Derelict Sydney home sells for millions
A Sydney house dubbed “unliveable” has defied odds as it sold for $3.1 million after two couples submitted proposals prior to auction.
The property on Vaughan Place in Redfern East is severely overgrown with plants and basic brick walls inside which appear to be covered in mould and rust.
Shannan Whitney from BresicWhitney real estate told 9news.com.au that the couple who bought it were young and already homeowners.
He said the vendors were satisfied with the final price of just over $3 million after it was initially listed for $2.5 million.
"We were cautious about the conditions," Whitney explained when discussing the initial price guide.
"We thought we were very sensible in terms of how the market might respond to an unliveable house, the high-interest rates and the high capital costs to turn it into a liveable existence.”
"So yes, we thought that a $3 million-plus outcome was very pleasing all things considered.”
He added that a project like this — clearly needing a lot of TLC — is not for the faint-hearted.
Domain described the property as a "rare opportunity to build new residence”.
It was designed and built in 1985 for prolific Aussie artist Peter Powidge who was at the forefront of Australian pop art in the 60s and 70s.
The abandoned home sits across a double 270 sqm block and includes off-street parking.
Image credit: REA Group