A dilapidated terraced house with cracked walls, rusty pipes and rooms strewn with rubbish has sold for a staggering $1.4million.
The three-bedroom property on Railway Avenue in Stanmore, western Sydney, was snapped up on Monday despite needing a full renovation.
Estate agents Bresic Whitney advertised it by writing: ‘Renovators will delight in the chance to transform this untouched classic terrace.
Nice from the outside: A dilapidated terraced house with cracked walls, rusty pipes and rooms strewn with rubbish has sold for a staggering $1.4million
Rundown: The three-bedroom property on Railway Avenue in Stanmore, western Sydney, was snapped up on Monday despite needing a full renovation
In need of work: The house is moments to the train station and village heart, there’s valuable rear lane access and masses of potential, the agent said
Tired: The bathroom has paint falling off the tiles. The pipes are rusty and there is mud in the middle of the bathtub
Junk: Rooms inside the house are filled with rubbish. Mud and mold lines the walls which appear to have been left to rot for a long time
The house sold after a global study which ranked Australia as the second most expensive country in which to buy a house. Pictured: A sink in the run-down house
‘Moments to the train station and village heart, there’s valuable rear lane access and masses of potential.’
The house was won at auction by a builder who plans to return it to its former glory ‘and then some,’ according to the agent, who said there were 10 parties formally interested in the property.
The elderly man who sold the house because he could no longer maintain it reportedly cried tears of joy when he found out the price.
Estate agent Chris Nunn said: ‘He was crying at the auction. He’s an older gentleman and this house is all he had.’
The eye-watering price has staggered young renters who fear they may never get a foot on the property ladder.
One named Luke Hopewell tweeted: ‘For all the millennials stressed about getting on the Sydney property ladder, don’t worry – stop eating avocado toast and you too can purchase this bomb site of a house in Stanmore for $1.4 MILLION. What the – ?’
It comes after a global study which ranked Australia as the second most expensive country in which to buy a house.
Australians are paying nearly 13 times their annual income to buy a home, the 14th Annual Demographia International Housing Affordability Survey found.
Sydney was ranked the second least affordable city behind Hong Kong for the third year in a row.
The harbour city was followed by Vancouver, San Jose, California and then Melbourne at fifth least affordable.
Estate agents Bresic Whitney advertised the house by writing: ‘Renovators will delight in the chance to transform this untouched classic terrace. Pictured: Rusty bathroom pipes
Sydney was ranked the second least affordable city behind Hong Kong for the third year in a row. Pictured: The stairway
In the study, the harbour city was ranked more expensive than Vancouver, San Jose, California and then Melbourne. Pictured: The bathroom in the house
‘We’ve got a crisis situation in Australia,’co-author of the study Hugh Pavletich told Domain. Pictured: A sink in the house
‘Prices are way too high, far higher that what they should be, what is the government doing to get housing at or below three times the annual income?,’ the author asked. Pictured: The living room with a fire place
The survey blames Australia’s lack of affordability on urban containment policies. Pictured: Junk in the house which sold for $1.4million. Pictured: A room in house filled with junk
The containment policies aim to slow urban sprawl by encouraging people to live in places where housing already exists. Pictured: A decrepit room in the house
Australians are paying nearly 13 times their annual income to buy a home, the 14th Annual Demographia International Housing Affordability Survey found. Pictured: Clothes left in the house
Comparing 293 markets, The Sunshine Coast and Gold Coast were among the 20 least affordable areas in the world. Adelaide was ranked 34, Brisbane 38, Hobart 39 and Perth 51. Pictured: Stairs in the decrepit house
Unkempt: Glasses gather dust on a shelf in the house which was snapped up for a staggering $1.4million on Monday
Library: There is a wide selection of books in the house kept on some shelves in one of the rooms – but they are rather decrepit
The hallway: Upturned crates litter the hallway which features a peeling wallpaper and a door frame with no door
The entrance: The door to the house leads into a hallway which looks gloomy and features a bookshelf and a crate on the floor
‘We’ve got a crisis situation in Australia,’co-author of the study Hugh Pavletich told Domain.
‘Prices are way too high, far higher that what they should be, what is (the government) doing to get housing at or below three times the annual income?’
The survey blames Australia’s lack of affordability on urban containment policies.
The policies aim to slow urban sprawl by encouraging people to live in places where housing already exists.
Comparing 293 markets, The Sunshine Coast and Gold Coast were among the 20 least affordable areas in the world. Adelaide was ranked 34, Brisbane 38, Hobart 39 and Perth 51.
In a global study in January Sydney was ranked the second least affordable city behind Hong Kong for the third year in a row
Housing affordability has hit a ‘crisis point’ with Australia the second most expensive country in the world, according to a global study
The harbour city was followed by Vancouver, San Jose, California and then Melbourne at fifth least affordable (Melbourne pictured)
The survey blames Australia’s lack of affordability on urban containment policies