Dozens of affordable properties in Wales,
Dozens of cheap properties were quickly snapped up for as little as $10,000, attracting significant attention from buyers.
However, there is an important caveat to consider before rushing into such deals that appear too good to be true.
An auction house in Wales experienced a particularly busy end to the year, facilitating the sale of numerous properties.
Paul Fosh Auctions successfully secured £5,000 ($AU10,000) for the least expensive garage, which was a brick build in Newport.
Garages are seen as a worthwhile investment by buyers, especially those with vintage cars or extra household items.
The auction house emphasized that the cost of the garage can be offset by leasing it out for extra income.
Senior valuer Sean Roper explained that there is rarely an auction without at least one garage on offer.
However, this time, the auction outdid itself, with nearly 40 garages available, attracting significant buyer interest and competition.
“Garages are highly popular and sought after, and their prices vary based on condition, location, and other factors,” Roper said.
He further explained that garages can be a good investment, as people often lack sufficient storage space for their belongings.
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They are willing to pay rent for the privilege of having more space to store items. This could include classic cars, excess furniture, or things that might come in handy one day.
However, not all items were sold during the two days of auctions. As a result, some still remain.
One of the largest sums spent was £121,000 ($AU243,000) for a group of 19 garages, all tenanted.
Seven bidders competed for the opportunity to become the landlord of this instant property portfolio, also located in Newport.
The garages generate an annual income of £6,948 (about $AU13,970), making them a profitable investment for the new owner.
In Australia, the high demand for real estate in upscale suburbs can sometimes extend to simple car parks.
Car parks in desirable postcodes, such as Bondi Beach, are highly sought after by property hunters, even without homes attached.
Ric Serrao, a real estate agent specializing in Double Bay and surrounding areas, shared insights with Nine’s property team in September.
He mentioned having three car park listings coming to market, including two garages and one parking space in Bondi Beach.
One of the garages, located in Warners Avenue, has a price guide of about $300,000, making it a premium listing.
Another is a car space in Curlewis Street, which is expected to fetch around $150,000.
Additionally, a garage in Ben Buckler is available for rent through Serrao at a rate of $1000 per week.
