You'd think that a dilapidated house, covered in crawling vines and sections falling apart, would be priced on the lower end. After all, restoring or rebuilding such a property would require significant effort and resources. But this Sydney home defied expectations—and not in a good way!

Tucked away in a quiet back street of Redfern, this inner-city abode once belonged to none other than the famous Aussie artist Peter Powditch, who was a pioneer of Australian pop art in the swinging 60s and groovy 70s.





The current owner snagged the place from Powditch over two decades ago, but it seems like they haven't lifted a finger to spruce it up in the past ten years or so. Fair dinkum, it's been sitting there idle for nearly seven years!

And here's the real kicker—this place doesn't come cheap, not by a long shot! Despite its sorry state, the asking price will make your eyes water.

'He pretty much locked the house up, as I understand, and had all the intention of coming back but didn't,' estate agent Shannan Whitney told Yahoo News Australia. 'COVID hit, a range of other things happened, he intended to come back to Sydney but didn't.'

As a result, the property has 'deteriorated quite considerably over that time’.



Sydney's property market has made a strong comeback lately. In fact, New South Wales has witnessed the fastest price growth, with a remarkable 4.7 per cent increase over the past three months, according to CoreLogic data.



But what about this rundown Redfern house with a jaw-dropping starting price of $2.5 million? Surprisingly, there's more to it than meets the eye. Despite its dilapidated condition, the property boasts potential that justifies its exorbitant price.

Described in the listing as a ‘freestanding dwelling on a spacious double block of 270 square metres,’ the house has seen better days but presents an exciting opportunity for its next chapter. The agent expects the property to fetch between $2.5 million and $3 million at auction.



What sets this property apart is its lack of heritage listing. This means the future buyer will have greater freedom to unleash their creativity in rebuilding plans. Such flexibility is quite unusual in inner-city neighbourhoods where preserving Victorian architecture usually takes precedence.

According to Mr Whitney, an expert in the field, ‘It's not a heritage house in a heritage area... That's unusual for inner-city markets... [where there is] usually Victorian architecture that you need to tweak and improve but maintain the Victorian heritage.’



In a market driven by historic preservation, this unique opportunity opens doors for buyers to redefine the landscape and make their mark on this piece of Redfern's history.

In essence, the lucky buyer who snags this rare gem will have the chance to craft a one-of-a-kind, contemporary dwelling that's hard to come by in the bustling inner city. Opportunities like this don't come around often.



If the prospect of this venture excites you and you have the financial capacity to dive in, keep an eye out! On June 24th, this long-abandoned property is set to go under the hammer.



So, what are your thoughts on this property? Do you see it as a potential haven or a unique renovation project?