This Stanmore house sold for $923,000 at the weekend.
As you can see, it’s a dump.
The 172 square metre property has two bedrooms, one bathroom, and needs a lot of work.
It’s just the latest wacky Sydney real estate story, after this wreck of a place in Leichhardt, built on 278 square metres, sold for $980,000.
You can take it as a sign of Sydney’s crazy property market, though it is worth keeping in mind that house prices have declined slightly in recent weeks.
RP Data says Australian house prices declined 1.9 per cent in May, with Sydney houses losing 1.1 per cent of their value during the month.
Its listing aptly described it as an “absolute blank canvas”, which shows buyers are willing to spend big in well-placed Sydney suburbs, even if it means redoing the entire property before it is liveable.
More than 20 parties registered to bid, and 150 turned up to watch as the spectacularly dilapidated house went under the hammer.
“There are a lot more people looking for properties that need total renovations rather than part renovations,” the selling agent, Rod Alexander told News Corp Australia.
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