Outback SA’s cheapest home: $50,000 Andamooka property for sale – realestate.com.au

It’s one of the cheapest homes on the Australian property market, but even a $50,000 price tag won’t be enough to sway most buyers for this outback home.

Based on sales of comparable properties, Raine and Horne sales agent Craig Sumsion expected there would be strong interest in Lot 142 Brooks Court, Andamooka, mainly from interstate buyers looking for a bargain.

But they would soon withdraw when they discovered the one-bedroom house was 600km north of Adelaide, he said.

“I’m getting a lot of interest from people who have no idea where Andamooka is and they see cheap real estate and because they assume everything in South Australia is about Adelaide, that it (the heritage building) is close to Adelaide,” Mr Sumsion said.

Lot 142 Brooks Court, Andamooka. Delivered

From a different angle. Delivered

“But Andamooka is an old opal mining community. It’s in the middle of nowhere. It’s isolated.

“It’s still 300km north of Port Augusta, so we’re well and truly there (in remote South Africa).”

For those up to the challenge of Outback SA, the one-bedroom house with an open plan kitchen and living area and situated on a large 1692m2 plot has some clear advantages.

With just a $10,000 down payment and an interest rate of 5.76 percent, the house would cost the new owner just $56 per week in mortgage payments.

It could also provide lucrative income if the buyer wants to rent out the home, with the cheapest rental property in Andamooka – a one-bedroom apartment – currently listed for $180 per week.

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Even if the house is empty, it can prove to be a reasonable investment.

Property values in Andamooka have increased by 4.8 percent in the past year. While that is less than the overall increase of 12.3 percent recorded for regional Southern African countries, it is still comparable to current interest rates on competitive savings accounts.

The seller, who bought the home in 2018, can more than double his money and make a gross profit of $26,200 if he sells the home for the advertised price, real estate records show.

Mr Sumsion said one offer to purchase was received within days of the house being put on the market, but the seller had not yet accepted it.

How is the rest? Delivered

He would not know why the house was sold, but said there were plenty of work opportunities, especially at the nearby Olympic Dam, for buyers who wanted to call Andamooka their home.

“They are not necessarily office jobs – rather they are trade and labor positions that are well paid and there are also training opportunities at many companies,” he said.

“If people want to come to Andamooka (and live in Andamooka), there are (work) opportunities – they just have to come to one of the labor hiring companies and ask (for a job).”

What does the rest of the city look like? Our reporter Lydia Kellner recently visited Andamooka and took these photos: