A three-bedroom, one-bathroom house in West Ryde in Sydney has sold for a staggering $1.88 million. The only catch? The property is uninhabitable.
The rundown property at 73 Winbourne Street East sold via private treaty on Monday, after hitting the market for the first time since it was built.
The property is barely visible in photos shared online by listing agent Award Group Real Estate, with a blue door peeking out from behind a thick jungle of trees and foliage.
“Make no mistake, the house itself needs to be demolished and is not livable,” the real estate listing read.
While the property may be uninhabitable, the listing noted it was “ideally positioned on a generous parcel of land” with street frontage, and had good redevelopment potential.
“Ripe for redevelopment, its private setting takes full advantage of its ultra-convenient setting,” it said.
The property is located about a 30-minute drive away from the city and close to the West Ryde Marketplace and Ryde Parramatta Golf Club.
At just under $1.9 million, the property actually sold for slightly higher than the suburb’s average for similar properties. According to Domain, the median price for a three-bedroom home in West Ryde is currently $1.6 million.
Despite appearances, it’s not the only rundown Sydney property that has sold for a premium in recent times.
Just last month, a Sydney inner-city terrace home sold for a whopping $3 million. The home was left completely overgrown with plants after years of neglect and was snapped up after just 16 days.
Property prices rebound
Property prices have continued to bounce back across the country, albeit at a slower pace than previously.
CoreLogic’s Home Value Index has recorded five consecutive monthly rises, with property prices up 0.7 per cent in July, slowing from 1.2 per cent in May.
The most substantial reduction in growth occurred in Sydney, where the median value was now $1,082,129.