Yahoo Finance Run-down house in harbourside suburb sells for $5.4 million
A run-down house in one of Australia’s most exclusive areas has sold for $5.4 million over the weekend.
The three-bedroom home on 97 Beresford Road in Sydney’s Bellevue Hill, a stone’s throw away from the harbourside, has been owned by the same family for nearly 100 years.
The house, which is part of a deceased estate, is in desperate need of a rebuild or renovation, with peeling wallpaper, aged carpet and tiles, rusty kitchen cabinets and a noticeably dirty ceiling.
It was one of 781 properties that went under the hammer over the weekend amid a heatwave that swept across NSW.
But hopeful home buyers turned up to auctions despite the heat, and ten bidders competed for a chance to own the property.
The property’s agent, Sydney Sotheby’s International Realty managing director Michael Pallier, said the sale price was “well above expectations”, with the opening bid set at $3.7 million.
“You know how they say buy the worst house in the best street? Well, I think that’s what this was,” he told Domain.
The sale price was just shy of the median property price in Bellevue Hill, which sits at $5,625,000, according to realestate.com.au.
The original owners were reportedly emotional and happy that the new family would be renovating the run-down home, rather than knocking it down.
“It was quite emotional for the family because it was the end of an era,” Pallier added.
“They were very happy the buyer said they were going to restore it.”
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