Ultra-cheap home lists for just $2

A two-bedroom unit has been listed for auction with a starting price of just $2 – but there’s a catch. 

The home has been snapped up within weeks of coming onto the market with a guide price of just £1 ($AU1.97). 

Located in Wallsend, UK, the home comes with two bedrooms, one bathroom, a front garden, and off-street parking. 

It also comes with an up-and-running income of £390 per month ($AU767) from the existing tenants. 

However, while the property offers a lot of opportunities, the buyer has had to go in blind. 

According to the listing, no in-person viewings for the property were available. 

“The property will be sold as seen, and cash buyers only,” the listing says. 

The flat was listed for sale via an online auction to be held on 18 October. The home has now been sold. 

The final sale price for the property was undisclosed. 

The £1 guide price is substantially cheaper than the median price for the suburb, with a typical Wallsend home selling for £150,552 ($AU296,000). 

Meanwhile, the median price for homes on the same street is £122,000 ($AU239,000). 

These property prices are incredibly low compared to similar properties in Australia, where the median home is currently fetching $1.15 million, according to Domain data. 

SOLD - $1,350,000

65 Styles Street, Leichhardt NSW 2040

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This two-bedroom terraced house in Leichhardt, Sydney, could set you back a cool $1.4 million. 

SOLD - $1,050,000

93 Elgin Street, Carlton VIC 3053

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Alternatively, this somewhat dreary Carlton terrace dating from the 1950s is on the market for $960,000 to $1,050,000.

$695,000 - $735,000

24 Albert Street, Adelaide SA 5000

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And in Adelaide, this cute 1880s house near the city centre is selling for $720,000 to $770,000.