NSW auctions: Incomplete $2.5m Sydney house finds a buyer – nine.com.au – Nine

by | Jul 22, 2023 | Engineer

An incomplete Drummoyne home, showing glimpses of the glamour that it will one day possess, has sold after a $2.5 million campaign.
At 54 Bowman Street in the suburb of Sydney's inner west has a glistening pool with a glass fence and crisp white exterior. But the interior presents as major project for the buyer.
The sale price on the Domain listing, following the July 14 auction, is undisclosed.
BresicWhitney Balmain are the listing agency.
"Potential for renovators and builders on a double-width block and 552sqm of north-facing land," the listing says.
"This single-level residence has its character preserved at the front, with scope to complete your own contemporary vision with modern extensions/additions at the rear…"
The property carried a guide of $2.5 million during the June portion of the campaign, but was more recently amended to encourage buyers to request information from the agent.
The period façade has been lovingly retained, and the images show there is scope to roll up sleeves and tackle the rear, returning it to the luxury offering it was it last traded in 2021.
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Domain's public property profile show the charming terrace frontage and glossy extension at the rear, when it sold to years ago for $4.11 million.
Now gutted, the new owner will find a rear portion that faces the warm northern light, four bedrooms and traditional formal rooms at the front of the floorplan.
The median house price in the suburb is $2.45 million, according to Domain's March 2023 House Price Report.
This figure represents a rise of 18 per cent over five years, but the median has dropped in the short term, sliding by 10.9 per cent over 12 months, in line with the broader cooling that Sydney's marketed experienced.
However, Sydney's market is forecast to clock an aggressive price recover over the next financial year.
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The once-cooling Aussie property market will reignite again to record high prices in five capital cities over the next 12 months, fresh Domain forecasting shows.
House prices in Sydney, Adelaide and Perth are set to turn around or hold fast, according to the Domain Forecast Report, and hit new benchmarks by mid-2024.
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