Sydney’s housing crisis seems to just be getting worse - with prices continuing to skyrocket.
“The roof wasn’t leaking after the recent rain we had, so it was still solid,” Recep said.
Four bidders registered for the auction, with two wanting to restore the original period home, while the others were looking to tear down and rebuild.
However, Recep said the winning bidder will be looking to rebuild on the lot.
Recep said the vendors, who purchased the property in 2005 for around $1.1 million, intended to restore the property to its original condition but changed their minds.
It has sat empty for many years, as agents received hundreds of calls from buyers wanting to snap up the home, even before it was listed for sale.
Prices have soared recently, particularly in Sydney, and are showing no signs of slowing down. According to CoreLogic, Sydney house prices increased 3 per cent in May, with the medium house price sitting at just under a million dollars.
That takes the median house price in Australia from $624,997 to $634,355, an increase of $9,358 - in just a single month.