Dilapidated Newtown Home Fetches Record Price at Auction
A dilapidated terrace home in Newtown has made headlines, selling for an impressive $1.606 million, significantly surpassing its initial price guide of $1 million by over $600,000. This remarkable sale, organized by the NSW Sheriff’s Office, was brokered by BresicWhitney real estate agents.
Inside the Property: A Glimpse of Potential
Inside this run-down single-level terrace located at 26 Kent St, prospective buyers were greeted by old furniture, boxes of clothes, and abandoned mail, with signs of mould on the walls. Despite its shabby state, the property’s listing caught attention, describing it as “a chance to secure a classic house in the heart of the area,” and highlighting its “loads of future potential.”
The Auction Experience
The auction attracted a large crowd, including eager bidders and onlookers, all curious about the new owner of this distressed property. At least four determined buyers participated in the fast-paced bidding, while many others remained registered spectators. The auction kicked off at $1.1 million, with motivated home seekers making rapid bids of $1,000 to secure the winning offer.
Auctioneer Thomas McGlynn added a light-hearted note to the event, stating, “There’s more drama here than Universal Studios,” as the bids skyrocketed in the final moments.
Location Details
Situated within walking distance of notable landmarks such as Enmore Theatre, Newtown Station, and the vibrant nightlife and dining options on King St, this property boasts a desirable location. According to PropTrack data, the current median price for a two-bedroom home in Newtown stands at $1.7 million, reflecting a 10% increase year-on-year.
Conclusion: A Testament to Resilience
The sale of this run-down Newtown home for $1.606 million illustrates a resilient property market and the demand for potential in even the shabbiest of homes. While the state of the property raises questions about its previous conditions and circumstances, buyers are clearly enthusiastic about investing in its future.
For further insights on real estate trends and tips on home improvement, check out reputable sources like Realestate.com.au.
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