Why This Three-Bedroom Home on a Large Lot Sold for Just $22,000

A three-bedroom house on a large lot sold for just $22,000 because it contains asbestos.

The property, situated in the town of Merredin in the Wheatbelt region of WA, on a plot of just over 1,000 square metres, was sold privately by treaty in January.

Homes in the area typically cost between $195,000 and $325,000, depending 7News.

But the three-bedroom home sold for only $22,000 because it contains asbestos, according to the listing.

It “needs repair” but is on a “large” block and is just two blocks from a school, the listing states.

“The good thing about tearing down and rebuilding is that you can create the home you want,” the ad adds.

“You choose the style and orientation, and you can make it as comfortable and energy efficient as your budget allows.”

The median residential house price in Australia rose to $925,400 in the final quarter of 2023, according to the Australian Bureau of Statistics.

New data suggests buying a unit is now the “new Australian dream” because house prices are so high.

Australians now need to earn $146,000 a year before they can barely afford a typical home in the capital, which is forcing average earners to live in units.

The median home price in the nation’s capital rose to $949,410, an 11 percent increase in the year through February and the 13th consecutive monthly increase, new CoreLogic data released Friday showed.

This was despite the Reserve Bank raising interest rates 13 times in 18 months, taking the cash rate to a 12-year high of 4.35 per cent.