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Sydney first homebuyer pays $1.2 million for derelict house: 'A mess'

·2-min read

A run-down home in Sydney's inner west sold for over $1.2 million when it went to auction over the weekend, with first homebuyers beating out builders ready to fix the place up.

Though the three-bedroom home on Sutherland Street in St Peters is extremely run down, or as some might say, completely derelict, it does have a lot of potential.

"What this three-bedroom terrace lacks in polish it makes up for in potential," the listing says.

"Set in a leafy, quiet part of the street with sought-after rear-lane access, the possibilities here are many. Located in a convenient spot with easy CBD access, its future is very bright."

Pictured is the home's living room and stairs going up to the first floor.
The home in St Peters was very run down when it went under the hammer. Source: realestate.com.au

Inside the home, the walls are tarnished and some have cracks running down them. The carpet is stained and grimy, and the kitchen appliances are rusty.

However, with high ceilings, a large main bedroom, an outdoor area and a car spot, it's easy to see how so many showed interest in the home and saw what it could be.

In the end, the home was sold for $1,205,000 at the auction on September 17.

Pictured is the kitchen of the home, which is located in St Peters, Sydney.
The Sydney home was sold for over $1.2 million to first homebuyers. Source: realestate.com.au

First homebuyers beat out builders

Adrian Tsavalas was the agent selling the home and he told the Daily Telegraph there was plenty of interest from tradespeople and builders. However, it was a young couple looking to buy their first home who beat them all.

Before the auction, the home was littered with rubbish and Mr Tsavalas described the home as being a "mess". Once the rubbish and items in the home were removed it was clear there was extensive damage to the home.

Pictured is the main bedroom that also has a sun room
The home is going to need some major repairs, however, it could sell for over $1.5 million once it is all fixed up. Source: realestate.com.au

He said the inside of the home was damp and part of the home would need to be knocked down as it was unstable.

If the home is fixed up and restored, it could be worth upwards of $1.5 million, given the location.

It is not known what happened to the previous owner of the Sutherland Street home, though the Daily Telegraph reported it was understood they died a few years ago and the home has been unoccupied since.

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