A dilapidated terrace house that was left to fall into disrepair after its owner disappeared ten year ago has been put up for sale – and is expected to fetch almost $1million at auction.
The property, in the Sydney suburb of Redfern, was last sold in September 1991 for just $143,000, news.com.au reports.
Its owner – Chinese-born Paul Fuh – has not been heard from since he boarded a flight to Hong Kong in November 2007.
Now, the two-bedroom property has been listed for auction with a price guide of $900,000 to $950,000.
A dilapidated terrace house that was left to fall into disrepair after its owner disappeared ten year ago has been put up for sale
The median value of dwellings in Redfern is $1,341,500.
The two-bedroom, one-bathroom home, on 117 square metres of land, is described on realestate.com as the ‘ultimate blank canvas’ with ‘unlimited potential.’
But the listing notes the house is currently in an unliveable condition and too dangerous to enter.
‘An exception opportunity on a generous footprint in a prime location, this dilapidated terrace presents unlimited potential, with an existing shell providing the bare bones to create a stunning new residence,’ the listing claims.
The property, in the Sydney suburb of Redfern, is expected to fetch almost $1million at auction
The two-bedroom, one-bathroom property is described as the ‘ultimate blank canvas’
‘Last sold in 1991, the property is being offered to market in an unliveable condition and requires a rebuild.’
It continues: ‘It presents as the ultimate blank canvas to realise plans and is ideally positioned in Redfern’s desirable east just across from Cleveland Street on the Surry Hills border.’
The listing says no access to the property is currently approved and prospective bidders should contact the agent for further details.
The property, on 117 square metres of land, was last sold in September 1991 for just $143,000
The listing notes the house currently in an unliveable condition and too dangerous to enter
Last year, neighbours on either side of the house were involved in a bitter dispute after they spotted a squatter on the site.
Andrew James said he intended to seize the property, renovate it and rent it out.
It prompted neighbour Gerard Knapp to take legal action – and in October, Mr James lost his bid for adverse possession, according to news.com.au.