Savvy investors eye off `cheap dirt’ in Coober Pedy – realestate.com.au

Lydia Kellner

Updated 12 Sep 2023, 11:12am

First published 12 Sep 2023, 5:30am

News Corp Australia Network

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This outback property is a bargain in every sense of the word, with mortgage repayments easily considered by some as pocket change.

Listed for sale with a price guide of $18,000, this Coober Pedy property at 343 Catacomb Road is one of SA’s most affordable homes on the market – that’s if a roof, four walls and a toilet can be considered an adequate residence.

Perhaps a more marketable incentive for buyers is the fact the property is set on a sizeable 1212sq m corner allotment and only minutes from the town centre.

There’s also the fact that mortgage repayments, based on a 20 per cent deposit, are just $20 a week, making the property ideal for those looking to build on a budget or those wanting a block of land to pull up the caravan.

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343 Catacomb Rd, Coober Pedy. Pic: realestate.com.au

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343 Catacomb Rd, Coober Pedy. Pic: realestate.com.au

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Selling agent Philippa Brennan, of Brennan Rosser Real Estate, said the property was a great bargain, with its original asking price slashed by almost 40 per cent.

The property first launched to the market in February 2021 for $28,900.

“This land is a great bargain and as cities and towns expand in the urban sprawl and more people are seeking a low cost quieter lifestyle, this has got to appeal to those looking for their own piece of land at an affordable price,” she said.

According to PropTrack data, the median house price in Coober Pedy is $90,000, making it the fourth most affordable SA town, behind Leigh Creek, Fisherman Bay and Andamooka.

It also ranks high in terms of rental returns, with the average investor seeing a gross rental yield of 10.54 per cent, the highest in the state.

Coober Pedy is a town in outback South Australia. Picture: supplied.

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Ms Brennan said while the property was taking some time to sell, interest had been on the rise since the massive slash in price, with offers slowly trickling in.

“Interest in the land comes in ebbs and flows – whenever there is an article on The Advertiser or realestate.com.au about Coober Pedy, I seem to get inquiries and offers,” she said.

“Interested parties seem to be young cash buyers looking for a long-term investment with the view to capital growth.

“I have had quite a few offers on the land over the months but not at an acceptable price.

“The vendors are happy to negotiate whereas the purchasers are not.

“The appeal seems to be that it’s cheap dirt that should only increase in value over the years.”