The sale of a rundown three-bedroom shack in Sydney’s inner west has demonstrated just how hot Australia’s real estate market is, with the agent for the property describing it as the “craziest auction” he has ever seen. The median cost of a home in Australia has grown to $794,000, with dwelling prices increasing by eight per cent in the 2023-24 financial year and spelling bad news for people trying to get on the property ladder.
Sydney’s housing affordability rate sinks to a 30-year low. The hot market was on full display on The Parade in Enfield where a dilapidated home that will require a complete makeover attracted dozens of bidders at the weekend. The 570sqm property - which the agent said had “unbridled potential” with “endless possibilities” - sold for $2.41 million, more than $400,000 above the reserve price.
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