Quick facts on Outback Land in NSW Selling for Less than your Latte:
- More than 80 properties with overdue rates went to auction in far-west NSW last week
- Multiple blocks of land sold for just a dollar each ($1)
- The most expensive property was a house in Wilcannia for $35,000
Maybe home ownership isn’t out of the question…
Getting into the housing market can seem like it’s almost a pipe dream. How will you ever save the deposit? Will a bank ever give you finance? Is owning a home just the picket fence dream of generations before us?
Well, it seems like home ownership – or at least land ownership – could actually be far more affordable that you realise. If you’re prepared to head to western New South Wales.
Last week more than 80 properties went under the hammer across the far-west of New South Wales. The most expensive purchase selling for just 3 per cent of Sydney’s median house price of only $35,000.
But forget anything that involves the thousands, or even the hundreds – and give up your smashed avo and coffee – because multiple vacant landlocked blocks sold for a single dollar each.
Yes. One Australian Dollar.
“That was just the bid that we got and there was no reserve, so they just got sold for a dollar,” real estate agent Clifford Wren said.
Fortune favours the bold
If you’re prepared to pack up shop and head 1000kms west of Sydney your new block of land could be waiting for you.
The properties that sold last week ranged from vacant blocks to derelict houses in urgent need of repair, as well as some established homes.
They were dotted around outback New South Wales in Wilcannia, Ivanhoe, Menindee and White Cliffs. Could one of these outback towns be your new postal address?
Young families take the punt on a $1 block
All of the land blocks were auctioned because there was at least five years of rates owed by previous owners. The outstanding rates amounting to more than $1 million in unpaid bills.
“I saw a lot of first home buyers getting into the dwelling side, where, even though they were derelict, they felt like they could do that … and also there was a lot of vacant land selling to first home buyers on the basis that they’ll plonk a home there of some sort,” Mr Wren said.
A trickle down effect for diminishing towns
With populations dwindling in many of the towns where land was sold, existing residents hope that with the new sales some new families will join the community. With tradies and builders ideally flooding to work on the blocks, there is great anticipation that there will be a flow on effect for the local businesses.
Local prison closures, drought and diminishing opportunity in the towns has seen town life become tougher than ever. So the locals are ready to welcome you with open arms!
“It’s about stimulating the economies in our towns … people will potentially move back into a town, take up residence, do some improvements to the property and that’ll have a flow-on effect for builders, [also]putting more kids back in schools,” general manager of the Central Darling Shire, Greg Hill, said.
“And eventually they will pay council rates, which will help council in the long term.”
How to own a $1 block of your very own
If you think that a $1 block of land might be for you it’s time to start following local area agents on social media. And of course – once you own one – don’t forget to pay your rates!
Ray White Broken Hill’s current listings can be found here.
Love a bit of a real estate sticky beak? Check out this house for sale with a private beach built by dad!
Original article & images: ABC