A derelict inner-city Sydney home described as in a “completely unliveable condition” has sold for more than $1 million.
The 1880s style three-bedroom terrace house in Waterloo is said to be “rundown” and “not for the faint-hearted” due to it currently having no indoor bathroom and paint coming off the walls.
But that didn’t stop this “ultimate fixer-upper” from selling for $100,000 higher than its reserve price.
Listing agent Jack McGhee, from Ray White, told Yahoo News Australia it’s “probably the worst” home he’s sold.
“But if you look past a lot of it, it has lots of potential,” he said.
“People were talking about getting rid of the front room and turning it into a two-bedroom home.”
The house has mostly damaged walls and floorboards. It has a balcony, kitchen and storage room along with a lawn housing two sheds.
Mr McGhee said most of the people who attended Saturday’s auction were builders looking for the opportunity to turn the house around.
“The guy who bought it is from Elizabeth Bay and may do it up and live in it himself,” Mr McGhee said.
“He also might give it to his daughter or sell it. A lot of the bidders were fairly unemotional and looking at how much renovations would cost and what the resell value could be.”
He said the home’s past owners, a family who have owned the property for 80 years, were told it would sell for under a million.
“They were stoked,” he said.
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