Inner west house where buyers were told to ‘enter at own risk’ sells at auction for $850,000
An onlooker described it as a reno opportunity for the “brave” — the walls and ceilings were flaking, part of the attic was crumbling and a sign was erected warning buyers to enter at their own risk.
The Leichhardt cottage on North St also offered just a single bedroom and a small backyard overrun with weeds and long grass.
This made it all the more remarkable when the property sold for $850,000 at auction in front of a crowd of about 20 people, mostly builders and tradespeople.
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The home was one of 439 properties that went under the hammer across Sydney Saturday, with preliminary figures from CoreLogic showing 84 per cent sold successfully.
Auctioneer Jake Moore of Cooley Auctions received an opening bid of $700,000, close to the price guide, and there were two bidders who put their hands up to make offers.
The opening bidder dropped out first, declaring “you can have it mate” once his budget was priced out.
The property was on the market with Richardson and Wrench agent Frank Sulfaro, who told The Daily Telegraph in the lead up to the auction that the property was attracting a lot of buyer interest because stock levels in the area were low.
The cottage was the second uninhabitable property to sell in Leichhardt for a high price in just two weeks.
Last week Mr Sulfaro sold another dilapidated home on nearby Albert St for $1.25 million. The property was considerably larger than the North St home and came with three bedrooms.
Fixer uppers were among the most sought after properties because they allowed buyers to put a personal mark on homes through a renovation or knock-down-rebuild project, property experts claim.
BresicWhitney agent Chris Nunn, who two weeks ago sold an uninhabitable Rozelle home for $2.01 million, said fixer uppers were popular in “any market” but were getting particularly good results at the moment.
“FOMO (fear of missing out) is back because there are a lot more buyers than properties,” Mr Nunn said. “With (rundown) homes you get a mix of owner occupiers, developers and builders all putting in offers.
“They can spend a lot in a market like this because their renovation will be built into the price they sell at.”