Finance Property Sydney dump goes for $1 million

Sydney dump goes for $1 million

sydney dump
The Erskineville property is a knockdown, for sure. Photo: Ray White
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Four bidders triggered a $1.16 million sale price for an inner Sydney dump on the weekend.

The Erskineville blank canvas at 48 Charles Street was on the market for the first time in 30 years.

It attracted an opening bid of $900,000, below its $1 million pre-auction price guidance.

“Discover the infinite possibilities to design a contemporary abode enhancing its heritage facade, high ceilings and original floor boards,” the Ray White marketing pitch advised.

With side and rear lane access, there was potential to build a second level, as neighbouring homes have done.

With cracked walls and graffiti, the home sure has ‘character’. Photo: Ray White
Location, location. The suburb of Erskineville is about 6km from the CBD. Photo: Ray White
So dump or no dump, this property was destined for a big sales price. Photo: Ray White
At least the backyard fence is still standing, right? Photo: Ray White

The Daily Telegraph recently suggested there was a dwindling supply of inner-city fixer uppers.

But there is another opportunity just a few doors further along.

The home at 86 Charles Street goes to auction on September 1.

The home has significant uneven floors, ceiling damage and peeling walls.

Its LJH auction guide is $800,000 to $850,000, the first time offered in 48 years.

“Hip village cafes, delicious dining spots and city trains are within a stone’s throw of its door,” the marketing says.

In Melbourne, one of Fitzroy’s last remaining unrenovated terraces, albeit habitable, sold after two bidders sought out the renovation opportunity.

Broxbourne House, at 427 George Street, has been continually occupied by one family for 100 years.

Bidding kicked off with a $1.05 million vendor bid with Domain reporting the home sold for $1.15 million to a couple intending to relocate from an apartment in Collingwood.

Its price guidance had been $1.05 million to $1.15 million through Nelson Alexander.

At least this dumpy home, in Melbourne’s Fitzroy, is still liveable. Photo: Nelson Alexander
Slightly fewer cracks, still-visible carpet. Luxury. Photo: Nelson Alexander
The kitchen appliances are what you might call “vintage”. Photo: Nelson Alexander
Those giant ceilings do look chilly, though. Photo: Nelson Alexander
Exposed brick is in, right? Photo: Nelson Alexander

Sydney’s top weekend auction sale was 12 Haughton Street, Linley Point. It fetched $5.35 million pre-auction.

The five-bedroom, three-bathroom house was sold after eight days on the market with $5 million to $5.5 million price guidance through McGrath.

It had last sold in 2015 at $4.7 million.

There were 572 auctions held in Sydney, the busiest week since July 2018, returning a preliminary clearance rate of 56.5 per cent.

In comparison, there were 458 auctions held over the previous week and the final auction clearance rate was 53.8 per cent.

One year ago, 720 auctions were held and the Sydney clearance rate came in at 67.8 per cent.

Now for something decadent, a Linley Point mansion. Photo: McGrath
Linley Point is an exclusive peninsular suburb on the harbour. And it shows. Photo: McGrath
This crown jewel, Sydney’s priciest weekend sale, fetched over $5 million, without even going to auction. Photo: McGrath
It has five bedrooms, three bathrooms and this large deck overlooking Lane Cove River. Photo: McGrath
It even has a sandstone pathway to the river. Photo: McGrath
And if you’re tired of the river, there’s always the pool. Photo: McGrath

Melbourne’s top sale was $3,805,000 for 9 Wallace Grove, Brighton.

The Brighton home was tipped to sell for between $3.3 million and $3.63 million by its listing agency Buxton.

The once grand four bedroom Californian bungalow sits on a 920-square-metre block.

In Melbourne, a preliminary auction clearance rate of 55.7 per cent was recorded across 868 auctions. Last week there were 721 auctions returning a final clearance rate of 58 per cent.

One year ago, the clearance rate was a stronger 75.6 per cent across 1001 auctions.

Brisbane had the highest volume of auctions in the other capital cities with 103 homes going under the hammer. They returned a strong preliminary clearance rate of 60 per cent.

There were 1692 homes taken to auction across the capital cities this weekend, returning a preliminary auction clearance rate of 56.7 per cent, making it the busiest week for auctions since June 2018.

Last week, 1402 auctions were held and the final clearance rate came in at 54.9 per cent.

Over the same week last year, auction volumes were higher with 2064 homes going under the hammer across the combined capital cities and the clearance rate was a stronger 69.8 per cent, CoreLogic noted.

Units outperformed houses with 58.5 per cent of units selling at auction, while 56 per cent of houses sold across the combined capital cities.

Jonathan Chancellor is editor at large at Property Observer

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