While soaring property prices dominate headlines across Australia, a recent sale in rural New South Wales has spectacularly bucked the trend, offering a glimpse into a vastly different market. A modest two-bedroom house, clad in Colorbond steel, has sold at auction for less than the price of a brand-new family SUV.
The Ultimate Bargain Buy: A Snapshot of the Sale
The property at 1-3 James Street, Wilcannia, NSW, changed hands in November 2025 for a final hammer price of just $31,000 (approximately £16,000). This astonishing figure represents under four percent of Australia's median house price, which stood at around $980,000 by the end of that year.
Despite the seemingly low price, the auction was fiercely competitive. Selling agent Marty Deacon, Director/Principal at Elders-Deacon Real Estate Mildura, confirmed there were seven registered bidders, with the winning offer ultimately coming from a buyer based in Melbourne.
"Price-wise, it sold for what was expected, given previous comparable sales in the area," Mr Deacon stated, indicating that such bargains are a feature of this specific locale rather than a one-off fluke.
Location, Location, Remoteness: The Trade-Off
The primary factor behind the rock-bottom price is the home's isolated location. Wilcannia is a remote outback town situated:
- Over 10 hours' drive west of Sydney.
- Around eight hours northeast of Adelaide.
- A two-hour drive from the nearest major town, Broken Hill.
The town itself has a population of roughly 735 people, with an average household income of $1,211 per week. Marty Deacon notes the community has a large Indigenous population and is surrounded by pastoral grazing properties.
A Fixer-Upper with Potential and a Large Plot
The house itself, described as having "solid bones and loads of space," sits on a generous 2,049-square-metre parcel of land and is within walking distance of the town centre. However, the listing was transparent about the need for significant refurbishment.
Key areas requiring immediate investment and renovation include:
- A kitchen with no in-built cabinetry, a non-functional electric stove, and a cement floor.
- A ducted cooling system that is no longer operational.
- One bedroom deemed unusable and in need of complete renovation.
- A general requirement for proper flooring throughout, as several rooms currently have exposed cement.
- A thorough clean-up of debris and old furniture scattered across the property.
Despite this, the home was considered habitable and features a lounge, a bathroom with both a bath and shower, and scope to reconfigure the layout.
Investment Prospects in a Town on the Rise
For the new owner, the appeal lies in Wilcannia's unique rental market and future prospects. Mr Deacon highlighted that rental properties in the town are 'in short supply', a situation exacerbated by major infrastructure upgrades currently underway.
"Employees working on these projects will require accommodation, which can be very limited in town," he explained. This creates a potential scenario for affordable rental properties catering to short-term workers. For those on longer contracts, purchasing a home at the median price of $85,000 could be more economical than temporary lodging.
Currently, the split between homeowners and renters in Wilcannia is 43% to 51%, suggesting room for growth in ownership. With some capital and effort, this $31,000 property could be transformed into a valuable asset, proving that even in a nation obsessed with property prices, genuine bargains still exist—if you know where to look.
