A two-storey terrace in the trendy inner Sydney suburb of Surry Hills, which even the real estate agent called “dilapidated enough to deter any dreamers” sold for $2.111 million on the weekend.
The price was $260,000 above original estimates by agent Bresic Whitney, who euphemistically described it as “a project home to suit the true visionaries”, but Sydney standards, where a one-bedroom caretaker’s cottage on the waterfront is for sale for $7 million, the price looks like another example of how crazy the city’s hot market has become.
The timber house sits on a corner block of just 123sqm of land at 102 Reservoir Street and the internal space is around 110sqm with four bedrooms.
Bresic Whitney agent Michael Kirk told Business Insider that the premium price was because “there’s not enough stock to go around” in the area.
“The key thing here is just lack of stock especially around Surry Hills and Redfern. As soon as something comes up it’s hotly contested. That particular pocket of Surry Hills is extremely popular because of its proximity to Central Station and the CBD,” he said.
Kirk doesn’t agree with the belief of some that Sydney’s in the grip of a housing bubble.
“We don’t think the housing market is a bubble that is going to burst as such but it will have to steady out at some point,” he said.
But if you’re wondering what $2.1 million buys you 600m from Central Station, cast your imagination over 102 Reservoir Street.
As Bresic Whitney said “true romantics shouldn’t miss this”.
From the entrance, the stairs lead to three upstairs bedrooms and the bathroom
The entrance hallway leads to the dining room and kitchen
The upstairs master bedroom leads has a balcony
One of the upstairs bedrooms
The downstairs living room has a fireplace and additional security measures
The only internal bathroom, upstairs, also has a shower
The rear courtyard includes the 2nd toilet, in the classic outhouse style
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