A tiny, time-worn cottage in the heart of Adelaide's CBD, less than half the size of a tennis court, has been dubbed Australia's cheapest CBD house after selling for $570,000 at auction on Friday. The heritage-listed duplex, measuring 93 square metres, drew a sizeable crowd despite its rickety appearance.
Auction Results and Buyer Interest
Sold by the Public Trustee strictly on an “as is” basis, the property changed hands for $10,000 above the reserve price. Real estate agent Matthew Paternoster from Williams Real Estate told 7NEWS that buyers could use their imagination to rebuild the home. “We’ve got the opportunity for people to do their own character renovation – starting with bare brick and mortar,” he said.
The cottage is believed to be the cheapest house available in any capital city CBD nationwide, attracting potential buyers looking for an affordable entry into the city market.
Property Features and Condition
The listing described the property as a “rare chance to secure a piece of Adelaide’s history,” with original fireplaces, built-in cabinetry and period detailing still visible throughout the living room, bedroom, kitchen area, bathroom and laundry. However, the advert did not sugar-coat the reality: the home is in “poor condition” and requires “substantial renovation and restoration.”
Agents pitched it as a “blank canvas” for builders, tradespeople and renovators. However, anyone hoping to bulldoze it will be disappointed, as its heritage listing means demolition is off the table.
Location and Appeal
Potential buyers inspected the ageing structure one last time before bidding, drawn by its ideal location within walking distance of the Central Market, Gouger Street, Chinatown, Victoria Square and the CBD. While the home may have been marketed as a blank canvas, restoring this 1880s relic will likely take far more than a lick of paint.
The sale highlights the ongoing demand for affordable housing in city centres, even when properties require extensive work.
