Rundown Sydney home sells for $2.4m, highlighting how tough Australian housing market is to crack

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sydney Luna Park: Canadian owner Brookfield puts Sydney theme park on the market for $70mCanadian property giant Brookfield is stepping off the ride at the famed harbourside attraction and is ready to hand the fun times over to a new owner.
Source: FinancialReview - 🏆 2. / 90 Read more »