You paid WHAT for that?
If you want evidence that the Sydney property market has lost its mind, look no further than some of the properties sold over the last year.
Lifestyle channels have long trotted out shows schooling home sellers on the finer points of increasing their house’s appeal. Whether it’s major renovations or just a good clean up and a fresh coat of paint, these programs offer tips on enticing buyers by making sure your home is in tip-top condition before you take it to auction.
Sydney sellers, however, could be forgiven for scoffing at these shows. The city has set a precedent of late of top-dollar sales for properties that are veritably unlivable. Here are a few of the most extreme.
A Manly home, seemingly untouched since it was first built in 1967, sold in February of last year for $1,810,000. The house was a deceased estate and was being offered for sale for the first time. Inside, the brick-veneer home looked like a time capsule from an age of garish carpets and unfortunate wallpaper.
Inner city shed
A buyer looking for a “country home in the city”, according to Domain, snapped up a corrugated iron warehouse in Glebe for $1.69 million. The industrial property at 14 Reuss Street offered concrete floors, a couple of frightening toilets and what appeared to be a wood-burning stove. The chic shed was at least well positioned, just off Bridge Street and an easy walking distance to Glebe Point Road.
An abandoned Camperdown home surprised even the estate agent when it went for $2.1 million, about $150,000 more than its reserve price. The home had been uninhabited for five years and had fallen into serious disrepair. That didn’t stop an owner-occupier couple from snapping it up. Selling agent Ian Comyns told Domain he was surprised the property didn’t go to a developer.
Image: Exchange Property
A Chatswood deceased estate went for a mind-boggling $3,910,000, $910,000 above the reserve in spite of a seriously dated interior. The property was heritage listed, meaning the buyer couldn’t bulldoze and start afresh. According to Domain, the buyer intended to fix the property up and rent it out.
The ad for 162 Bourke Street in Darlinghurst certainly didn’t sugarcoat things. It called the terrace house “completely dilapidated and unlivable” with “significant internal deterioration”. Belle Property agent Edward Brown told news.com.au that the previous owner had used the prime real estate as a dumping ground for boxes, which required several skip bins to remove. The peeling walls and crumbling ceilings didn’t stop a buyer from snapping up the property for $1,485,000.
Bondi real estate is always a hot commodity, so it might be unsurprising that even a dilapidated unit fetched top dollar when it went to auction in December of last year. 10/26 Simpson Street is housed in a beautiful 1920s art deco building, but the unit was sold in an unlivable condition. The interior was nearly gutted, with the few remaining fixtures outdated and filthy. Regardless of the property’s disrepair, buyers deemed it a savvy investment and it sold under the hammer for $1,350,000.
The terrace house at 6 Broughton Street in Paddington is perhaps the quintessential example of sellers’ lack of renovation motivation. The crumbling property sold for $1.2 million in 2015. The buyer left its peeling walls, rotting floors and disintegrating exterior completely untouched, and still managed to on-sell the house for $1.7 million this month, news.com.au reported. Why spend the time, effort and money fixing up a fixer-upper when an absolute dump can fetch a half-million dollar profit?
Top image: Shutterstock