Massive catch with $250k apartment in Canberra

An advertisement is spruiking an opportunity to get onto the property ladder for just $250k – but a detail in the unit’s listing has caused concern.

First homebuyers have a stellar opportunity to get their feet on the property ladder for just $250,000 with a “great apartment in an even better location” – but a detail in the unit’s listing has caused concern.

The two-bed, one-bath apartment in Canberra is being flogged for a low $250,000 despite its mountain views and a “large living area”.

The catch? The building is literally falling apart around it.

The property is described as a ‘terrific opportunity’ at an ‘entry-level price’ despite major structural defects. Picture: Homey

In fact, damage to the complex at 41 Leahy Close is so severe its strata has gone into administration as it struggles to foot the bill for the repairs.

A listing description for the 77sq m unit comes with a startling disclaimer.

“Please note this complex is currently under administration to manage the progress of building rectification works due to major structural defects,” it reads.

“Please enquire for more information”

After the warning, the description devolves into a typical real estate spruik that describes the apartment as a “terrific opportunity” at an “entry level price”.

“The kitchen itself includes plenty of storage and bench space, making it easy to use for the at-home chef,” it reads.

“The apartment then opens to the large living area and the outdoor balcony. From the balcony, you get to enjoy views of the mountain ranges in the distance.”

Social media users said they had visited the Canberra property and discovered shocking structural damage. Picture: Homey

Social media users claimed to have inquired about the property and said they were told of horrifying structural defects.

One Reddit user said they had received a strata report detailing water damage to “all the major structural elements”, meaning the building could no longer support itself and was being held up by jacks and scaffolding.

“They’re looking at a quote of $7 million for repairs which translates as about $200,000 per owner and years of work,” the user said.

Another said they had inspected a separate unit in the building in August last year.

“Went to the carpark downstairs and holy f**k. Huge cracks throughout most of the columns and pillars. 4x large heavy duty jacks at every single support column, and multiple in several other spots around the place,” they said.

“Looked like the place was only being held up by the jacks at that point … Imagine what has happened in the past seven months.”

The listing boasted mountain views and a spacious living room. Picture: Homey

The real estate agency selling the apartment has been contacted by news.com.au.

As multiple owners attempt to rid themselves of units in the problematic building the complex has gone into administration.

The building’s strata has been put into administration as it attempts to find a way to pay for the repairs, as per the unit listing.

Prospective buyers are invited to pay a staggering $8600 per year to the body corporate should they make the purchase.

Incredibly, the apartment is currently occupied, with tenants forking out $480 per week on a fixed lease running to October.

Its current tenant pays $480 per week. Picture: All Homes

It comes as renters across the country are forced to accept dismal living conditions amid a record-breaking rental crisis.

Last month, a Sydney landlord came under fire for renting out what appeared to be a tarpaulin-covered balcony for $300 per week.

Another landlord in the city was ordered to tear down a tin shed in their back garden advertised at $1000 per month after a council found it didn’t meet development requirements.

Two more properties in the dilapidated Canberra complex are up for grabs – a one-bedroom unit requesting offers above $335,000, and a three-bedroom townhouse listed at more than $750,000.

A two-bedroom unit in the building sold for $640,000 in January this year – nearly double what the owner paid for it in May 2022, according to Domain.

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