A dilapidated Paddington terrace in Sydney has sold at auction for $2.8 million, attracting significant buyer competition in the wake of last month’s interest rate cut. The property, which had been left untended for 16 years, was described by the selling agent as one of the “worst” houses she had ever seen in the area. The historic home, which cannot be demolished, is estimated to require $600,000 to $1.5 million in renovations to bring it up to the standard of nearby properties. Despite this, it sold for $700,000 over the reserve price.
In Wahroonga, a collapsing house that had been vacant for three years sold for $1.3 million, $400,000 higher than the reserve price. The property, which was cordoned off due to safety concerns, was described by the selling agent as having collapsing floors and a deteriorating roof. The buyer plans to demolish the existing structure and rebuild.
Another derelict terrace in Redfern, which had been inhabited by an alleged hoarder, sold at auction for a surprising price. The two-bedroom property, which had been vacant for at least a year, required at least $300,000 in repairs. Despite its condition, the home sold for just over $1.3 million, $150,000 above the reserve price. The buyers plan to renovate the property before moving in.
In Bronte, a dated two-bedroom house that had been held by the same family for 67 years sold at auction for $3,825,000, $725,000 above the reserve price. The original condition of the property attracted renovators, who saw the potential to build it up and increase its value.
Finally, a four-bedroom house in Carlingford, offered to the market for the first time in 37 years, sold at auction for just over $3 million. The price was $315,000 above the reserve price. The buyer made bids in $1,000 increments throughout the auction, eventually securing the property.
Overall, these sales demonstrate the strong buyer competition in the Sydney property market following the recent interest rate cut. Despite the poor condition of these properties, buyers see the potential for renovation and value growth.
1 Comment
Wow, I never would have thought that a rate cut would have such a dramatic effect on the housing market! It’s fascinating to see how buyers are now willing to take on haunted houses at higher prices. I wonder if this trend will continue or if it’s just temporary hype.
I completely agree with your viewpoint. The idea of purchasing a haunted house at a lower price due to a rate cut is definitely intriguing. However, I wonder how buyers are evaluating the risks associated with a haunted property. Are there any potential legal or psychological implications to consider?
While it’s interesting to see the impact of a rate cut on haunted house prices, I can’t help but feel skeptical. Are these higher prices just a result of hype and marketing tactics? It would be helpful to see some data on the long-term resale value of haunted properties compared to non-haunted ones.
Thanks for shedding light on this surprising phenomenon! I’d love to hear more about the psychological aspect of these purchases. Are there buyers who genuinely enjoy the thrill of living in a haunted house, or is it purely a financial decision driven by the rate cut?
I’ve always found stories about haunted houses captivating, and it’s fascinating to see how they now affect the real estate market. I’m curious: do these haunted properties come with any sort of disclosure to potential buyers, or is it more of a “buyer beware” situation?
This article offers a unique perspective on the housing market. I wonder if haunted houses are becoming a trendy investment option for those looking to stand out in the real estate market. Are there any specific factors that contribute to the perceived value of haunted properties?
I had no idea that haunted houses could command such high prices! It’s interesting to see how a rate cut can influence the perceived value of a property. I wonder if there are any lenders or insurance companies who might have reservations about providing financial support for haunted property purchases.