Fiona Killman, Real Estate Reporter
First published 30 Sep 2023, 4:01pm
A collapsing dump in Annandale has sold for $1.35m.
A Sydney buyer has spent $1.35m on a collapsing dump after seeing it for the first time on auction day.
The home, at 78 Alfred St in Annandale, was fenced off with “drive-by” auctions encouraged due to the dangerous nature of the home which had a collapsing roof, cracking brickwork and overgrown trees tangled throughout.
No reserve price was set for the deceased estate due to government regulations, however it attracted two active bidders who drove the price to $1.35m.
The collapsing house on Alfred St, Annandale.
The view from the back of the home.
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BresicWhitney agent Michael White said the property was bought by an owner occupier from Mascot who had only seen the property for the first time on Saturday.
The property had a lot of interest from developers during the marketing campaign due to being a corner block in a prime inner west position.
Two giant trees have become entangled on the property. Picture: Fiona Killman
The auction was one of the 769 homes scheduled across Sydney this week.
PropTrack senior economist Eleanor Creagh said Sydney was the busiest auction market, with auction numbers up 42 per cent compared to this time last year.
Over in Concord, an old home on a big block has sold for $4,025,000 – a whopping $1m over its price guide.
The home, at 12 Alton Ave, was a completely rundown deceased estate on a 841sq m block.
Auctioneer Clarence White, from Menck White Auctioneers, said three of the seven registered bidders were active during the auction.
This rundown home on Concord has sold $1m over its price guide.
He said it opened at $2.9m and rose in increments of $100K, $50K with the last bid $25K.
“That’s big money for land value,” he said.
“It’s marvel Concord, an area that always surprises you.”
Another surprising result came from a single storey, two bedroom home without parking in Redfern.
The home at 70 Kepos St, Redfern.
The home, at 70 Kepos St, sold under the hammer for $1.81m, surprising agents and locals.
The auction was also led by Mr White and had eight registered bidders with three active.
Opening at $1.5m, bids rose in $25K, $10K and $5K increments before the hammer dropped $210K over reserve.
Adrian William agent Adrian Tsavalas was thrilled with the result, saying the initial price guide was $1.4m – similar to the off-market sale of another home in the street.
There was a crowd of around 80 at the Redfern auction. Picture: Adrian William
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“For a two bedroom single storey home with no parking, this is a fantastic price,” he said.
“It was the location, Kepos St is one of the most sought after cul-de-sacs in the inner city.
“It’s an important decision when deciding to sell that the market validates the value and that’s what has happened today.”
He said the buyer was a family keen to move in and eventually add another level to the home.
Meanwhile a home with water views in Caringbah South, bought for 3000 pounds in 1962, has sold for $2.435m.
The home in Caringbah South was offered for the first time since 1962.
Auctioneer Andrew Cooley said the auction lasted for half an hour with 75 bids.
The home, at 414 Willarong Rd, went under the hammer after a half-hour long auction with 75 bids and three bidders.
Auctioneer Andrew Cooley, from Avenue Auctions, said the sale was $235K over reserve.
“The buyer was a local shire family who is going to build their dream home,” he said.
“It has beautiful views that can never be built out and it’s also in a tightly held pocket.”
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Fiona Killman, Real Estate Reporter