Darlington, Sydney terrace sells for $1.83m despite mouldy roof, peeling walls and decaying balcony
Abandoned patio ‘ready for renovation’ sells for a wild $1.83m and $600k above reserve after broker lowered the price because ‘nobody was interested’
- Sydney’s four-bedroom terrace has sold for more than $1.8 million dollars
- The two-storey house was advertised as ‘ripe for renovation’ with ‘great potential’
- The dilapidated building has peeling walls, moldy ceilings and a dilapidated balcony
A Sydney property with peeling walls, a dilapidated balcony and moldy ceilings has sold for $1.83 million – a staggering $600,000 above asking price.
The downtown four-bedroom, one-bathroom patio was sold at auction on Saturday, with eager bidders launching massive bids to try and secure the home.
The property, located on Wilson Street in the western suburb of Darlington, was originally listed for $1.5 million, deterring buyers from the dilapidated refurbishment.
The four-bedroom, one-bathroom terrace in Sydney suburban Darlington (pictured) sold at auction for $1.83 million — a staggering $600,000 more than the asking price
The dilapidated interior of the two-storey terrace is completely worn with paint peeling off the walls (photo, peeling and peeling paint on the wall behind the front door of the terrace)
Adrian William broker and founder Adrian Tsavalas listened to the feedback and relisted the terrace for $1.25 million.
Mr Tsavalas said the lower asking price sparked renewed interest in the property with 22 registered bidders at the auction.
“I think this proves that the buyers pool is still healthy, market activity is still high as conditions continue to change,” Mr Tsavalas said. realestate.com.au.
A young couple, interested in renovating the house, outnumbered seven people in the auction, which started at $1.3 million.
Mr Tsavalas said the 139-square-meter terrace sold for more than he expected, despite its dilapidated interior.
“I think the value of a home can also come from the potential it offers a buyer who is willing to put in the work to fix it up,” he said.
Photos of the dilapidated house showed moldy ceilings and damaged walls with peeling and missing paint.
The two-storey property has three fireplaces, wooden floors and an outdated pastel pink kitchen.
The terrace has wooden floors and three fireplaces, but is in urgent need of renovation
The 139 square meter property was advertised as ‘ready for renovation’ and in a prime location close to shops, restaurants and transport
The property was a defunct estate owned by the same family for 50 years and had housed tenants in a shared home a week before it was put up for sale (pictured, moldy ceiling in the terrace kitchen)
The property was a defunct estate owned by the same family for 50 years and had housed tenants in a shared home in late July — a week before it went up for sale.
The location of the property was a key selling point for the terrace, which was described in the online sales description as ‘ready for renovation’.
“Bring your vision to this four-bed terrace with its iconic Victorian facade,” the ad wrote.
‘Ready for renovation, there’s great potential here, and in a prime location a stone’s throw from Carriageworks, shops, restaurants and transport, the perfect home of your dreams is also nearby.’