A unique Nissen hut-style property in Cessnock has sold for a surprising $429,000, highlighting the growing affordability crisis in regional New South Wales.
Located at 8 Wangi Avenue, the three-bedroom, one-bathroom home sits on a 556.4m² fully fenced block and features an open-plan living/dining area, kitchen with electric cooking, external laundry, and a separate storage shed. While basic in design, the property offers potential for renovation or future expansion, including the option for a granny flat (STCA).
Currently rented for $360 per week—with a market estimate of $390–$410—the modest property is located close to Cessnock West Primary School (1.3km), Mount View High School (3.1km), and just minutes from the CBD.
But it’s the price tag—and the repayments—that have raised eyebrows.
What Would You Pay Per Month?
Under a standard 20% deposit ($85,800) with a 30-year loan at an average 6.28% interest rate, a buyer would be looking at monthly repayments of approximately $2,120.
However, under Anthony Albanese’s First Home Guarantee Scheme, eligible first-home buyers can purchase a property with just a 5% deposit ($21,450)—with the government guaranteeing the remaining 15%.
While this makes entry to the market easier, it comes at a cost. With a loan amount of $407,550, repayments over 30 years at the same 6.28% interest rate would rise to around $2,520 per month, not including lender’s mortgage insurance (LMI), which may apply outside the scheme or in non-participating banks.
The sale underscores the dire housing shortage across regional NSW, where even ex-military-style huts are now fetching prices once reserved for brick-and-tile family homes. It’s another stark reminder that the dream of home ownership is slipping further out of reach—unless you’re willing to pay half a million for a shed.
For more details, contact listing agent Bryce Gibson at LJ Hooker Cessnock on 0422 227 668.
