Yahoo Finance ‘Dilapidated’ shed hits market for $1.6m
A run-down shed in Sydney’s inner-west has hit the market with a staggering $1.6 million price guide.
The property on 14 Reuss Street, Glebe, is described as a “dilapidated free-standing brick and corrugated iron warehouse”, but has attracted dozens of interested buyers due to its development approval.
“Build your own dream warehouse home or benefit from the current development approval for multiple dwellings,” the listing reads.
“Offering the opportunity to create your own dream of an inner-city warehouse home brilliantly located in one of Glebe's finest hidden enclaves.”
The development approval is to build a “new generation boarding house” of three levels, with it likely the buyer will use it to create a residential and commercial building.
The property is represented by Belle Property Glebe’s James Cahill and will head to auction on 1 December.
The original owners purchased the property for $1.69 million in 2016.
Resilient Sydney property market
While pundits predicted the Australian housing market could lose as much as 40 per cent in value, the Covid-19 recession has so far had a muted effect on the housing market.
Sydney returned to growth in October, posting a 0.1 per cent increase in values. That means that while the capital city saw a quarterly fall of 0.6 per cent, values are still up 6.1 per cent over the year.
The Glebe property is far from the only run-down property to fetch an eye-watering price, with a 640-square metre pile of rocks in Point Piper hitting the market last year for $25 million.
And in June this year, a home with missing floorboards in Sydney’s Darlinghurst hit the market with a guide of $3.6 million.
The Demographia housing affordability survey found that all five of Australia’s major housing markets were “severely unaffordable” in 2019.
Despite Sydney values falling some $100,000 on average in the year to June 2019, the coastal city was still classed as the third-most expensive place to live in the world.
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