Sydney’s mouldy ceilings, peeling walls, and deteriorating balconies cost $600,000
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Sydney’s mouldy ceilings, peeling walls, and deteriorating balconies cost $600,000

A Sydney home with mouldy ceilings, deteriorating balconies, and peeling walls has sold for $1.83 million, which is a stunning $600,000 more than what it was listed for.

The inner-city terrace with four bedrooms and one bathroom was sold at auction on Saturday, with eager buyers making enormous bids to try to acquire the residence.

The home was initially offered for $1.5 million, which discouraged purchasers from the abandoned fixer-upper in the inner west neighbourhood of Darlington.

After considering the criticism, proprietor and real estate agent Adrian Tsavalas of Adrian William relisted the terrace for $1.25 million.

22 registered bidders attended the auction, according to Mr. Tsavalas, who said that the decreased asking price sparked fresh interest in the property.

According to Mr. Tsavalas of realestate.com.au, “I believe this demonstrates that the buyer pool is still robust and activity in the market is still high as circumstances continue to evolve.”

At the auction, which had a $1.3 million starting price, a young couple interested in remodelling the house outbid seven other bidders.

Despite its run-down interior, Mr. Tsavalas said that the 139 square metre terrace sold for more than he had anticipated.

I believe that a home’s worth might also come from the possibility it gives a buyer willing to put in the effort to renovate it, he added.

Pictures of the dilapidated house revealed damaged walls with peeling and missing paint, as well as mouldy ceilings.

Three fireplaces, hardwood flooring, and an old kitchen in pastel pink can all be found in the two-story house.

A week before it was put up for sale, towards the end of July, tenants were living there in a share house arrangement. The home had been a dead estate held by the same family for 50 years.

The terrace’s location was one of the property’s main selling points, and its online sale description noted that it was “ready for refurbishment.”

The advertisement said, “Bring your imagination to this four-bed terrace with its classic Victorian exterior.”

The property is described as having great potential and being in an excellent location near to Carriageworks, stores, eating, and transportation. It is also close to the picture-perfect home of your dreams.

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