Victorian houses are being snapped up for about $50,000 — but they’re not around for long.
A two-bedroom weatherboard on 960sq m at 35 Henty St, Merino — near Hamilton close to the South Australian border — went under offer just days after being advertised for $55,000.
North of Horsham, also in the state’s far west, a two-bedroom fixer upper at 1 Bow St, Rainbow, was snapped up recently within five days of listing, for a mere $50,000.
Buyers have a chance to strike on another potential pot of gold if they’re quick, though: a five-bedroom renovation project house at 8 Eddy St has just been listed for $65,000.
The colourfully named town has a median house price of just $80,600, according to realestate.com.au, while in Merino, 353km west of Melbourne, it’s $136,000.
Ray White Horsham agent Cody Effrett said the buyer of the Bow St, Rainbow property was a local resident who planned to renovate the home and build a shed to lease out to backpackers who visited to work during the harvesting months.
North West Real Estate agent John Hadley, who has the Eddy St listing, said properties around the $50,000 mark sold rapidly, but those that needed more work could take a little longer.
“You will struggle to find a house anywhere for $50,000, they will only last a couple of weeks tops on the market,” he said.
“This one needs a lot of work and at $65,000 it is a bit pricier, it needs a full renovation — it doesn’t even have a kitchen — it might take a bit longer to sell.
“But there is great value in this home, however it’s only for a unique buyer with the skills to renovate.”
Mr Hadley said it was harder to sell to locals and he generally saw more interest from people outside a 100km radius.
“The locals still remember these houses selling for $25,000 and they can’t seem to get their head around rising property prices,” he said.
“The non-locals say ‘wow’ when they see a five-bedroom house on a massive block of land for under $100,000; they can see the value.”
The tired home sits on 2009sq m and also comes with a shed, garage, workshop and a water tank.
The 1910 pad last changed hands in 2016 for $59,000 and was sold then in under two weeks.
Gorman’s Real Estate agent Peter Gorman told the Herald Sun when it was listed the Merino fixer upper wouldn’t be on the market for long either — and he was right.
“A house of this nature and at this price point is hard to come by,” he said.
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“In the few days it’s been on the market we’ve had five inspections, mostly interest from young couples trying to get a foothold in the housing market, and what an opportunity.”
The 1920s pad last changed hands in 2016 for $60,000 and was sold then in just six days, according to CoreLogic.
Merino has a population of roughly 360 people.
Mr Gorman said the home had “great potential”.
“It won’t be falling over in a hurry, it’s a sound construction with good bones,” he said.
“It just needs a refurbishment to bring it back to life and it will become a really cute little cottage.”
Bargain-hunting buyers will need to be prepared to get their hands dirty, with listing photos of the Merino pad showing cobweb covered, dilapidated interiors.
“I think the price is realistic because of the state of the home,” Mr Gorman said.
“It’s liveable but it will need a fair bit of work to bring it back to life, a new stove and new carpets for sure.”