A Sydney home with peeling walls, a rotting balcony, and mouldy ceilings sold for $1.83 million, $600,000 more than its asking price.
The four-bedroom, one-bathroom inner-city terrace was auctioned off on Saturday, with eager bidders making massive offers to secure the property.
The house, situated on Wilson Street in the inner west neighborhood of Darlington, was previously offered for $1.5 million, which turned off purchasers.
Adrian Tsavalas, creator of Adrian William, responded to the concerns and relisted the terrace for $1.25 million.
The decreased asking price, according to Mr Tsavalas, sparked increased interest in the property, with 22 registered bidders at the auction.
‘I believe this shows that the buyer pool is still robust, and market activity is still high as circumstances change,’ Mr Tsavalas told realestate.com.au.
A young couple interested in remodeling the house outbid seven other bidders at the auction, which began at $1.3 million. Despite its dilapidated interior, Mr Tsavalas said the 139-square-metre terrace sold for more than he anticipated.
‘I believe value in a property might also come from the potential it provides a buyer willing to put in the effort to fix it up,’ he says.
Moldy ceilings and damaged walls with peeling and missing paint were seen in photos of the run-down house.
The two-story home features three fireplaces, hardwood floors, and an outdated pastel pink kitchen. The property had been a deceased estate owned by the same family for 50 years and had been housing tenants in a share house arrangement at the end of July – a week before it was listed for sale.
The terrace’s location was a big selling factor for the house, which was touted in its online sale description as “ideal for refurbishment.”
The ad said, ‘Bring your imagination to this four-bed terrace with its famous Victorian facade.’
‘Rich in potential, this property is ripe for remodeling, and it’s in a fantastic location moments from Carriageworks, shopping, restaurants, and transportation, so the picture-perfect home of your dreams is also nearby.’