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‘Uninhabitable’ Sydney home sells for over $4 million

·2-min read
The exterior of the Kensington home that shows the house falling apart
The home has no bathroom, kitchen or running water (Source: NG Farah)

Sydney’s housing crisis seems to just be getting worse - with prices continuing to skyrocket.

This home in Sydney’ south east suburb of Kensington sold for $4.7 million on Saturday despite having no bathroom or kitchen.

The “uninhabitable” home also had no water connection, but selling agent Joe Recep from NG Farah told Domain that buyers weren't put off.

The Kensington home appears to be in bad shape and is falling apart.
The home sold for over $4 million with the buyer planning to knock it down and build on the block (Source: NG Farah)

“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.

The Kensington home appears to be in bad shape and is falling apart.
Potential buyers had been enquiring about the home prior to it hitting the market (Source: NG Farah)

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.

The sale is another example of the growth seen in the Sydney housing market, which has been forcing many Aussies to relocate out of the major cities.

The Kensington home appears to be in bad shape and is falling apart.
The home last sold in 2005 for $1.1 millon (Source: NG Farah)

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.

In fact, Australian home values grew 2.2 per cent over May due to improving economic conditions and continuing ultra low interest rates.

That takes the median house price in Australia from $624,997 to $634,355, an increase of $9,358 - in just a single month.

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