At first glance, three houses on the territory market have little appeal.
Time has not treated them kindly and they now haunt streets with the tinge of a different era.
Two are dilapidated and in need of repair. The third is in good condition, though out of date.
But for buyers otherwise locked out of inner-Canberra land, these properties are ripe for renovation.
Leaking roof and tubs
The house at 4 Watt Street, Campbell, sits on a large block in one of Canberra's most favoured suburbs.
Agent Theo Koutsikamanis of Bastion Realty said the house's condition was "really, really bad".
"It has got a leaking roof and leaking tubs and needs to be retiled like most properties that age do," he said.
Yet, people are interested in purchasing the property.
Mr Koutsikamanis said the drawcards include that the structurally sound and has an attached dwelling.
"It is a really good blank canvas for someone to move into the front, renovate the back and have some extra income," Mr Koutsikamanis said.
The property has three bedrooms and an ensuite in the main dwelling, with an attached studio at the back.
A reserve price as been set at $1.4 million for auction.
The median sale price in Campbell is $1.7 million, according to CoreLogic.
'Struggle to see any drawcards'
A faded blue facade and overgrown garden are the first features you notice at 40 Stockdale Street, Dickson.
"If you went there, you would struggle to see any drawcards," LJ Hooker estate agent, Stephen Bunday, said.
"It is pretty ordinary."
The property has three bedrooms and a bathroom, along with a large living area.
Despite the features, Mr Bunday said there had been good demand for the property, with a mix of first home buyers keen to renovate and older couples interested in a knock down rebuild enquiring.
The block is in RZ3 zoning and close to Dickson dining precinct.
The house's reserve price is likely to be set at about $950,000.
It will go to auction on August 28.
The median sale price in Dickson is currently $1 million.
Tidy but outdated
The three-bedroom, one-bathroom house at 34 Lockyer Street, Griffith, is in largely original condition.
White walls, wooden finishes and brick trims characterise the painted brick cottage.
It is on a very large block less than two kilometres from Manuka.
Until recently, it was ACT Housing accommodation, which agent Christine Bassingthwaighte of Blackshaw Real Estate said was now being offloaded.
She said the property had "strong interest" from people hoping to obtain land in a desirable Canberra suburb.
A reserve price has been set at $1.6 million for auction on September 5.
Why older properties are hitting the market
Estate agents said many investors who had been holding on to second, or even third, properties were now seeking to offload.
They felt it was not viable for many owners to continue investing.
Land tax - which is only charged on properties that are not the owner's primary residence - has risen for most properties, in line with the rise of properties' unimproved values.
"Many people are selling investment properties, more so on land [than apartments]," Mr Koutsikamanis said.
Both the Campbell and Dickson properties have been long-term investments which owners are now offloading.
Mr Bunday said: "the outgoings just seem to constantly draw on the incomings. If you're not getting any real property growth, the the property is doing nothing [for you]".
For buyers, median house prices are rising and outpacing that of units, so those particularly eyeing up land may be looking for cheaper solutions.
CoreLogic data showed a 3 per cent growth in the median Canberra house value to July 2024, with an average of sale of $984,894.
This capital growth is expected to continue into spring.
"I've seen a lot of [people] come through who want to get into the inner south," Ms Bassingthwaighte said.
Some people showing interest in the Griffith property were those who currently owned an apartment and were looking to upgrade.
