Got a Spare $1 Million? Buy This Sydney House That's Literally Falling Down

Bask, if you will, in the wonder of Sydney's most affordable starter home. A four bedroom, one bathroom terrace in the hip inner west suburb of Stanmore. A virtual steal at $770,000 under the area's median house price. And sure, there's no parking. But who needs a car with so many transport options just on your doorstop? You're literally right under the flight path! It's almost too convenient.

How much will this gem set you back, I hear you ask? Well, the buyer's guide suggests 62 Railway Avenue, Stanmore will get snapped up for just $1 million. [Insert joke about how many avocado toasts you'll need to forego to afford the downpayment.] But then you'll also need to budget for some repairs.

Perhaps some light tiling in the bathroom.

And a lick of paint probably wouldn't go astray upstairs.

The kitchen could use some love, but it's a perfect weekend project for DIY fans.

Admittedly, the ceiling does appear to be caving in, but that's just in a handful of rooms. And, as the realtor explains, "Renovators will delight in the chance to transform this untouched classic terrace."

Untouched. That is an… accurate description.

I'm sorry, I'm being overly cynical. We're talking about Sydney here. A city where a "completely uninhabitable" property that housed a dead woman's undiscovered body for eight years can sell for $1.105 million. When you look at what else is on offer, 62 Railway Avenue is a veritable bargain—and it's probably slightly less likely to be haunted.

But there's something particularly troubling about 62 Railway Avenue, Stanmore. And that's the Pinterest moodboard–shabby chic–millennial bait photography the real estate agent has gone with. It seems they've found our weakness. Scrolling through the listing, that tiny part of the millennial brain that's triggered by those "abandoned" Instagram accounts filled with photos of crumbling Russian theatres and once-glorious churches being reclaimed by nature starts firing

Just look at this tumbledown bookshelf.

Did someone thoughtfully place all those books askew, perfectly jumbling the jacket cover colours? Is $1 million really that much to spend on a house? It's the most important investment you'll ever make… No! Stop looking at these gorgeous photos, start looking at your NetSaver Account, and accept the fact any Australian under 30 will probably be renting forever. And in Sydney, you'll probably be renting a $350 a week one bedroom apartment where the toilet is literally in the kitchen.

That is, unless Credit Suisse's prediction is right and Sydney property is set for a downturn. Damien Boey, a research analyst at the private bank, has forecasted a five percent drop in prices this year. And with Sydney being the Australia's biggest housing market, this could have serious reverberations throughout the country.

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