A dilapidated Sydney terrace house had sold for nearly $3million after it lay vacant for 16 years following the death of the homeowner.
The Victorian terrace located in Paddington, an upscale suburb in Sydney’s east, went for $700,000 over its reserve price at $2.8million.
In her 36-year career, McGrath sales agent Georgia Cleary has sold countless Paddington homes – deceased estates among them – but told Daily Mail Australia on Thursday this house was ‘different’.
While inspecting the Liverpool Street home, prospective buyers were made to wear masks and boots while unsafe areas were reinforced or cordoned off with tape.
‘People walked out, they’d never seen anything like it in their lives,’ she said.
‘I certainly didn’t love going there, the weather was getting in and there were rats.’
While no one had lived in the two-storey, three-bedroom home since 2009, Ms Cleary said it was tightly packed and had clearly belonged to a hoarder.
Asked what the property contained, Ms Cleary said she was not at liberty to say, but confirmed no bodies were discovered in the home.
The Paddington home had laid empty for 16 before selling for nearly $3million (pictured)
Prospective buyers were made to wear masks and boots when inspecting the home
McGrath agent Georgia Cleary had been aware of the property for some time before it crossed her desk and said it felt ‘quite sad’ to be inside the property
‘It was quite sad being there,’ she said.
‘It makes you think about the kind of life that must have been lived there.’
The veteran agent said clearing out the property had been ‘an absolute nightmare’.
The new buyer, a builder, plans to restore the home while preserving its sought-after heritage features.
Clay Brodie, principal at Ray White Woollahra, said the purchase was a ‘strong result’ but not a surprising one.
‘The fact of the matter is that there are very few original terraces left in Paddington and for that reason when they pop up they are often swooped on by all the buyers looking for projects in the suburb and surrounds,’ he said.
‘This is a strong result but when you look at some of the recent comparable sales such as 12 Rush Street, Woollahra, which we recently transacted for $2,450,000 it is not overly surprising.’
Mr Brodie said his agency had been approached to sell the Liverpool Street property before the buyer decided to go in a different direction.
Ms Cleary said getting the property into a workable condition was an ‘absolute nightmare’
Paddington is among Sydney’s most sought after suburbs with a median house price of $3.35million (stock image)
‘Original terraces like this are always interesting and enjoyable campaigns,’ he said.
He added the buyer would likely run up $1.5million to $2million in building costs.
Christie Mortimer, a residential sales agent with Di Jones Woollahra, said Ms Cleary had achieved a ‘really good price’.
Ms Mortimer said unrenovated homes in the area posed ‘unique opportunities’ for buyers willing to spend on a restoration.
In this case, Ms Mortimer estimated it would cost about $1million to get the property into market-ready condition.
She added, however, the buyer could expect to see a return with similar properties going anywhere from $3.5million to above $4million.
‘It’s definitely a renovator’s dream,’ she said.
