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Inner city property for sale for under $100K - but would you live here?

Potential homeowners looking to break into Australia's wild property market might just be in luck, with a Melbourne garage estimated to sell for almost $100,000. That's right, a garage.

The 55-square-metre space in the inner city beachside suburb of St Kilda has already seen "over 100 groups" inspect it, says selling agent Andrew Turner, many of whom are interested in converting it into a place to call home.

"It's a great opportunity for somebody to get into the marketplace and do a conversion to suit their own lifestyle," the Jellis Craig agent told Yahoo News Australia. "It's an irregular shape but I think somebody could really turn this into quite a smart-looking beachside pad."

Garage for sale in St Kilda, Melbourne.
The garage sits at the back of an art deco block of nine apartments and shares a common driveway. Source: Jellis Craig

The garage will go to auction next Saturday, February 25, with an asking price of up to $90,000 to $99,000. It sits at the back of an art deco block of nine apartments and shares a common driveway, but is privately owned with its own mailbox, Mr Turner explained. He said the current owners have used it as a garage and storage for the past 25 years, but the centrally-located space is attracting an abundance of first-home buyers.

"There's been an incredible amount of interest, particularly from first home buyers," Mr Turner said. "It's got the makings of a very good apartment because of the size of it."

Garage for sale in St Kilda, Melbourne.
The selling agent says first homebuyers are looking at the property to convert into a studio apartment. Source: Jellis Craig

Appearing on the Today show on Saturday, Mr turner said the property is a "great blank canvas" because of its "iron roof, double brick walls and concrete floors".

While the property will need to be connected to sewerage, water and electricity, the asking price is still significantly less than the current market value, so it's a "rare opportunity" Mr Turner said. According to property data on realestate.com.au, $567,070 is the median unit price in the area, while it's $1.55 million for houses.

Mr Turner said there's been an array of other enquires too. From artists looking for a studio to car enthusiasts wanting to keep their vehicles safe.

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