Elizabeth Downs, Adelaide: This spacious three-bedroom home in a leafy suburb can be yours for just $200,000, but there’s a big catch
A classic three-bedroom house in a leafy suburb is on the market for almost half the area’s average price after the property was destroyed internally by a fire in July.
The house, which looks sturdy enough from the outside, at 7 Fortress Street, Elizabeth Downs in Adelaide’s north, is expected to sell for $200,000.
Photos posted online by Realestate.com show a dramatic contrast between the neat and tidy exterior of the 605-square-metre block with its scorched interior.
The house, which sells for just $200,000 and looks solid enough from the outside, in Elizabeth Downs in Adelaide’s north was destroyed by fire in July this year.
The fire became so hot that the ceiling fan in the blackened living room completely melted
It’s listed as a “rare and unique opportunity.”
While Elizabeth Downs has long been considered home to a lower-income demographic, that has changed in recent years.
Website Smart Property Investment ranked Elizabeth Downs first on its list of South Australian suburbs that property investors should look at, due to 29.87 capital gains over a twelve-month period.
Realestate.com.au estimated the suburb’s price growth between October 2022 and September 2023 at 21.3 per cent.
The current average value for the suburb, which has two government primary schools, a shopping centre, bars and a bistro, is just $370,500.
While it is theoretically possible to renovate the existing three-bedroom house, the condition of the rooms shown in LJ Hooker Ridgehaven’s photographs is uninhabitable.
The ceiling fan in the blackened kitchen/lounge has melted and the cabinetry and wall finishes have bubbled away and peeled.
Several rooms appear to be badly damaged and caked with soot and ash.
The charred interior of the house contrasts dramatically with the flat and spacious backyard, complete with a Hills Hoist
The cabinet and wall finishes bubbled and peeled in the kitchen
Even the real estate agent listed the property with the correct title ‘Brand Sale’.
The cost of building an average-sized home in 2023 is approximately $600,000.
That’s based on construction costs of about $2500 per square meter in Adelaide for a 248 square meter house, which is an average-sized house.
Given the block size, the property could also be considered for subdivision.