A run-down two-bedroom cottage at Werris Creek, about 30 minutes from Tamworth, has sold for $135,000 after drawing 12 offers.
The circa 1940s weatherboard home at 21 Wilkie Street was the cheapest property to sell in New South Wales in September. It was described as an unliveable renovator’s delight.
Jessica Slade, a sales agent from LAWD NSW, handled the sale. “The price was the main interest. The house itself was quite run down,” said Ms Slade, as reported by realestate.com.au.
The listing on realestate.com.au stated the block of about 594 square metres is connected to power, water and sewer. Buyers could renovate or start again with a new home, subject to council approval.
Werris Creek is a rural town of some 1350 residents. The listing pointed to local shops, school options, sporting facilities and rail connections. It also stated that Tamworth is within easy reach.
The sale price is well under half the town’s median. The median house price in Werris Creek was $363,000 for the 12 months to September, up 5.2 per cent over that time, according to the realestate.com.au house price guide. Only 38 houses sold in the town in that period, and the median time on the market was 46 days.
The sale comes as prices fall across much of the country. National home prices dropped for a sixth straight month in September, according to the realestate.com.au Home Price Report. Regional prices held steady and are 5.1 per cent higher than a year ago.
The New England and North West region is among the strongest performers in Australia, with dwelling prices up 12.3 per cent over the year. The report stated that relative affordability is likely to be an important reason, as higher interest rates reduce borrowing capacity.
The national median house price reached $974,000 in September. Australia’s cheapest sale was a termite-damaged weatherboard at Rupanyup in Victoria, which sold for $80,000.
“We had strong buyer interest just because of the price,” said Ryan Fischer, a sales agent from AL Property Agents Horsham, as reported by realestate.com.au.
“A genuine opportunity to create something special in a community with heart,” the listing stated.
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