An abandoned house from the 1960s sold for a whopping $1.3 million
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We've all heard stories about the current state of the housing market in Australia.
The deposit required is sky-high, competition is fierce, and prices just continue to rise at an alarming rate. It's enough to make even the most level-headed person feel defeated before they've even started.
But despite these difficulties, some people are still managing to snag themselves a property... albeit, not always in the best condition.
Take, for example, this long-uninhabited house in Sydney's trendy inner-west suburb of Marrickville that was recently sold at an auction for a whopping $1.3 million!
And while that price tag alone is enough to make your jaw drop, what makes this story even more unbelievable is the state of disrepair that this house was in.
Alex Pattaro, Chief Auctioneer at Ray White, said the property had been in the family for around 60 years, and that it was never ever renovated. ‘That was quoted by the vendors. It’s probably one of the last few dumps in Marrickville,’ he added.
Photos of the home show rotting floorboards, broken ceilings, and a bathtub that looked like it belonged in a horror movie rather than someone's bathroom.
There was debris all over the place, layers upon layers of green grime on the floors and walls... It looked like something you would see on an episode of Hoarders rather than a real estate website!
And yet, despite its complete lack of habitable features, six different bidders fought tooth and nail for the opportunity to own this vintage property.
This just goes to show how desperate people are for housing right now - especially when they’re in a prime location.
The house was marketed as being completely uninhabitable and in need of a full demolition, which is probably why its starting price was $800,000.
But in the current market, that didn't seem to be much of a deterrent for prospective buyers, with the final sale price ending up a whopping $500,000 above the initial estimate!
In the end, the home was sold to investors, which is hardly surprising given its prime location and the potential for redevelopment.
What do you think, members? If you had a cool million dollars to spare, would you also buy this property? Let us know in the comments!
The deposit required is sky-high, competition is fierce, and prices just continue to rise at an alarming rate. It's enough to make even the most level-headed person feel defeated before they've even started.
But despite these difficulties, some people are still managing to snag themselves a property... albeit, not always in the best condition.
Take, for example, this long-uninhabited house in Sydney's trendy inner-west suburb of Marrickville that was recently sold at an auction for a whopping $1.3 million!
And while that price tag alone is enough to make your jaw drop, what makes this story even more unbelievable is the state of disrepair that this house was in.
The sellers said no renovations had been carried out since it was bought in the 1960s. Credit: realestate.com.au.
Alex Pattaro, Chief Auctioneer at Ray White, said the property had been in the family for around 60 years, and that it was never ever renovated. ‘That was quoted by the vendors. It’s probably one of the last few dumps in Marrickville,’ he added.
Photos of the home show rotting floorboards, broken ceilings, and a bathtub that looked like it belonged in a horror movie rather than someone's bathroom.
There was debris all over the place, layers upon layers of green grime on the floors and walls... It looked like something you would see on an episode of Hoarders rather than a real estate website!
And yet, despite its complete lack of habitable features, six different bidders fought tooth and nail for the opportunity to own this vintage property.
This just goes to show how desperate people are for housing right now - especially when they’re in a prime location.
There are no longer any functional rooms in the house. Credit: realestate.com.au.
The house was marketed as being completely uninhabitable and in need of a full demolition, which is probably why its starting price was $800,000.
But in the current market, that didn't seem to be much of a deterrent for prospective buyers, with the final sale price ending up a whopping $500,000 above the initial estimate!
In the end, the home was sold to investors, which is hardly surprising given its prime location and the potential for redevelopment.
What do you think, members? If you had a cool million dollars to spare, would you also buy this property? Let us know in the comments!
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