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A run-down home has been sold for an eye-watering price despite being pitched as a renovation project with ‘potential’.
The five-bedroom house at 8 Carrington Avenue in the ‘Golden Mile’ area of Strathfield, West Sydney, was bought at auction for $7.55 million on Monday.
The 809 sq m property was publicly listed for the first time as part of an estate sale after being owned by the same family for over 70 years.
The double brick home is in the center of four state-of-the-art primary and secondary schools and is just blocks away from Strathfield train station and Strathfield Plaza.
Despite its prime location, the successful bidder spent more than double the average price of houses sold in Strathfield last year.
A modestly dilapidated home at 8 Carrington Avenue in Strathfield (pictured) sold for $7.55 million at auction on Monday
Bidding on the home started at $4.5 million and took just four offers to soar past the $5.5 million reserve.
Two families then joined in raising the price to $7.55 million as others were forced out.
The children and beneficiaries of the property’s deceased owner were ecstatic about the bidding war, according to Domain.
The property listing described the home as a ‘once in a lifetime’ opportunity to own a ‘priced’ piece of land.
“Adorned with period features, this fabulous family home calls out for your love to update, extend or complete a luxury remodel into your dream home,” listing reader.
It also notes the home’s ‘large proportions … (and) flexible layout with multiple living areas’.
Photos of the home reveal a sun-drenched living room that opens up to a large backyard with a wraparound porch, a garage and a workshop.
The property is unique in not being on any heritage or conservation lists despite its age, making it easier to get council approval for renovations, sending the price skyrocketing.
It was the first time that the property was listed on the stock market after being owned by the same family for over 70 years
Despite the lack of council restrictions, the price is millions more than similarly sized homes currently on the market in Strathfield.
The sensational sales come after the national home value index rose 0.6 percent in February, the strongest monthly gain since October.
The average house price in Australia’s combined capital cities is now $949,410, with the most expensive being Sydney at $1,128,155.
The typical Aussie will now need to earn $118,000 a year to buy a property, making ownership impossible unless a borrower bought with a partner or earned a particularly high salary.