Two ‘uninhabitable’ terrace houses in Enmore, Sydney with peeling paint and rotten wooden balconies sell at auction for nearly $2 million
Two ‘uninhabitable’ terrace houses in Enmore, Sydney with peeling paint and rotten wooden balconies sell at auction for nearly $2 million
- Two ‘uninhabitable’ terraced houses in Sydney have been sold for $1.9 million
- Pictures of houses show peeling paint and rotten wooden beams
Two ramshackle terraced houses have sold for just under $2 million despite being ‘uninhabitable’ in yet another manifestation of Australia’s growing housing crisis.
The two houses at 43-43A Edgeware Rd in Enmore, Sydney’s inner west, sold at auction on Saturday for an astonishing $1,918,000.
Advertised as a ‘blank canvas’ and ‘ultimate fixer-upper’, the terraces of the defunct estate sat empty for several years before being sold.
Photos from inside the buildings show paint peeling off walls, rotting wooden balconies, barren backyards and graffiti-covered fences.
Despite these drawbacks, the listing managed to paint a positive future for the properties as the ultimate renovation project.
The terraced houses were sold for half a million more than expected.
Two townhouses (above) at 43-43A Edgeware Rd in Enmore sold at auction Saturday for an astonishing $1,918,000
The deceased estate was described as ‘uninhabitable’, yet sold for half a million more than expected (pictured, inside on one of the terraces)
“Not for the faint hearted, but with so much potential, this pair of terraces is essentially a blank slate ready to be reinvented in the heart of Enmore,” it reads.
‘The dilapidated terraces that need to be thoroughly renovated are being offered for sale under one title and can be transformed into something special with a little vision and a lot of work.
‘A prime block of approximately 265sqm with double street frontage presents a great opportunity for the adventurous renovator, builder or developer looking for an opportunity to take advantage of a prime location on the outskirts of the city.’
Ray White agent Ercan Ersan told it brokerage.com.au that 15 bidders raised the price of the dilapidated homes to more than half a million more than he expected.
‘It was quite comical. The person who ended up buying it showed up 15 minutes late when the hammer was about to drop and then rushed in to register,” he said.
They ended up buying it for $1,918,000, well above the $1.4 million reserve.
“It was an incredible result, I didn’t expect it to bring in $1.9 million.”
The property last sold for $150,000 in 1988.
The median price for a home in Enmore is $1,740,000, which is 17 percent lower than last August, according to data from realestate.com.
Photos of the terraces show paint-peeling walls, decaying wooden balconies, barren backyards, and grafitti-covered fences (above)
The median price for a home in Enmore is $1,740,000 (pictured, the backyard of one of the terrace homes)
A housing shortage coupled with a rapidly rising cash rate, which now stands at an 11-year high of 4.1 percent, has sent real estate prices skyrocketing.
The hopes of would-be homeowners were briefly sparked in December when the housing market dipped, but those hopes were quickly dashed by the rapid recovery.
House prices have risen steadily since then, leaving little room for new buyers eager to get a foot in the door.