Cardile said the top floor of the two-story terrace is off-limits for security reasons.

Cardile said buyers were not deterred by the mammoth task ahead, as professional builders and other renovators were interested. The property will be auctioned on April 1st.

“We’ve had a pretty good response to it,” he said. “We have had two open days so far and both times there were double-digit check numbers.”

Another three bedroom house in need of serious maintenance is for sale at 51 John Street, Granville, approximately 30 minutes west of Sydney’s CBD.

The home is advertised at $850,000 and described as an “ideal fixer upper.”

It was a similar story about an hour and a half from Sydney where in Blackheath, near Katoomba, a former holiday home/weekend home is for sale in need of some TLC.

The home at 36 Shipley Road was originally built in the 1970s and hasn’t been modified since, said Katrina Allport of sales agent Ray White Blackheath.

“People are still renovating homes up here, so the majority of the market is trying to put in the work and fix it up,” Allport said. Although no price list is listed on the property, the average home price in Blackheath is $805,000.

A three bedroom refurbishment delight has come up for sale in Coopers Plains, in South West Brisbane. The house at 20 Evenwood Street is habitable but needs updating.

Bevin Powell of sales agent Ray White Annerley said the property will be sold as part of an estate. He said the property is representative of those older generations bought to live in long-term.

“They haven’t really done business every seven to 10 years,” Powell said. The property will be auctioned on March 25th.

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Although there is no guide, Coopers Plains has an average home price of $720,000.

A three bedroom house in need of some work in Rockingham, about 45 minutes from Perth CBD, has proved popular with buyers.

That’s because the home at 55B Harrison Street is a two-minute walk from the beach, said Harcourt Rockingham’s Graeme Garwood.

While not in bad condition, the exterior of the house needed some TLC. The property was advertised and solicited offers starting at $455,000.

“There have already been a few offers,” Garwood said.