In extremely ‘Sydney property market’ news, a rundown hovel has just sold for a small fortune meaning the market is once again back on its shit. Nature is healing. Wow.
The decrepit, trap-house-like terrace in Sydney’s Darlinghurst sold for an eye-watering $4,621,000 on Saturday, which is over half a mill more than it was expected to go for. The recession works hard but Sydney property investors work harder, apparently.
The five bedroom property features rotting floorboards, a fallen-in ceiling and a collapsed balcony. It also boasts water damage throughout.
During inspection, certain rooms even had to be taped off because they were just too run-down to let potential buyers in.
According to Domain, the property has only had minimal upkeep over the last 30 years, and virtually nothing during the last three years, not that you couldn’t already tell.
None of this stopped the 16 people who registered to bid for what’s actually considered to be a bargain for the exclusive suburb.
Keep in mind, the real estate agent, Shannan Whitney, reckons the home could be worth up to a whopping $8 million when done up nicely. That does make sense, considering the property is huge and the area is very, very nice.
Sydney is consistently named among the most expensive cities in the world when it comes to buying real estate or renting.
Last year, consultancy firm Demographia found Sydney to have the third-least affordable housing market of any major world city, which was actually an improvement over previous years. A similar report by the Economist Intelligence Unit ranked Sydney at number 16, which is slightly batter but still pretty outrageous.
So if you’ve got a fortune burning a hole in your pocket and a lust for an unlivable terrace which may or may not be haunted, Sydney’s your city.