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Why Aussies are obsessed with derelict $1m home

Source: R&W via realestate.com.au

With three bedrooms, one bathroom and two carports, this NSW home sounds like any other.

However, 151 Quarry Road, Ryde is the most-viewed property heading to auction this week in NSW, with property hunters keen to get their slice of the coveted property.

The only catch?

It needs to be completely rebuilt.

“Offered for the first time in many years this undercapitalised property boasts the Golden Credentials - elevated high side of the street, due north to rear and a deep 657 m2 parcel of land,” the listing, by R&W agent Conor Arnold, reads.

Source: R&W via realestate.com.au

But, it continues: “Situated amongst some of the most substantial homes in the area the original Queensland style three bedroom cottage needs a complete renovation or total rebuild.”

Source: R&W via realestate.com.au

It goes on to describe the property as the “ultimate entry point into the home and garden market” and a perfect spot to “plan your dream home”.

Source: R&W via realestate.com.au

“A rare opportunity to be sold at land value.”

Source: R&W via realestate.com.au

The listing comes with a price guide of $950,000, although the median property price in the northern Sydney suburb is well above this at $1,320,000. Other properties in the same street can cost as much as $1.4 million.

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