A first-time home buyer in Australia was shocked to learn that the country’s property market is not in good shape after she found a house that was listed for $169,000.
The three-bedroom home in Elizabeth North, which has a one-bathroom, is priced at $159,000 to $169,000.
In a TikTok video, Jess says she was surprised by the price and noted that she could afford to live in it.
After viewing the home, she was immediately disappointed by the interior.
She said it looked like it had been neglected, and it had peeling ceilings and dirty floors.
This home is described as a partial fire-damaged property that needs repairs.
It’s available for sale and is listed at a low price because it’s a bargain buy.
According to the ad, the property is for sale immediately and is a good option for investors or home renovators.
Jess was forced to consider a fire-damaged home as the only property she could afford to buy due to the tight property market.
Despite the fierce competition in Australia, the high rents have not yet caused a rush to homeownership.
In the 12 months to December, the rental market in major cities experienced a 10 percent increase.
Despite the shortage of housing, the number of new home loans in Australia decreased in November.
According to data from the Bureau of Statistics, the number of loans for investors decreased during the month.
On the other hand, the number of loans for first-home buyers also decreased.
According to Cameron Kusher, the head of economic research at Proptrack, it is cheaper to rent than it is to pay off a mortgage nowadays.
He noted that although home prices have decreased, rents are still increasing.