Derelict terrace ‘ripe for renovation’ sells for a wild $1.83million and $600k above its reserve after real estate agent dropped the price because ‘no one was interested’
- The four-bedroom inner-Sydney terrace sold for more than $1.8million dollars
- The two-storey home was advertised as ‘ripe for renovation’ with ‘big potential’
- The derelict property has peeling walls, mouldy ceilings and a decaying balcony
A Sydney property with peeling walls, a decaying balcony and mouldy ceilings has sold for $1.83million – a whopping $600,000 above its asking price.
The four-bedroom, one bathroom inner-city terrace was sold at auction on Saturday with keen bidders throwing out massive offers to try and secure the home.
The property, located in Wilson Street in the inner west suburb of Darlington, was originally listed for $1.5million which deterred buyers from the derelict fixer-upper.
The four-bedroom one bathroom terrace located in the inner Sydney suburb of Darlington (pictured) sold at auction for $1.83million – a whopping $600,000 more than it’s asking price
The decrepit two-storey terrace’s interior is completely worn with paint peeling off its walls (pictured, peeling and flaking paint on the wall behind the terrace’s front door)
Adrian William real estate agent and founder Adrian Tsavalas listened to the feedback and relisted the terrace for $1.25million.
Mr Tsavalas said the lower asking price drove a renewed interest in the property with 22 registered bidders at the auction.
‘I think this proves that the buyer pool is still healthy, activity in the market is still high as conditions continue to change,’ Mr Tsavalas told realestate.com.au.
A young couple, interested in renovating the home, outbid seven people at the auction, which started at $1.3million.
Mr Tsavalas said the 139 square-metre terrace sold for more than he expected despite its decrepit interior.
‘I think value in a home can also come from the potential it offers a buyer willing to do the work to fix it up,’ he said.
Pictures of the run-down home showed mouldy ceilings and damaged walls with peeling and missing paint.
The two-storey property boasts three fireplaces, wooden floors and an outdated pastel pink kitchen.
The terrace boasts wooden floor boards and three fireplaces but is in severe need of renovation
The 139 square-metre property was advertised as ‘ripe for renovation’ and being in prime-location close to shops, restaurants and transport
The property was a deceased estate owned by the same family for 50 years and had housed tenants in a share house arrangement a week before it was listed for sale (pictured, mouldy ceiling in the terrace’s kicthen)
The property was a deceased estate owned by the same family for 50 years and had housed tenants in a share house arrangement at the end of July – a week before it was for listed for sale.
The property’s location was a major selling point for the terrace, which was described as ‘ripe for renovation’ in its online sale description.
‘Bring your vision to this four-bed terrace with its iconic Victorian facade,’ the ad wrote.
‘Ripe for renovation, there is big potential here, and in a prime spot steps to Carriageworks, shops, dining and transport, the picture-perfect home of your dreams is also close by.’