A fibro shack in the Sydney suburb of Putney has sold for $3,982,000 – a figure so astronomically high that it’ll scare you into living at home forever.
It’s a stark reminder of just how unbelievably out-of-reach the Sydney housing market is for most young people. Keep in mind, this house is in Putney, of all places.
For the non-Sydneysiders out there: Putney is a lovely place and I am not trying to be a hater, however it’s also not some extremely sought-after, up-and-coming inner city neighbourhood where property prices are exploding, either.
It’s literally just a small, upper-middle class residential suburb overlooking the Paramatta River. Which is what makes the price so shocking.
The real estate agent who sold the home, Fred Jabbour, told The Daily Telegraph that the massive winning bid was “beyond anything we could have expected”.
“Our expectations with this property rose week by week because the market just kept picking up,” he added.
“Before the auction I was thinking we’d get mid-$3 million, I didn’t think this.”
Of course, whoever did win the auction didn’t pay for a rundown, 1940s fibro shack. They paid for a piece of waterfront land which they can now build a mansion on, or whatever.
Sure, it does have three bedrooms and two bathrooms, but it’s unlikely the new owners will be using them.
The property was so geared at investors rather than potential residents that its listing didn’t even include interior photos. And yet it still managed to nab $832,000 over the reserve.
The house in question is by far the smallest and perhaps the oldest on the block. A sign that pretty much everyone else in the areas has already had a similar thought and upsized.
Anyway, the rest of us can sleep well knowing a perfectly livable home has yet again become unattainable because some investor wants to flip it into something even bigger and more unattainable.
Normal housing market. Normal city.
