The five inner Sydney terrace dumps that all fetched over $1 million in 2017

The five inner Sydney terrace dumps that all fetched over $1 million in 2017
The five inner Sydney terrace dumps that all fetched over $1 million in 2017

2017 saw a continued trend across Sydney's inner city suburbs where dilapidated terraces hit the market.

Some with no internal walls or ceilings, the DIY and small time developers were primed to pay top dollar purely for the location and land size.

Property Observer has given a run down of the top five run down inner city terrace sales of 2017.

  

1. 102 Reservoir Street, Surry Hills - $2,111,000.

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Kicking off the year of the run down terraces was a windfall result at Reservoir Street.

In slightly better shape than some of the others, the four bedroom terrace sold for over $2.1 million.

BresicWhitney's Michael Kirk and Lincoln Westerman sold the home.

They said the old terrace was a project home to suit the true visionaries, however suggested its perhaps dilapidated enough to deter any dreamers.

There was a north-facing courtyard on the 123 sqm corner block.

 

2. 141 Womerah Avenue, Darlinghurst - $1,885,000.

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The dilapidated Darlinghurst terraces saw potential buyers carefully streaming over its slightly perilous wooden floorboards before during the inspections.

The four bedroom home, that dates back to the 1890s, was listed with $1.75 million hopes through James Peach at Ray White.

It features an original floorplan spanning two levels on the 108 sq m block.

It last sold in 1955 when machinist Humbert Teuma paid £3,150.

Aspiring owner-builder Luke Hickel inspected the Darlinghurst offering, but just to research values and costs.

He agreed with the estimate from the listing agent James Peach that $500,000 plus would be needed to bring the terrace up to scratch.

We have a video from the auction here.

 

3. 148 Reservoir Street, Surry Hills - $1.7 million.

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The terrace on Reservoir Street hadn't traded in over three decades before its November sale.

A transformation of the home had begun but was never finished, so there were newer elements to the attic and staircase.

BresicWhitney Darlinghurst agents Lincoln Westerman and William Phillips had a buyers guide of $1.5 million.

The home last sold for $85,000 in 1985.

 

4. 43 Waterloo Street, Surry Hills - $1.6 million.

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One of the most staggering results was another Surry Hills terrace, which sold for $1.6 million after just five days of marketing.

The home, completely dilapidated with missing ceilings and floors, was sold through Bresic Whitney Darlinghurst agents Darren Pearce and Romany Brooks.

The wide terrace, which was a four bedroom, two bathrooms house, is set on a 150 sqm Waterloo Street parcel in the heart of Surry Hills.

It was advertised as having limited access for inspections.

Recently $70,000 was spent on installing beams to support the ceiling and staircase.

Rubbish and household items were also removed in the process.

The home had been vacant for the last decade, with neighbours complaining about rubbish pile up.

 

5. 544 Elizabeth Street, Redfern - $1.11 million

The five inner Sydney terrace dumps that all fetched over <img src=

The most recent sale of an inner city dump was in Redfern where a terrace fetched $1.1 million at its recent December auction.

Ray White agents James and Teresa Natoli were marketing the home as an exceptional opportunity on a generous footprint in a prime location.

They had an auction guide of $900,000 to $950,000. Teresa said told realestate.com.au that there was no access approved to the site.

"The property is being offered to market in unliveable condition and requires a rebuild," their marketing said.

It last sold for $143,000 in 1991 and has been vacant for the last decade.

 

 

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Sydney Terrace Sale

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