In an auction that took place on the weekend, it took a simple four minutes to sell a completely run-down house for nearly $2 million. Ridiculous.
It’s just another piece of evidence (that we don’t need) that shows the Sydney house market is pretty rekd right now.
The terrace house, located in Camperdown in Sydney’s inner-west, was snapped up by a couple for $1.96 million. No, not an international investor who wanted to knock it down and re-build: the buyers don’t even know what they want to do with it.
They told The Australian that “we may end up living here, but we don’t know yet because we didn’t expect to buy it actually.
"We did the research, but I just didn’t expect that we would be the ones to get the house. We’re excited but aren’t quite sure what we’ll do with it yet."
The property sold for $110,000 over its asking price, and excluding inflation, $580,000 more than it was sold for back in 2014.
On Domain, the home is described as a “little cottage” that needs a “creative revamp”. The piece of land is approved fro a four-storey, 11-room boarding house for student accommodation.