If you are in the market for a cheap house to try and flip, there’s no better place to do it than Andamooka in South Australia. While property prices in the rest of the country have shown a steady trajectory upwards, real estate in Andamooka is getting cheaper, according to research done by CoreLogic. In fact, the average house in Andamooka sells for a mere $34,625, which is a steal, compared to the national average of $552,000.
Andamooka is located approximately 600km north of Adelaide, and it is the largest town administered by the Outback Communities Authority. In its heyday, Andamooka was an opal mining settlement, but a drop in prices when the mining boom ended affected many of the town’s residents, who were employed by mines in the nearby town of Roxby Downs. In turn, this led to a 10-year fall in real estate prices of 76% or an average value decrease of about $114,000. This has made Andamooka the place with the cheapest real estate in the entire country.
In Western Australia, the second-cheapest real estate can be found in the mining settlement of Norseman, 726km east of Perth. Here, the average home price is $39,500.
The cheapest houses in each state can be found in the following places:
South Australia: Andamooka (median house price of $34,625)
Western Australia: Norseman (median house price of $39,500)
Tasmania: Queenstown (median house price of $67,000)
Queensland: Dysart (median house price of $75,000)
Victoria: Birchip (median house price of $87,500)
New South Wales: Lighting Ridge (median house price of $95,000)
While these prices seem like bargains and might have you making plans of turning into a full-time property flipper, it is important to remember that there is no guarantee that a renovated house will sell, or that you will make a profit.
Want to find licensed real estate agents in Australia quickly? We encourage you to invest 2 minutes of your time to complete easy-to-follow questionnaire below and Perfect Agent will find you the best real estate agents in your area.