Sydney’s property market might be cooling but two derelict properties fetched millions at auction on Saturday. Ray White data from last weekend revealed that only 52.4 per cent of Sydney auctions sold...
Sydney’s property market might be cooling but two derelict properties fetched millions at auction on Saturday.
Ray White data from last weekend revealed that only 52.4 per cent of Sydney auctions sold, down from 71 per cent the same time last year.
Midweek figures from realestate.com.au paint a similar picture and show Sydney had 29 per cent fewer auctions scheduled this week compared to last year.
These are two dilapidated homes defying the downturn and fetching millions:
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PADDINGTON
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The exterior of 103 Hargrave Street, Paddington.
A dilapidated three-bedroom terrace in Paddington sold over the guide price of $3.6m and attracted three bidders at a time when buyers are fleeing the market.
Listing pictures reveal water stained walls, an unpainted roof with a lone light bulb and a brick courtyard becoming overrun with weeds.
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Weeds are growing between the courtyard bricks.
The final sale price is undisclosed but it’s understood that it sold close to the reserve and was over the advertised guide price of $3.6m.
The walls in much of the home are either raw concrete, unfinished bricks or typical drywall with peeling paint.
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The fireplace in the lounge is soot stained.
The downstairs living room has a single light bulb hanging from the ceilings and a fireplace stained by soot.
The road-facing ‘formal’ living room has a fireplace with scuffed paint and suitcases, a ladder, bags and boxes stacked against the walls.
The formal dining room has suitcases, a kids car seat, boxes, bags and a ladder stacked against the walls.
Upstairs is a neglected bedroom with bright blue and yellow walls that are missing paint in sections.
The wooden floorboards are stained in patches and a small desk is tucked into the corner as the only furniture in the room.
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Bedroom three has bright coloured walls.
The main bedroom also has a single light bulb without a light fixture and has water stained and dirty concrete walls.
The ceiling and cornicing are mostly unpainted and the home’s second fireplace is boarded up in this room.
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The main bedroom appears mid-repainting with an unfinished ceiling.
The bathroom ceiling is covered in black marks that could be mold but is in otherwise good condition.
Sellers agent Michael Minogue said most interested buyers were builders or renovators, with the new owner also a builder.
The bathroom has black stains on the ceiling.
Mr Minogue said the property had “good bones” but “it’s ready for a complete rebuild”.
The home was owned by the same family for “60 or 70 odd years” and was most recently renovated in the 1980s.
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ENFIELD
A ‘renovator’s dream’ in Enfield sold under the hammer for $1.91m and is said to offer “the chance to renovate or rebuild the home of your dreams”.
Listing pictures for 43 Heydon St in Enfield show a run down three-bedroom, two bathroom property.
A photo of the homes exterior shows the roof is damaged with panelling falling away in sections.
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Listing pictures of 43 Heydon St in Enfield reveal a run down family home.
The kitchen has a stand-alone stove and oven combo with a steel table, washing machine and sink.
The vinyl flooring has ripped off or been worn down in areas and paint has peeled off the wooden cabinet underneath the kitchen sink.
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The kitchen floor is damaged and the walls are coated in grime that’s concentrated above the stove top.
The walls in most of the home look tobacco stained with chipping paint, scuff marks and damaged skirting boards.
The living room has wooden floors, a decorative brick fireplace in the corner of the room and ornate panel moulds on the ceiling.
The living room has a fireplace and an ornate ceiling.
Saturday’s auction for the property drew a whopping 10 registered bidders and bidding opened at $1.5m.
Data from Ray White show the average Sydney auction last week only had 1.5 active bidders.
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Auctioneer Clarence White said it was the best auction he’s seen for quite some time. Picture: Supplied
Clarence White with Menck White Auctioneers said the home was priced well, which gave people confidence to engage.
“It was one of the most competitive auctions I’ve seen for months frankly,” Mr White said.
“It was a developable project that made clean sense,” he said.
The property is directly across from Grant Park and the Henley Park recreational centre.
The home was held by the same family for three generations according to the listing description.
It is a 455 sqm corner block with three street frontages and was sold by Riccardo Errichiello from Rich and Oliva Real Estate,
The home was held by the same family for three generations and property records show that the three-bedroom home last sold in 2023 for $533,000.
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