Dilapidated abandoned house that is ‘well past its prime’ is expected to sell for MILLIONS – here’s why
- An ‘uninhabitable’ house that sells for millions
- Redfern Home will go under the hammer
A long-abandoned home that has been taken over by the elements is expected to sell for millions due to its prime location.
The estate agent for the two-storey house in Redfern, just 3 miles from Sydney CBD, called the auction a “rare and special opportunity.”
The now “uninhabitable” home is said to have been built in 1985 for a prominent Australian artist and last sold in April 2000 for $645,000.
It currently has an auction price guide of $2.5 million.
‘An abandoned house discreetly tucked away in a quiet side street in Redfern East,’ reads the description of the property.
‘The detached house stands on a double piece of land of 270m² in total. It’s well past its peak and offers an opportunity to write its next phase.’
A two-story home (above) on One Vaughan Place in Redfern is expected to sell for more than $2.5 million
The house is ‘uninhabitable’, but the empty adjoining plot of land has caught buyers’ attention (pictured, the property boundaries for One Vaughan Place, Redfern)
The property features an empty adjoining lot and off street parking – a rare find in one of Australia’s busiest markets.
Photos of the property show a house frozen in time.
While the outside has been overtaken by vines, the inside of the house is still full of past life remnants.
Random paintings, wicker furniture and odd clothes can be seen everywhere.
The upstairs bedroom shows signs of the jungle that has taken over the outside of the house with vines creeping in through the roof blocking part of the balcony.
The roof and balcony of the master bedroom upstairs (upstairs) of the house are covered with vines
The property’s garden (above) is filled with abandoned ceramics and a small dining area
Outside is a small dining area surrounded by old ceramic pots and garden tools.
Tying the whole property together are the brick walls, which are cracked and crumbling in many places.
The buyer’s guide estimates the value of the two-bedroom, one-bathroom home at about $2.5 million, but is expected to sell for more.
The auction for the house will take place on June 24 at noon.
It is one block from the Eastern Distributor Tollway.
The median price for a home in Redfern is $1,550,000, while the median weekly rent for a two-bedroom home is $750, according to Vastgoed.com.au.
Decorations, furniture and clothing are still in the house (photo, downstairs bedroom)
The estate agent called the house (pictured) a ‘rare and special opportunity’ with ample space in one of Australia’s tightest markets
A shortage of housing coupled with rapidly rising cash interest rates, which have now reached an 11-year record of 4.1 per cent after the 12th hike, has sent property prices across Australia soaring.
Aspiring homeowners’ hopes were briefly sparked in December when the housing market dipped, but they were quickly dashed by the recovery.
Since then, home prices have risen steadily, leaving little room for new buyers to get their foot in the door.