This derelict terrace in Sydney's Surry Hills could be yours for a mere A$1.8m in the 'softening' real estate market for buyers. Photo / News.com.au
This derelict terrace in Sydney's Surry Hills could be yours for a mere A$1.8m in the 'softening' real estate market for buyers. Photo / News.com.au
Squalid dumps including completely unliveable houses are up for sale as the real estate market prepares for a "Super Saturday" of auctions.
The number of houses advertised for sale in Sydney is on a three-year high, reflecting a boom of 13 per cent since this time last year.
The larger selection of properties means buyers are "less likely to be blown out of the water by whopping great bids", the Daily Telegraph reported.
And there is less competition for complete "fixer uppers", crumbling, derelict old houses ready to be snapped up by brave renovators.
Real Estate Institute of NSW president John Cunningham said buyers could compete for homes this weekend with the pressure easing off a previously crowded field for a handful of homes.
Investors had begun to withdraw from purchases as banks restricted investment loans. This put ordinary buyers in a stronger position to negotiate deals for houses with defects.
Properties with features buyers tend not to like - like being south-facing, on a busy road or having lots of steps - are taking longer to sell and at lower prices," Cunningham said.
"This is basically the market just returning to normal.
"It was only in the last few years that almost every type of home was selling well, but we're getting back to how it used to be when the best home got the best prices."
This meant that several houses up for sale this weekend that required major renovations were selling for around A$1.7m (NZ$1.8m)
A year ago, these dilapidated dwellings would have attracted ten or more bidders in an auction which pushed up the price to a ridiculous sum.
While these houses are still not cheap, they have major potential.
"Uninhabitable" - 383 Riley Street, Surry Hills
383 Riley Street, Surry Hills, a dilapidated home left vacant for nearly five years, is up for auction with a price guide of A$1.8m. Photo / New.com.au
Advertised as a "big, bold potentially beautiful four-bedroom house", this inner city terrace has been uninhabited for nearly five years.
Even entering the bathroom is a health hazard, while the ceilings are falling in and the terrace's plaster walls require resurfacing.
'Bring your architect, bring your builder' says the seller of this abandoned four bedroom house in Sydney's Surry Hills. Photo / News.com.au
But in the previously "hot" market for derelict houses, investors or keen renovators would have pushed the price of this dump up to A$1.95m.
Now with fortune turning slightly towards buyers, that price has dropped to around A$1.8m.
Nothing like rear lane access, even if the ceilings are caved in. Photo / News.com.au
The house is on three levels with rear car access on a 117 sqm block.
"Caved in" - 14 Abbotsford Street, Homebush
This crumbling Federation- style house at 14 Abbotsford Street, Homebush comes at a hefty bidder's guide of A$2.1m and plenty of caved-in ceilings.
This Homebush house has plenty of work to do with caved in ceilings and was listed for $2.1m but may go for less. Photo / News.com.au
The four-bedroom property is riddled with cracks and parts of the ceiling indicate major leaks in the roof.
Selling agent Ben Horwood of LJ Hooker at Concord said he expected three buyers to register bids.
Water damage indicates a leaking roof above this room of the Federation-style Homebush house. Photo / News.com.au
This compares with the market a year ago when houses in similar condition were attracting up to ten bidders.
"Rusty and run down" - 1 Wells Street, Balmain
The three-bedroom house at Wells Street Balmain is run down, with peeling walls and rust stains.
Run down with peeling walls and rust stains, this Balmain house passed in at auction and is up for sale at A$1.7m. Photo / News.com.au
But the dwelling is DA approved for renovation and situated on a prime corner position - the property is the former "Yeend's Terrace" corner store - on the Balmain peninsula. The current layout of the 1880s building includes a large master bedroom and a large kitchen.
The house passed in at auction two weeks ago and is up for sale for $1.7m.
"Ultimate fixer upper" - 37 Chelsea Street, Redfern
The buyer's guide to the house at 37 Chelsea Street, Redfern is A$1.7m for a four-bedroom house with one bathroom.
Lots of tiles to rip out and start again at 37 Chelsea Street, Redfern which is dilapidated and priced at A$1.7m. Photo / News.com.au
The sandstone and weatherboard cottage is on a double fronted 183 sqm block and has a lot of potential for buyers prepared to do a lot of work.
The house is rare in that it is a freestanding home in a suburb clustered with terrace houses and has a wide layout opening to a back yard.
"Unliveable" - 46 Boronia Street, Redfern
Carrington group agent Cheryle Lantois was taking this "unliveable" terrace to market on Saturday where the home is expected to sell for much less than it would have this time last year.
The Redfern house is a true 'renovator's delight' with rust, old wallpaper and a peeling facade. Photo / News.com.au
The three-bedroom house is dilapidated and has just one bathroom requiring complete gutting and replacement.
The house is on a small, 82 sqm block and has a fireplace, a 4m frontage and is close to cafes and shops.
