Property market reaches peak craziness with agent promoting an inner city GARAGE as a studio apartment – and it’s expected to sell for $100,000
- Approx. 55 sqm garage expected to fetch $100,000
- The St Kilda garage’s listing touts it as an ‘ideal blank canvas’
- It’s received interest from interstate buyers and investors
Australia’s chronic shortage of housing has been laid bare as a real estate agent spruiked the assets of a garage in an inner-city suburb as a potential studio apartment on breakfast TV.
The approximately 55 square metre garage in St Kilda, Melbourne, is going to auction on February 25 with an estimated sale range between $90,000-$99,000.
The garage is situated at the at the end of a common driveway and has been used as a toolshed by its current owners for the past 25 years.
On the Today Show on Saturday, listing agent Andrew Turner said that there had been large interest for the property from first homebuyers attracted to the close proximity to the city’s beaches and CBD.
‘Currently being used as a garage/workshop makes this an ideal blank canvas for the first home buyer, builder to create a stylish new abode,’ the garage’s listing reads.
A garage (pictured left at the end of the driveway) in St Kilda, Melbourne, has been listed for a February 25 auction and is expected to sell for around $100,000
The listing also suggests that the garage could ‘suit an artist, sculptor or car enthusiast that has multiple cars, boat, or jet ski or who wants the ideal ‘man cave’ to pursue hobbies in a peaceful environment.’
Mr Turner said he’d only sold a lone garage one other time in the past five years for $645,000 in 2020.
‘There’s been an incredible amount of interest, particularly from first home buyers,’ Mr Turner told the Today Show.
‘I’ve had [interest from] car enthusiasts wanting to get classic cars off of the street, I’ve had a couple of artists wanting to purchase the property, and surprisingly I’ve had interest from people who just want it for storage.’
Interstate buyers and investors have shown interest in and, in some cases, requested a contract for the space.
‘We’ve had people from all over express their interest including someone from Alice Springs, someone from Queensland and even someone from Poland,’ Mr Turner told 7News.
‘Certainly judging by the huge interest, I think it could be a new trend.
‘It’s very interesting … there are a lot of garages around and a lot of them aren’t even being used.’
The listing for the garage, approximately 55 sqm, states it as ‘an ideal blank canvas’ and has attracted interest from interstate buyers and investors, mostly young couples and first homebuyers
Mr Turner said around 30 to 40 groups attended the first inspection on February 11, many of who were young couples and first homebuyers. He estimated over 100 groups had now inspected the property.
While the property will need to be connected to sewerage, water and electricity, its estimated price is a fraction of the $567,070 median unit price and $1.55m median house price in St Kilda.
Property prices in the Melbourne real estate market have fallen to levels not seen since mid-2021, however they are still 17.2 per cent higher than prior to the Covid pandemic.
