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Buyers flock to $1.75m property ‘dump’ despite it needing $500k renovation

By Jessica Lee

Buyers are flocking to a property “dump” being offered up for sale at $1.75m but which will still require a $500,000 renovation. With the real estate market showing signs of cooling, prices are not increasing as much as possible in the Spring selling season.

However, potential buyers desperate to get a foothold are not shying away from challenges. The early days of Spring may be showing signs of the market levelling off.

But the lure of the “fixer upper” as a discounted method of becoming a property owner has not diminished, the Daily Telegraph reports. One property that has seen foot traffic across its bowing floorboards is a dilapidated terrace at 141 Womerah Avenue, Darlinghurst in Sydney’s inner city suburbs.

The four-bedroom, one-bathroom house at 141 Womerah Ave has been listed with hopes of securing $1.75 million — though any purchaser is likely to have to spend about $500,000 to bring it up to scratch. The two-level home, which dates back to the 1890s, sits on a 108 sqm block and has not been on the market for more than 60 years. It last sold in 1955 when machinist Humbert Teuma paid £3150.

It will go to auction through James Peach at Ray White next Saturday. Mr Peach said close to 40 potential buyers had already inspected the property. “But we need to work out the genuine buyers from those who’ve walked past on their way to Bills cafe,” he said.

Aspiring owner-builder Luke Hickel was one of those inspecting the house. He agreed that plenty of money needed to be spent to bring the house back to life but said it would be a great challenge. “You’d have a lot of fun on this rebuild,” Mr Hickel said.

In the Blue Mountains, a neglected Katoomba cottage on Third Ave is also scheduled for auction. Set on 1000 sqm, the old weekender has not been used for the past 15 years and is on offer through Brenden Purcell of Purcell Property. It is near a vacant block currently listed at $280,000.

Meanwhile, Sydney’s dwelling values have increased at a slower rate over the past three months, according to CoreLogic data. A recent report said they were 13 per cent higher over the year but after the prices surged more than 72 per cent over the past five years, the increase was just 0.3 per cent over the past three months.

See the article here.

Author: Jonathan Chancellor


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