A dilapidated, rusted, rotting, unfinished house sitting on less than 320 square metres of land has sold for $1.2 million – further proof Sydney’s housing market is totally out of control.
The derelict property in the harbour city’s inner-west sold at auction on Saturday for the astonishing price, the first time the home has changed hands since it was purchased for just £300 in 1915.
The bidding lasted more than 40 minutes, before Jenny and Phil Tonthat nabbed the pre-war house for north of a million.
‘We’ve done a renovation job before, but it wasn’t as bad as this, we’re not sure yet if we’ll renovate or rebuild,’ Ms Tonthat told Domain.
‘It’s absolutely not liveable as it is’.
A dilapidated, rusted, rotting, unfinished house sitting on less than 320 square metres of land has sold for $1.2 million
The derelict property in the harbour city’s inner-west sold at auction on Saturday, the first time the home has changed hands since it was purchased for just £300 in 1915
The basic kitchen has a water-stained roof, rotting cupboards and mismatched handles
The three bedroom Marrickville house is located just off Marrickville road and a short walk to the suburb’s station.
It was marketed as an opportunity for renovators to purchase a blank canvas in a prime location in Sydney’s popular inner-west.
It sold for $100,000 over the reserve, after an astonishing 100 bids were made for the decrepit home.
Cracked paint covers the walls and floors of the bedrooms, while the basic kitchen has a water-stained roof, rotting cupboards and mismatched handles
One of the back windows has been taped shut with cardboard
The kitchen sink comedically has three different knobs
The fireplace in the house’s living room has been closed in
The north-facing backyard has almost no grass remaining, a warped clothesline and shed with smashed-in windows.
Cracked paint covers the walls and floors of the bedrooms, while the basic kitchen has a water-stained roof, rotting cupboards and mismatched handles.
The tap comedically has three different knobs, while one of the back windows has been taped shut with cardboard. The fireplace has also been closed-in.
The average price of a home in Marrickville is just under $1.5 million, but usually those prices are reserved for residences capable of sustaining life.