Imagine paying millions of dollars for a home without a toilet.
And with that being the least of the worries.
Derelict properties were not exempt from the two-year pandemic real estate boom that finally, data indicates, is slowing down in some capital cities.
Value is often in land, not the dwelling structures, and this is why crazy prices for severely neglected, inhabitable houses were achieved at auction over the past 12 months.
Vendors may as well have marketed them as empty blocks, but why bring in a bulldozer when someone will pay a seven-figure sum for a slum?
Hole lot of love needed
Torn carpet, rotted holes in the floor and walls and dangling cobwebs were among the chattels at 18 Crimea Street in Melbourne’s inner-city Burnley. The property fetched $1.252 million under the hammer.
The three-bedroom house was a State Trustees sale and carried a price guide of $900,000 to $990,000. Seven bidders threw their hands up at the auction, Domain reported, and it blitzed reserve by almost $290,000.
The buyer was a couple who, obviously, intended to renovate.
No loo, no worries
A derelict property in Sydney’s eastern suburbs with no toilet, kitchen, running water or power, commanded $4.705 million under the hammer.
The heritage home at 25 Duke Street in Kensington was marketed as “neglected”. However, hundreds of potential buyers hit the phones to agents even before it was listed.
The owners banked big time. They paid $1.1 million in 2005 – a 327 per cent price increase over 17 years.
An abandoned house in a highly-sought zone of Sydney’s inner west sold for $5.5 million after a campaign with price hopes of $4.4 million to $4.8 million.
That sum had been revised upwards from the original asking estimate, due to enormous interest in the rundown five-bedroom period home at 155 The Boulevarde, Strathfield.
A tired tennis court and a brown swimming pool hinted at its former glory days. The house had been empty for only two years but squatters regularly used it for shelter.
A buyer wanted so desperately to live in Cheviot Street in Sydney’s Ashbury that they paid $2.35 million for a termite-ridden hoarder house.
Number 17 is in a heritage-sensitive area, and knocking down a house requires special council consideration. Even with that challenging caveat, the house sold for $450,000 more than the shocked vendor’s price expectations.
A layer of scum crowned the pool and mould and water damage was rife inside. Piles of furniture touched the ceiling before removal crews did the heavy lifting to get it ready for sale.
This one is not like the others.
Some living zones in 6 Edward Street in Melbourne’s Kew were perfectly lovely.
But stroll through a little deeper and discover a lemon bathroom with missing tiles and a kitchen with water stains on the ceiling, shredded linoleum and creeping black mould.
The house sold for $1.7 million more than its reserve, according to Domain. The buyers, who planned to rebuild on the prestige street, paid $7.24 million to a “family estate” vendor. No heritage overlay helped the cause.