Derelict home in Sydney’s inner west sells for $1.3 million

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A derelict home in Marrickville in Sydney’s inner west has shocked buyers by selling at auction for more than $1.3 million, The Sydney Morning Herald has reported.

The home has been named a ‘house of horrors’ as it has not had any renovations since its original purchase in the 1960s. 

The four-bedroom deceased estate had fourteen potential buyers over the weekend, despite the fact the home had rotten flooring, falling ceilings, and an inoperable kitchen and bathroom.

Picture by Julian Andrews.

Dean Vasil of Ray White Earlwood was the selling agent for the property and said that most of the buyers were interested in the property for the land value and taking advantage of the current market downturn. 

“It was a great auction. The competition was unbelievable,” Mr Vasil said. “We were very surprised by the price, but even more surprised by the level of interest.”

Auction at Marrickville property. Picture: Julian Andrews

Mr Vasil’s team had advised visitors to stay in the hallway as it was the only stable part of the floor. 

“You could not walk through the whole house. You had to be very careful,” he said.

The most realistic estimate, according to co-agent Kieran Gianoudis, was at least $500,000. He said that it was hard to determine exactly how much money would need to be spent on a repair.

“Pretty much everything needs redoing. The brick, the walls, the floors,” he said. 

Source: Sydney Morning Herald, RealEstate.com

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