Finance Property Abandoned, rundown inner Sydney house sells for $2.1 million

Abandoned, rundown inner Sydney house sells for $2.1 million

Would you buy this place for more than $2 million? Photo: Exchange Property
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If you need any further proof that the property market is in an exuberant mood you don’t need to look any further than these two sales.

One is barely habitable and the other last sold for less than $400,000 in 2000 but went at auction for more than $1.8 million.

In Sydney, a dilapidated three-bedroom cottage in Camperdown sold at the weekend for a barely believable $2.1 million – more than $150,000 above its reserve price.

The Kingston Road property, which lies on 385 sqm, is in a state of disrepair having been uninhabited for the past five years, with cobwebs and layers of dust covering the house.

But that failed to put off buyers Kim Bragamza and her husband Mark Bhardwaj, who beat off several keen developers for the property.

“It’s a beautiful property, great location and parking was key,” Ms Bragamza told Domain.

Selling agent Ian Comyns from Exchange Property, told the publication he was surprised by the winning bid.

“The result was in line with what I was expecting, but I thought a developer would be more prepared to get their teeth into it than a homeowner,” Mr Comyns said.

“If you add up all costs for the property, stamp duty, holding costs and renovations, would you go through this massive process if you can buy a $2.5-$2.6 million finished product? Families were very emotional when inspecting and that showed at auction.”

No one has lived in the Kingston Road property for five years. Photo: Exchange Property
Kim Bragamza and her husband Mark Bhardwaj see plenty of potential for the house. Photo: Exchange Property
The garden is overgrown. Photo: Exchange Property

Meanwhile, a couple from Melbourne have sold their Carnegie home for $1.83 million, some 16 years after they bought it for just $397,000.

The property in Vine Grove features four bedrooms, a pergola-covered courtyard and a rear garden highlighted with apple, peach, orange and plum trees.

Gary Peer auctioneer Phillip Kingston said prices in the area had jumped significantly in the past few years.

“Buyers who could no longer afford Caulfield and Caulfield South are coming here,” he said, according to the Herald Sun.

“The suburb is going from strength to strength.

“It’s still undervalued, and I think this suburb presents enormous opportunities — you can still buy here for under $2 million. And $2 million is the new $1 million.”

The Vines Grove house sold at auction for $1.83 million. Photo: Gary Peer
The four-bedroom home was bought in 2000 for just $397,000. Photo: Gary Peer
The kitchen is refurbished and equipped with black Caesarstone benchtops, breakfast bar and stainless-steel appliances. Photo: Gary Peer

Still in Melbourne and much of the weekend action was bayside.

The top auction result was $6.5 million in Brighton when 204 Esplanade was sold as a likely development site.

The four-bedroom brick 1980s house sits on a 1234 sqm block that last traded in the 1970s.

Agent Kylie Charlton was suggesting one of very few undeveloped home sites left on the ‍Esplanade would fetch $5 million to $5.5 million.

The house is just steps from the sandy beaches of middle Brighton. Photo: Charlton King
It has large marble-trimmed bathrooms. Photo: Charlton King

The weekend’s cheapest result across the nation was also in Melbourne at $194,000 in St Kilda.

It was a 1960s studio apartment – just 25 sq m – that had previously traded at $123,000 in 2006.

The 6/27 Waterloo Crescent studio has been a $270 a week rental.

There was also significant interest in the nearby 1880s home offering at 7 Robe Street, St Kilda which sold at $2.72 million through Marshall White’s Michael Paproth and Daniel McGuire who were expecting more than $2.2 million.

The renovated, double-storey three-bedroom plus study home last sold at $1.925 million in 2009 when sold by two-time Olympic gold medallist Nick Green who paid $1.15 million in 2002.

This Robe Street house sold for more than $2.7 million.
This Robe Street house sold for more than $2.7 million. Photo: Marshall White

Injured Western Bulldogs midfielder Mitch Wallis secured $1.07 million post-auction for his weekend Port Melbourne apartment offering.

Wallis’ two-bedroom apartment at 133/95 Rouse St, Port Melbourne passed in to an investor at $1.06 million with RT Edgar agent Gerald Betts negotiating a sale soon afterwards.

Back in Sydney, a harbourfront residence in Northbridge smashed the suburb record when it sold after private treaty negotiations on Saturday afternoon for about $15.5 million.

An offshore buyer secured the home from the Berlin-bound Justin Reizes, who recently retired as head of equities giant, Kohlberg Kravis Roberts.

The Coolawin Road property descends over 1721sqm of luxury interiors and landscaped gardens to a private beach and boating facilities. Photo: McGrath – Mosman
It has a private jetty, boatshed and pontoon for permanent mooring. Photo: McGrath – Mosman

The residence’s $9.05 million in 2008 had held the Middle Harbour suburb record during the ensuing eight years.

The house on 1700 sq m on Coolawin Road sold through McGrath agents Michael Coombs and David Howe who had initial hopes of $16.5 million.

The master bedroom overlooks the harbour. Photo: McGrath – Mosman

It is the third time the property – now with interiors by Hare + Klein – has set a suburb high as it held the mantle when sold in 2003 for $7.13 million by the Salteri.

Set on a private beach with a boatshed and pontoon, the six-bedroom, six-bathroom house has landscaped gardens and pool.

CoreLogic’s national preliminary auction clearance rate sat at 76 per cent across the combined capital cities.

Some 2026 total auctions were held across the capital cities, higher than last week, when 1899 auctions were held, but remaining lower than one year ago at 2654.

The clearance rate was down slightly from last week’s clearance rate of 77 per cent, which was the highest clearance rate recorded for the year to date.

Brisbane hosted 148 auctions this week and its 55 per cent success rate was up from 52.2 per cent last week. Domain had Brisbane prices ranging from $255,000 at Beenleigh to $2.125 million at Windsor.

Sales included a restored 1894 colonial house in Indooroopilly which fetched $1.6 million with 16 registered bidders keen to secure 19 Jackson Street.

It sold prior to its renovation at $745,000 in 2004.

The Indooroopilly house sold for $1.6 million. Photo: Space Property

Adelaide recorded a clearance rate of 76 per cent across 88 auctions while Canberra saw 60 auctions, compared to 77 last week, with prices ranging from $357,000 in Holt to $2.98 million in Forrest.

Canberra’s preliminary clearance rate of 78 per cent was well up from 65 per cent at the same time last year.

Jonathan Chancellor is editor-at-large at Property Observer.

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