Sydney Sells 1,280-Square-Foot Former Substations as Homes Amid A$1 Million Housing Crunch
Updated
Updated · The New York Times · Jun 16
Sydney Sells 1,280-Square-Foot Former Substations as Homes Amid A$1 Million Housing Crunch
1 articles · Updated · The New York Times · Jun 16
Summary
A 1,280-square-foot former electrical substation on the road to Bondi Beach is headed to auction in Sydney after being listed for A$1 million, despite needing extensive work to become livable.
That demand reflects Sydney's severe housing scarcity: the asking price is less than one-third of the area's median property price, making even dark, damaged utility buildings attractive to buyers.
Power companies are putting several current and former substations on the market, saying the land is no longer needed or has been made redundant by grid upgrades.
The unusual sales underscore how one of the world's most expensive housing markets is pushing buyers toward small, neglected properties once seen as unusable.