A concrete slab not much bigger than a driveway that has been used as a parking spot for years is now for sale.
While the slab of concrete itself isn’t worth much, the dirt that it’s covering – in yet another indication of Australia’s dire housing market – is worth millions because of it’s location in the trendy Sydney suburb of Balmain.
There’s no waterfront view, in fact, at the rear of the property is a three-story high brick wall, and there’s no backyard to speak of, yet the owners are confident of a quick sale and have listed it with a price guide of $1.5 million to $2 million.
An inspection for the property was held on Saturday with respected real estate firm Spencer & Servi in charge of the sale.
Director David Servi confirmed that an entire group of interested buyers showed up for the inspection and that he has received a lot more inquiries over the phone.
‘Because it’s a vacant block of land with a cyclone fence across the front of it, you can see the whole thing from the street,’ he told Realestate.com.au.
‘And there’s nothing to show them – I can’t exactly show them the tennis court or the swimming pool.’
The propety’s listing on the website caslls it ‘a rare and exciting opportunity in one of Sydney’s most tightly held inner-west locations’.
A 221sqm vacant lot in inner-west Sydney has been listed with an asking price between $1.5 million and $2 million
Its listing agent said he has already received several inquiries from prospective buyers
Houses in the area sell for a median asking price of $2.4 million and the 221sqm empty slab is a rare commodity in the built-up inner west suburb.
The property is close to Balmain’s ‘vibrant’ cafes and shops, is with walking distance of Sydney Harbour, and is close to bus and ferry transport links.
‘Whether you’re an architect, investor, developer, or owner-builder, this is your chance to secure a piece of blue-chip Balmain.’
Earlier in the year a similar piece of land which was even smaller sold for $1.5 million in the same suburb.
That property was only 134sqm and advertised as the ‘ultimate blank canvas for your dream home’.
