'Unliveable' Sydney house sells for more than $3 million
An "unliveable" house in Sydney has sold for about $3.1 million after two couples submitted proposals for the property before it went to auction.
The property on Vaughan Place in Redfern East is completely overgrown with plants and has basic brick walls inside, which appear to be covered in mould and rust.
Shannan Whitney from BresicWhitney real estate told 9news.com.au the couple who bought it were young and already homeowners.
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Domain
He said the vendors were satisfied with the final price of above $3 million after it was originally listed for $2.5 million.
"We were cautious about the conditions," Whitney said when discussing the initial price.
"We thought we were very sensible in terms of how the market might respond to an unliveable house, the high-interest rates and the high capital costs to turn it into a livable existence."
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The double block is located near the Eastern Distributor. Domain
"So yes, we thought that a $3 million-plus outcome was very pleasing all things considered."
He said a project like this one would not be for the faint-hearted.
Domain described the property as a "rare opportunity to build new residence".
It was designed and built in 1985 for a prominent Australian artist.
The abandoned home is located on a double 270 square-metre block and includes off-street parking.
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