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The Place Where You Can Buy A House For Less Than Two Dollars

Are you looking to escape Australia's expensive housing market?

Actually, are you looking to escape Australia altogether?

If the answer to both those questions is 'yes', we have the place for you.

You can buy a house in the quaint little town of Sambuca in southern Italy for less than the price of an espresso or a scoop of gelato.

The stunning hilltop town in Sicily has put a number of properties on the market for just one Euro, or $1.59AU.  The motivation for doing this is an attempt to repopulate the town after residents moved from the country to the city.

You could buy a house for less than an espresso. Image: Getty Images.

Many Italian towns have experienced the problem of depopulation in recent years and have tried to tempt people from all over the world back into their areas with cheaper house prices.

To ensure new purchases occur seamlessly and new residents can move in immediately,  Sambuca has relaxed some official rules and formalities of property buying.

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"As opposed to other towns that have merely done this for propaganda, this city hall owns all €1 houses on sale,"  Giuseppe Cacioppo, Sambuca's deputy mayor and tourist councillor told CNN.

"We're not intermediaries who liaise between old and new owners. You want that house, you'll get it no time."

The outlook from Sambuca, the town that could be your new home! Image: Getty Images.

But with the cheap price and the ability to move in quickly comes a catch.

All buyers must agree to refurbish their new homes, some of which are crumbling and extremely aged, within three years.

This could cost buyers over $27,000 CNN reports.

Even if you included the cost of flights to Italy with that price, it would still be less than what you'd pay for a house deposit in Australia.

Featured Image: Getty Images. 

Contact Siobhan at skenna@networkten.com.au