Two-bedroom home in Redfern, Sydney, expected to sell for over $2.5million despite being unliveable

A long-abandoned home that has been taken over by the elements is expected to sell for millions due to its prime location.

The real estate agent for the two storey home in Redfern just 5km from Sydney CBD, has called its auction a ‘rare and special opportunity’.

The now ‘uninhabitable’ home was supposedly built in 1985 for a prominent Australian artist and was last sold in April,2000 for $645,000.

It currently has an auction price guide of $2.5million.

‘An abandoned house, discreetly tucked away on a quiet back street in Redfern East,’ the property’s description reads.

‘The freestanding dwelling sits on a double block of land totalling 270sqm. It’s well past its prime and offers an opportunity to write it’s next phase.’

The home is ‘uninhabitable’ but its empty adjacent block of land has caught buyers’ eye (pictured, the property boundaries for One Vaughan Place, Redfern)

The property boasts an empty adjacent block of land and off-street parking – a rare find in one of Australia’s most crowded markets.

Photos of the property show a home frozen in time. 

While the outside has been overtaken by vines, the inside of the home still remains full of remnants from its past life. 

Random paintings, wicker furniture and odd pieces of clothing can be spotted throughout.

The upstairs bedroom shows signs of the jungle that has taken over the home’s exterior with vines crawling in through the roof and blocking part of its balcony.

The roof and balcony of the home’s large upstairs bedroom (above) has been covered in vines

The property’s garden (above) has been filled with abandoned ceramic and a small dining set

Outside is a small dining set surrounded by old ceramic pots and gardening tools.

Tying the whole property together is its brick walls, which is many places are cracked and crumbling.

The buyer’s guide places the two-bedroom, one-bathroom home’s value at about $2.5million but is expected to sell for more. 

The auction for the home will be held at 12pm on June 24. 

It sits one street over from the Eastern Distributor toll road.

The median price for a house in Redfern sits at $1,550,000 while the median weekly rent for a two bedroom home sits at $750, according to Realestate.com.au. 

Decorations, furniture and clothing still remains in the home (pictured, the downstairs bedroom)

The real estate agent called the home (pictured) a ‘rare and special opportunity’ with ample room in one of Australia’s most cramped markets

A housing shortage combined with a rapidly rising cash rate, which now sits at an 11-year record 4.1 per cent following the 12th raise, has driven property prices around Australia through the roof. 

Aspiring homeowners’ hopes were briefly raised in December when the housing market experienced a dip but they were quickly dashed with its recovery.

Home prices have steadily been on the rise since, leaving little room for new buyers to get their foot in the market door.