Elizabeth Downs, Adelaide: This spacious three-bedroom home in a leafy suburb could be yours for just $200,000 – but there’s one major problem
A classic three-bedroom house in a leafy suburb is on the market for almost half the area’s median price after the interior of the property was gutted by a fire in July.
The house, which appears quite sturdy from the outside, located at 7 Fortress Street, Elizabeth Downs, in Adelaide’s north, is expected to sell for $200,000.
Photos published online by Realestate.com show a dramatic contrast between the neat and tidy exterior of the 605 square meter block and the scorched interior.
The house, which sells for just $200,000 and looks quite sturdy from the outside, in Elizabeth Downs in Adelaide’s north, was destroyed by fire in July this year.
The fire got so hot that the blackened living room ceiling fan completely melted.
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It is listed as a “rare and unique opportunity.”
While Elizabeth Downs has long been considered home to a low-income population, this has changed in recent years.
Website Smart Property Investment has ranked Elizabeth Downs first on its list of South Australian suburbs property investors should look at, due to 29.87 12-month capital gains.
Realestate.com.au estimates price growth for the suburb at 21.3% between October 2022 and September 2023.
The current median for the suburb, which has two public primary schools, a shopping centre, bars and a bistro, is just $370,500.
Although in theory it is possible to renovate the existing three-bedroom house, the condition of the rooms shown in the photos published by LJ Hooker Ridgehaven is uninhabitable.
The blackened kitchen/living room ceiling fan melted and the cabinet and wall finishes bubbled and peeled.
Several parts appear badly damaged and covered in soot and ash.
The home’s charred interior contrasts dramatically with the spacious, flat backyard, complete with a Hills lift.
Cabinet and wall finishes bubbled and peeled in kitchen
Even the agent listed the property with the specific title “Fire Sale”.
The cost of building an average-sized home to average standards in 2023 is approximately $600,000.
This is based on building costs of around $2,500 per square meter in Adelaide for a 248 square meter house, which is equivalent to an average sized house.
The property could also be a candidate for subdivision given the size of the block.