'Affordable' can mean very different things to different people, but in the context of the Australian property market, securing a three or four bedroom house for less than $200,000 is certainly at the cheaper end of the scale.
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But despite the headlines about rising property prices during the pandemic, there are still spots in regional Australia where you can secure a property for $200,000 or less - in one case, as little as $75,000.
As we found out, a cheap purchase price might mean a major renovation project is on the cards, but there are properties on this list where the new owners can move in and enjoy the best of country living and defer the renovation work.
We take a look at the stories behind some of the most recent budget property sales.
15 Kyuga Street, Aberdeen, NSW
Sold price: $200,000
This three-bedroom, one-bathroom property in Aberdeen changed hands in October for precisely $200,000 following a deceased estate sale.
Selling agent Meredith Munro of Warburton described the property as being in "original condition".
Despite strong interest from out-of-town buyers, the property ended up selling to a local buyer who plans to renovate the property before moving in.
$200,000 sales represent the lower end of the market in Aberdeen, according to Ms Munro, and the property's entry point status had resulted in a lot of enquiry.
"In Aberdeen you can get up to $500,000 or more ... It's a mixed bag of property [prices]," she said.
"[This property had] a really good amount of interest, a lot of enquiry from online portals and a lot of interest ... It's an entry level property that always brings a lot of interest."
Ms Munro described Aberdeen, which is located in the upper Hunter Region, 12 kilometres from Muswellbrook, as a "nice country town" that had been finding increasing favour with those new to area.
"Right across the range, at the affordable and higher end, we've been selling properties sight unseen and we're getting a lot of interest like that," Ms Munro said.
2 Bridge Hotel Road, Ouse, Tasmania
Sold price: $125,000
A substantial renovation project and navigating heritage listings weren't enough to deter the successful buyers of this three-bedroom cottagey in Ouse, which changed hands this month after an extended settlement.
The property, built around 1843 as a home for the Sexton [caretaker] of St John the Baptists Church, is currently uninhabitable according to selling agent Hayden Wilson of Derwent Real Estate.
It sold to a local family of experienced renovators, according to Mr Wilson.
"It was very important to the vendor to make sure the integrity was maintained throughout the renovation process [by the new owners]," Mr Wilson said.
He said that a sandstone property of this calibre was a rare find in the current market. While the property is subject to a heritage listing, the sandstone section is only at the front and there is potential to strip out and rebuild the rear of the property.
The vendor had intended to conduct the renovations themselves but decided to sell after relocating to mainland Australia.
It was uncommon for properties in Ouse and surrounds to sell for such a low price, Mr Wilson said, and there had been "a lot of interest from the mainland" from budding renovators.
"This was only that price because of the substantial amount of work that needed to be done," he said.
8 Albert Street, Pyramid Hill Victoria
Sold price: $75,000
With solar panels and two batteries, this three-bedroom cottage in Pyramid Hill, Victoria is set to become the ultimate off-grid holiday home for its new owners.
Selling agent Lexene Hipwell of Golden Rivers Real Estate said that the property, which had been used as a holiday home by the vendors, sold to a Melbourne-based buyer who intended to retain it for that purpose.
While there were other properties in Pyramid Hill that would be valued at the $75,000 price point, it was rare to have one of them come onto market, Ms Hipwell said.
As a result, enquiry had been strong, particularly from Melbourne-based buyers.
"If I had another 60 of them they'd sell. Everyday, the phone did not stop ringing, even now people are still calling about it," she said.
While the property is liveable, it did need to be re-stumped in the near future.
"It's a cute little cottage that would do up nice, plus its a large block too - Pyramid Hill has very large blocks - so there's potential to subdivide," Ms Hipwell said.
Pyramid Hill, 86 kilometres north of Bendigo, had a population of 430 at the 2016 census.
"It's a little tiny country town; it's got a pub, a supermarket, an ag shop, a bank agency and that's it," she said.
Jack Needham
Jack has been writing about real estate since 2015, covering residential and commercial property markets throughout Australia for the likes of Smart Property Investment and Domain. He has also spent time in the United States researching real estate trends, with a focus on housing affordability issues, for the California Association of Realtors.
Jack has been writing about real estate since 2015, covering residential and commercial property markets throughout Australia for the likes of Smart Property Investment and Domain. He has also spent time in the United States researching real estate trends, with a focus on housing affordability issues, for the California Association of Realtors.
