Why this Sydney house could sell for $1
A Sydney home is set to go to auction and it could sell for as little as $1, with no minimum price set by the current owners.
The three bedroom, one bathroom Earlwood home will go under the hammer on Saturday February 13 at 12:30pm.
Before an auction, usually the seller will set a minimum price, or a reserve price, however, that’s not the case with this Sydney home.
“This three bedroom Californian bungalow is in need of a total transformation,” the listing says. Images of the home show rubbish strewn throughout the house.
“Double brick throughout and with strong foundations, it will be offered with NO RESERVE from the outset. This property WILL be sold.”
The property could sell for $1, realestate.com said, however that will only be the case if that is the only bid placed at the auction - which is unlikely.
Ray White Earlwood principal Dean Vasil said “interest has been so strong”.
“This is going to be a true reflection of where the market is at the moment as they will not be guided at all,” he said.
“There are certainly people hoping to get it on the cheaper side, but they will face plenty of competition.”
The listing says the home is a “rare opportunity to acquire and add value”, with the option of renovating or completely knocking down the home - subject to council approval, of course.
“The location provides easy access to all major amenities and popular local restaurants in addition to transport links to the Sydney CBD,” the listing says.
Though potential home buyers can dream of snagging a home in Sydney for just one dollar, Mr Vasil said the home could go for anywhere between $1.1 million and $1.2 million.
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