If Australian property prices are getting you down, perhaps you should head to Scotland, where a house is selling for the price of a used car.
The Port Glasgow flat is heading to auction with a guide price of just £5000 ($10,000).
The flat in Port Glasgow, Scotland is asking £5000.Credit: Prime Property Auctions
In Sydney, that sum would buy you a Nissan Micra with dented doors and a hole in the engine (hypothetically speaking, of course).
If it’s property you’re after, $10,000 could buy you one-tenth of a Potts Point car space or part of the deposit for a student flat in Ultimo.
The property in Port Glasgow might look like a bargain in comparison.
But buyers will need to be prepared to put in plenty of hard work.
Tarpaulin on the west wall. Credit: Prime Property Auctions
The derelict stone building has black tarpaulin in place of a roof, and all of the ground floor windows appear to be missing.
The entire west wall of the property is covered in plastic sheeting, held in place by timber battens.
Satellite imagery for the row of flats suggests part of the roof has been missing for some time.
The front of the property is fenced off by metal safety railings.
The listing by Prime Property Auctions describes the offering as a “vacant 3 bedroom spacious flat” that will “appeal to shrewd investors”.
“[The] property requires a degree of renovation to benefit from full potential,” the listing notes.
The agents estimate that once renovated, the property could generate a rental income of about £600 per month ($1204).
The successful bidder on the Port Glasgow flat will need to pay a buyer’s fee of at least £5000 plus tax.
This would bring the total cost of the property to £11,000 ($22,000) if purchased for the guide price.
This article was originally published by Domain.com.au. Reproduced with permission.
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