An eight-bedroom O'Connor property receiving thousands a week in rent from student tenants has hit the housing market.
The home on Wandoo Street has been put up for sale with a price guide of about $1.5 million.
The eight bedrooms are spread across a house and a self-contained unit, with the property currently returning about $2000 in rent per week.
That's significantly above what other properties in the suburb are bringing in, with CoreLogic data showing the median weekly rent for a house in O'Connor is $687.
The property was last sold in June 2018 for $995,000, when it only had a three-bedroom, one-bathroom house, according to CoreLogic.
However what were once the family and living rooms have been converted into three additional bedrooms, according to the 2018 and 2024 site plans.
Two of the eight bedrooms are in the old garage.
The students who live in the home pay about $250 each a week in rent, according to the listing agent Andrew White.
Developer's ideal location
Real estate agent Mr White from Belle Property said the property has a lot of potential for renovators and builders.
He said the owner was originally going to demolish and rebuild the home, but changed his mind.
"He changed the configuration inside just for student accommodation, so each individual room has got its own lock and he built an extra bathroom," he said.
"It's temporarily set up that way for someone to buy and do a bigger project."
The unimproved capital value of the property was estimated at $1.07 million in 2023, according to the listing.
The only house with more than eight bedrooms in the Canberra region market on July 12 was an old embassy in O'Malley.
The listing described the property as a "rare investment opportunity" with a "stunning blank RZ2 canvas".
RZ2 refers to the suburban core development zone in the ACT, which allows low rise and high density living.
Opportunity for renovators, builders
Mr White said the majority of the potential buyers are looking are to completely renovate or rebuild the home.
"There's a lot of renovators looking for a really nice spot, and because there's no stock on the market [in O'Connor] they are looking at it," he said.
"I don't think they'll see the value as high as the developers but between them and the knock-downers that's what we got.
"It'll be a family home or two residences, but it won't be kept the way it is now."
The house did not appear to be in pristine condition in the listing with cracks evident in the front fencing and old lounge chairs on the front porch. However Mr White said the house is in a good state.
"The building report is really good, it's just [home to] a lot of people with a lot of stuff and unfortunately that's how it does appear on the outside," he said.
There were no photos of the inside of the home provided in the listing to protect tenants' privacy, Mr White said.
Mr White said while the housing market has changed significantly since COVID, he's hoping for a good price.
"Nothing is easy at the moment. We've just started an auction campaign and we did pre-market inspections, [however] we had 40-odd people through over three days,"
The property will go to auction on Wednesday August 7 at 5.30pm.
