A dilapidated graffiti-strewn terraced house in Sydney's Enmore borough was a hit at auction this weekend, attracting 18 bidders, according to RealEstate.
Fierce competition resulted in the final sale price exceeding the expected price by more than $350,000, and even real estate agents were surprised by the $1.355 million hammer price.
(Image source: RealEstate)
The house on Edgeware Rd is described as "shabby" in the listing description. Pictures show houses with holes in the floors, messy walls, and dirty bathrooms and kitchens.
A large portion of the property's back door was also damaged, with graffiti covering the garage door and exterior walls.
(Image source: RealEstate)
The two-bedroom terraced house was last sold in 1988 for $55,000 and was sold as a heritage home.
It is unclear how the now uninhabitable terraced house became so dilapidated, but it is understood that long-term homeowners have not been able to maintain it in time in recent years.
(Image source: RealEstate)
最终的买家Darren Pace和Robbie Kamaledime计划翻新这所房子。
At the auction, the couple were the first to bid, making an offer of $1.2 million before beating out 14 other bidders.
(Image source: RealEstate)
Chris Akkawi, a sales agent from Urban Lane Real Estate, said he was surprised that the final price was so high, given that a fully refurbished home of the same size would probably only sell for around $1.6 million.
Akkawi also revealed that the guide price of the house is the same as the reserve price, which is $1 million, which is a "realistic" price point.
(Image source: RealEstate)
"$1.355 million is a lot of money for that terraced house," he said. ”
"Even though the property requires a lot of work, it is structurally in good condition, so it is very popular. The roof has recently been replaced, and a number of other expensive projects have been completed. ”
"We have found that at the right price, these homes can be popular because of the opportunity to increase in value."
"Other properties that are doing very well at the moment are those that buyers don't have to do anything to move in on a turnkey basis." "If you're in between, it's a lot more difficult, especially for apartments."
The property is one of nearly 700 homes scheduled for auction in NSW this week, with an increase in auction volume from last week.