- An “uninhabitable hut that must be demolished” on the outskirts of Sydney has just sold for $1.1 million.
- The three-bedroom home was left vacant, a sales agent told an insider.
- The Australian property market has been ferocious, with home prices rising for the second month in a row in April.
In Australia, “uninhabitable huts that must be demolished” fetch millions of dollars.
A property listed with such a description sold for A$1.6 million, or just under $1.1 million, in Monavail, a suburb north of Sydney. According to the property listing page.
“The house is crumbling down, but what an amazing opportunity to design and build your dream architect in one of the hottest spots on North Beach.” The property ad states:added that the site offers “more than 1,000 square meters of land with waterfront views from Mackers Creek to Klingai National Park.”
The house, which had three bedrooms, was left vacant and not “livable,” LJ Hooker Mona Vale sales agent Juliette Wills told Insider.
She added that the house was sold at the land price because security was an issue.
The agent shared a photo of the dilapidated house with the insider. One photo shows a gaping hole in the ceiling.
69 McCarrs Creek Road Churchpoint NSW 2105
LJ Hooker
Wills said five bidders had registered for the auction held on May 6. The pricing guide is A$1.2 million and the tender has opened at A$1.25 million. According to a video of the tender posted on YouTube.
Ultimately, a telephone bidder who now “lives in the suburbs of Sydney and wanted to change his lifestyle” won the bid for the property, Wills said.
Australian house prices rose for the second month in a row in April, Bloomberg reported on Tuesday. But with the exception of cities such as Adelaide and Perth, property prices across the country fell 8% year-on-year, according to data compiled by property data firm Corelogic. ABC News reported.
“Based on current trends, the market will enter an uptrend into the remainder of 2023,” Wills said, with no signs of a cooling down in the market.
This is not the first time that expensive demolition property has made headlines in Australia.
A ‘dilapidated’ house in the upmarket suburb of Paddington, east of Sydney, has sold for A$1.53 million on May 18. As reported by news.com.au. The report said there were 10 bidders to inspect the “uninhabitable” three-bedroom home because it was too dangerous.
And in 2018, an abandoned house in Sydney’s Newton neighborhood sold for A$1.1 million, reportedly shocking sellers who were expecting a lower price. According to CNN.
