Dilapidated slum dubbed the ‘worst ever’ is the only home under $ 900,000 in central Sydney

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Dilapidated slum with stained and rotting walls, holes in the floor and rusting appliances dubbed the ‘worst ever’ is the only home under $ 900,000 in central Sydney

  • Inner Sydney’s cheapest home is a rundown $ 800,000 run-down with no parking
  • The Marrickville Residence is the only home available for sale near town for less than $ 900,000
  • Property prices in Australia have risen at the fastest rate in 32 years

The only house in Sydney under $ 900,000 is a run-down disaster with holes in the floor, crumbling walls, and rust on metal surfaces.

Despite needing a major overhaul, the property at 63 Newington Road in Marrickville is up for sale for $ 800,000 as new data shows that Australian property prices have risen the fastest in 32 years.

The average price of a Sydney property is just under a million dollars, including self-contained houses, townhouses and units.

Inner Sydney’s cheapest house is a rundown $ 800,000 run-down with a hole-in-the-wall floor, crumbling walls, and no parking

The property at 63 Newington Rd in Marrickville is the only home for sale near town for under $ 900,000

The property at 63 Newington Rd in Marrickville is the only home for sale near town for under $ 900,000

‘It’s one of the worst state houses I’ve ever seen,’ PRD broker Nick Reskakis told realestate.com.au

The modest two-bedroom, one-bath home looks unlivable in photos with broken appliances and stained walls.

‘Original throughout, this all-brick, two-bedroom semi is literally a blank canvas ready to be transformed,’ reads the ad.

A 20 percent down payment for the home would be $ 16,000 and according to the Real Estate mortgage calculator and a monthly payment of $ 3,377 would be required.

Mr. Reskakis said the price was a bargain as a comparable house on the same street would be valued at around $ 1.3 million.

According to data from CoreLogic, there has been an 8.8 percent increase in the value of luxury homes in Sydney through March this year.

New data has shown that Australian property prices have grown at the fastest pace in 32 years

New data has shown that Australian property prices have grown at the fastest pace in 32 years

The average price of a Sydney property is just under a million dollars, including self-contained houses, townhouses and units.

The average price of a Sydney property is just under a million dollars, including self-contained houses, townhouses and units.

Why house prices can fall and not rise in 2022

The big banks will start raising variable mortgage rates from July 2021 as the Reserve Bank of Australia’s cheap Covid funding runs out

The Australian Prudential Regulation Authority also expected to impose stricter rules on deposits to get a home loan, requiring a 20 percent down payment to cool an overheated housing market

Property values ​​across the country are growing fastest since October 1988, as buyers take advantage of the Reserve Bank’s record-low interest rates of just 0.1 percent.

Three of Australia’s four largest banks offer fixed mortgage rates of less than 2 percent, pushing median real estate prices to record highs in 69 percent of the national real estate sub-markets in March.

On June 30, the Reserve Bank of Australia’s funding to banks to provide cheap loans will come to an end.

In March last year, during the start of Covid lockdowns, the central bank pumped $ 90 billion into the economy, in an effort to support small businesses and home loans, under a program known as the Term Funding Facility.

Martin North, director of Digital Finance Analytics, said that starting July the banks, feeling the pressure, could start to increase their variable interest rates.

They would move independently of the reserve bank, which has vowed to keep the spot rate at a historic low of 0.1 percent until 2024.

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