The Sydney dumps that sold for trophy home prices
It’s becoming a trend – well-located dumps selling for prices that would normally be achievable by trophy homes.
But, property owners shouldn’t go knocking walls in and stripping carpets from floors in an effort to get in on the action. It’s all about two things:
- The buyer
- The block
Property Observer notes that while the sales appear to be becoming more frequent, so-called “crazy Sydney prices” have been achieved by “dumps” for years.
For instance, in 2011 the termite-infested 58 View Street, Annandale sold for $800,000, $150,000 over reserve.
And 20 Union Street, McMahons Point, which was actually marketed by Blues Point Real Estate as “The Dump” (including on the signboard) snapped up $1,905,000 in June last year noting it was suited for builders, renovators and handymen. The 1880s terrace required a “total overhaul”.
Here are some of the most recent dumps achieving trophy home prices.
Stanmore - $923,000 sale
This terrace home at 19 Durham Street, Stanmore reportedly had more than 20 parties registered to bid.
The two-bedroom property saw bidding open at $600,000, according to the Inner West Courier, and sold to a builder – the majority of the interested notably came from developers and builders.
It hadn’t been on the market since its 1937 build and the two-bedroom, one-bathroom property was listed for auction as a deceased estate.
On 172 square metres, the agent described it as an art deco “very, very basic terrace” in “TOTAL disrepair” but on the best street. Photos show that there were holes in different surfaces as well as rubbish and dirt strewn around.
Leichhardt - $980,000 sale
This property in Sydney’s inner west, in desperate need of renovation, was sold last month for just shy of $1 million, and had been empty for 20 years.
The 80 Edith Street house had an $800,000 opening bid, Jonathan Chancellor reported, and was on 278 square metres.
It had development approval for a new home, and initial expectations were for $850,000 plus.
The rebuild is expected to net $1.6 million plus.
Redfern - $1.025 million
The February sale of a “near knock-down” property at 48 Chelsea Street, Redfern came in $75,000 above reserve.
The public trustee auction did require that the weatherboard timber façade would be kept under City of Sydney guidelines.
It was on 108 square metres and was marketed as “ripe for renovation”.
The buyer was from a family of builders.
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Mona Vale - $1.8 million
Sold at auction in February, it was up for sale for the first time in 50 years, and was a timber and sandstone cottage on a 565 square metre block.
Including ocean and beach views, the advertisement noted that 93 Narrabeen Park Parade needed “substantial rejuvenation or demolition” of the two-bedroom, one-bathroom home.
Tennyson Point - $3,788,000
Sold in September last year 27 Beach Street was snapped up by a family who spends most of the year in China and are intending to live in the home, Domain noted.
The fibro cottage is on a waterfront site, and includes 1,120 square metres of land with 20 metre frontage.
Property Observer notes that the few images available suggest it is in slightly better condition than some of the other “shacks” on the market, but the 1950s home was advertised as presenting the opportunity to “modernise, further develop or rebuild and create the dream lifestyle in an amazing location (STCA).”
With “one of the largest stretches of tidal sandy beach available on the bay” the level of interest is unsurprising.
Bondi Beach – approx. $15 million
And then there’s this intense late-September sale of 23 Wilga Street, as reported by Property Observer.
The three-storey brick home was on the market for the first time in 53 years, and after passing in at auction sold afterwards for around $15 million, although the price and buyers remained undisclosed.
Previously, triplex apartment developers were keen, offering around the $10 million mark, however suggestions are that it was an owner occupier who finally snapped up the property.
The site was advertised as ready to “contemporise or reinvent” and includes 700 square metres of land with substantial frontage, including ocean views that “can never be built out”.