An apartment that a real estate agent described as "the worst they'd ever listed" has sold for more than $250k.
Subscribe now for unlimited access.
or signup to continue reading
The two-bedroom unit in Lyons had dirt on the kitchen countertops and no flooring when it sold at auction for $285,000.
An interstate investor purchased the apartment over the phone.
Real estate agent at LJ Hooker Sally McCallum said they could not believe the response they got for the "unlivable" listing.
"I looked at it and I thought, this is the worst property I've ever listed," she said.
"Our catch line was almost going to be 'welcome to Alcatraz'. It was like a prison cell."
Renos required
With the average price of an apartment in Lyons hovering at $440,000 according to CoreLogic, the unit was a bargain with considerable strings attached.
Buyers were advised of the opportunity to increase the property's value "enormously" with a renovation, with the real estate estimating at least $50,000 would need to be invested in the property to make it livable.
The apartment was in an attainable price bracket for young people to get finance approved, Ms McCallum said, and they were willing to put up with poor conditions.
"One young girl was going to camp in there with her dad, and they were going to do it as a project together for her to then live in later," she said.
"It just goes to show that the prices are very high here, and for young people to get a foot in the door, it's got to be around the $300,000 mark."
"As it was, it was unlivable."
People 'desperate' to get into the market
The unit was built in 1974, and last sold for $215,000 in July 2015. The starting price for the property was $250,000, with bidding going up in slow thousand dollar increments.
The apartment did have some redeeming features, including a north-facing aspect and a view of green space instead of a car park.
However Ms McCallum said the level of interest she received showed just how desperate people are to get into the housing market.
READ MORE:
Eight buyers registered for the auction, with four of them interested in buying for the first time.
Similar properties in the area struggle to attract even one buyer at the moment, Ms McCallum said.
"I couldn't believe the response it got, to get eight registered bidders in a depressed market," she said.
"It is still such a high price, and it's only tiny, just 51 square metres."
Lucy Arundell
Lucy is a reporter for the Canberra Times. Originally from the Central West, she has a passion for local and rural news. Email her at lucy.arundell@austcommunitymedia.com.au.
Lucy is a reporter for the Canberra Times. Originally from the Central West, she has a passion for local and rural news. Email her at lucy.arundell@austcommunitymedia.com.au.
