In a sign of how crazy Sydney’s property crisis has become, a tiny patch of concrete in the city’s far west, complete with a sleeping bag, has sold at auction for $1.3 million.
Property experts say the concrete area was no greater than one to two square metres and the sleeping bag placed on it was “grubby, mouldy and not fit for human habitation”. The location nonetheless sold at auction yesterday, with several bidders driving the past well past it’s million dollar reserve price.
Several young couples hoping to buy the concrete and sleeping bag combo were edged out by savvy investors who planned to rent it out and negatively gear the asset. The property’s buyer is understood to own a real estate portfolio of several dozen properties throughout the greater Sydney area worth close to forty million dollars.
The rental return on the concrete slab, with no toilet or laundry facilities, no walls, no parking, no privacy and no dignity is expected to be around $650 per week.
“The current sleeping bag supplied with the property is fine, but an investor could make a few changes and fix the zips and it might even fetch $675,” one real estate agent told Broken News. “If tenants are desperate you might even get $700.”
One young couple who were outbid at the auction agreed that perhaps they were setting their sights too high.
“Maybe our parents and all their friends are right. Maybe we are wanting too much,” the couple told Broken News. “Perhaps we are being too greedy by wanting two square metres of concrete AND a sleeping bag to keep warm in winter.”