A dilapidated patio house with haunted house vibes and a backyard that looks like a war zone has sold for over a million dollars at a spring auction.
The ‘neglected’ house at 18 Turner Street, Redfern in Sydney, sold for $1.25 million, despite being a project for only the most committed home renovators.
Ray White Touma confirmed that the property, located on a large block in the avenue on the edge of the CBD, was sold at auction on Saturday, November 5.
This dilapidated Redfern patio sold for $1.25 million, despite some estimates it could sell for $14 million or even $1.6 million
The ‘neglected’ terrace, located within walking distance of Sydney’s CBD, went under the hammer on November 5
Aside from a creepy facade and a desolate backyard, the dilapidated three-bedroom patio had a broken kitchen (with holes in the floor), a mold problem, and damaged walls.
Overall, Sydney’s clearance rate (the proportion of homes up for auction that were successfully sold) was 64 percent on Saturday — well below the 77 percent rate a year ago, but better than in recent months.
Of the 636 planned auctions, 191 were withdrawn or passed and 333 homes were sold.
The final sale price for 18 Turner Street was at least 22 percent lower than the average estimated sale price, continuing the trend of large declines in property values.
A previous review based on CoreLogic data suggested that 18 Turner Street could have sold for up to $1.4 million before the market fell, but another estimate said the average value would be $1.6 million.
The selling estate agent, Hayden Richards, told Daily Mail Australia ahead of the auction that the house may struggle to reach its potential sale price “purely due to construction costs”.
According to CoreLogic, construction costs in New South Wales rose 4 percent in the three months to September.
It has a yard that looks like a war zone and serious haunted house vibes inside, and didn’t live up to expectations due to the cost of building materials
Real estate prices in Redfern are officially down 11.8 percent from six months ago, according to CoreLogic data
In Victoria the increase was 5.6 percent and in Queensland 5.8 percent.
But the higher cost of some types of building materials is much higher. The price of reinforced steel, construction timber and steel beams was 40 percent higher in June than in June.
Property prices in Sydney have already fallen 10.1 percent in the city this year, with larger declines in some suburbs.
In Narrabeen on Sydney’s northern beaches, house prices are down 19.5 percent in 2022, while Redfern has plunged 11.8 percent – a massive $315,772 11.8 percent since April.
According to the Reserve Bank, Australian property prices across the country are expected to fall by 20 percent by the end of 2024.
That would be the biggest drop in Australian property prices since the 1980s.
However, Mr. Richards was positive, assuming the market is ‘holding’.
“There are some good buys, I feel like things are starting to normalize, the market is starting to cool down a bit,” he said.
The biggest draw is a large block close to Sydney city – and was marketed as a renovator’s dream
‘A month or two ago, when interest rates went up and down, it was very turbulent and unknown, now the market is more confident in it.
He said the lack of housing stock for sale has pushed prices down, but believes the first six months of 2023 will be crucial.
‘The first half of the year will be a good indication, because many interest periods are ending. You might see a lot of people selling.’
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