NSW real estate: Want a ‘free’ house with your land purchase? See this South Coast property

A derelict South Coast property is attracting plenty of buyer interest among builders and developers, due to its marketing premise of “land with a free house”.

Flagged as an opportunity to renovate, remove or extend, the property is located at 67 Vista Avenue, Catalina (a suburb of Batemans Bay) and has a set asking price of $419,000.

The 818 square metre corner block is zoned residential, while the home features two bedrooms, a living room, a kitchen, downstairs internal laundry, and glimpses of the water and bridge from the first-floor deck and living room.

CoreLogic records indicate the home was built in 1970, and there has been at least one previous attempt to sell the property.

Selling agent, Karen Van Der Stelt from LJ Hooker Batemans Bay said she had been inundated with inquiries given the property’s marketing as “land with a free house”.

Ms Van Der Stelt said the home had been vacant for a long time, as the owner had experienced ill health. She said the home had become derelict and a target for vandalism.

“It’s basically land value, so that’s what we’re saying,” she said. “The house is essentially worth nothing; we’re just selling at land value.

“You buy the land, the house comes with it, whether you like it or not... You could demolish it, do what you want with it.”

While in a poor state, the home could prove somewhat of a bargain for the right buyer, given that according to CoreLogic the median sales price of houses in Catalina is currently $720,000.

The current owners built the home. It’s never been a permanent home for them but was utilised as a weekender.

“It looks like it’s been forgotten — I don’t think anyone has been in there for 15-20 years,” Ms Van Der Stelt said.

“It’s the worst house in the best street, which is what you’re meant to buy.

“Everyone knows the home... It’s a shame it’s been left.

“For a builder or developer, if they want to do it up themselves, it’s worth something and they could flip it and make good money. But they would have to put the work in.

“But if someone is going to hire a builder to do it, it’s not going to be worth their while.”

Ms Van Der Stelt said the corner block could work well as a duplex site.

Ms Van Der Stelt said there was no demolition order on the home, and said they’d been given estimates that it would cost $20,000 to knock it down.

She said a sale of the home had nearly been finalised a number of times in the past, only for financing to fall through.

“The bank is not financing it — they class the house as a liability.

“So we’re going to need either a cash buyer, or someone borrowing very little that can self-fund most of it.”

This article first appeared as Want a ‘free’ house with your land purchase? See this South Coast property on the view.com.au