The Myth of Finding Cheap Houses in Sydney: An Untold Story

Is it possible to find an old or abandoned house for cheap in Sydney, Australia? A tale from the not-so-distant past may surprise you. In the era of skyrocketing housing prices, the concept of a cheap find in such a hot market might seem like a dream come true. However, the reality is often quite different.

My Personal Journey in 1973

Back in 1973, when I was freshly married with a child on the way and another on the horizon, I had a lofty goal: to buy my own house in Sydney. But boy, did I have a long way to go in terms of financial resources.

Despite my lack of funds, or perhaps because of it, I decided to take on the challenge. I began my search for a cheap house in a newly subdivided area. And find one I did. Now, let me paint you a picture of this house.

The house was an original structure, but it was in a state of disrepair. Its roof was corrugated iron, the walls were infested with mildew, and the laundry and shower facilities shared the same room. It lacked proper gutters, and the windows were made of old, heavy timber with metal ingots to aid in their operation. The property was a mess, with overgrown grass and a concrete path leading from the front to the back door.

Despite all this, I managed to secure the property for a mere 22,000 Australian dollars. The selling price included both the ? acre of land and the dilapidated house, an arrangement that was common in such subdivisions. The agent's initial advice was to demolish the old house and build a new one to the blueprint of new constructions in the area. But I had no building skills, and the house was my home. I would renovate it, just not to a high standard, given my limited budget.

Building Skills and Financial Ingenuity

With a deposit of 2,000 dollars borrowed from my parents, I was able to secure a loan from the Terminating Building Society, specifically designed for low-income families. Over the next four years, I meticulously renovated the house, putting up my own guttering and tackling other necessary repairs. My journey was a testament to the power of perseverance and financial ingenuity.

When I eventually sold the property for 77,000 dollars, it marked a significant milestone in my personal and financial life. Fast forward to the present day, and the same property, which was once the cheapest in the area, now commands a price of 1,000,000 dollars. That's over 44 times the amount I originally paid for it, a stark reminder of Sydney's ever-climbing property market.

Understanding the Current Market

Since my journey, the median house price in Sydney has soared, currently hovering around 1.6 million Australian dollars (as of the latest data). While growth is expected to slow, the real estate market in Sydney remains one of the most competitive and valued in Australia.

The story of my old house and its current high value is a strong indicator of the scarcity of affordable housing in Sydney. The days of finding cheap houses in such a desirable city are increasingly rare, if not non-existent.

Moving Forward and the Future of Affordable Housing

For those looking to enter the Sydney property market, the myth of finding a cheap house may be just that—a myth. With median prices well above 1.6 million dollars and the anticipated slowdown in growth, it's crucial to approach home buying with realistic expectations.

The hunt for an affordable house in Sydney can be challenging, but not impossible. While contemporary options might be limited, there are still opportunities to find unique properties at more reasonable prices through diligent search and negotiation.

Conclusion

The story of my cheap house in Sydney is a reminder of the medical irony in the real estate market. The challenge of finding an affordable home is real, but with a bit of history and perspective, it's easier to navigate. As the market evolves, so do the strategies one can use to find that elusive affordable home.