If anyone was wondering if exisiting housing was a viable financial option, they're now revaluating their position. A recent sale in the inner-west suburb of Rozelle has put a spotlight on the dire state of house purchases in Sydney.
The delapidated house - untouched since the 1970s and owned by the same family (although, unoccupied) - sits on 81sqm, has one bathroom (with outdoor toilet), is currently unlivable, and just sold for $901,000.
Selling at auction, the property had five serious bidders fighting it out and went for $200,000 over reserve. Advertised as 'a classic worker's cottage ripe for transformation', there's no word yet on the intentions for the property.
Coming in double the acheiveable cost of home ownership (before renovations) the sale is a red flag for median household income earners that the current market is not in line with the average prospective home owner.
It also further explains the growth of new builds with Clarendon, offering stable pricing on large and livable homes, within the financial means of Australian families.