How is this even possible!?
A house with no running water, no electricity, gas or a kitchen and bathroom has somehow managed to command a fee of over £3m.
Well, when that house is sat on a substantial space of land, anything is possible.
One property in Sydney, Australia has sold for roughly £3.3m recently despite the fact that, at best, it would easily be described by even the most positive estate agent as a ‘fixer upper’.
The house in Kensington, on the south-east side of the city doesn’t have much going for it aesthetically, nor structurally, but is located on 556-square-meter’s of prime real estate, meaning developers have been salivating over the prospect of snapping it up.
Selling agent NG Farah’s Joe Recep told Domain: “The roof wasn’t leaking after the recent rain we had, so it was still solid.”
Four bidders in total attempted to buy the space, which had previously been snapped up for just over £1m in 2005, with the previous owners originally planning a restoration project on the home. That never ended up materialising, however, and instead 16 years later, they’ve cashed in and earned a significant profit.
The victorious builder who bought the house is planning on knocking it down and undertaking a dramatic rebuild.
Domain senior research analyst Nicola Powell said: “For houses and units, this month’s clearance rate is the strongest May result in six years, with 78.2 per cent of reported house auctions finding a buyer, and 75 per cent of unit auctions securing a sale.
“The difference between house and unit clearance rates does appear to be narrowing, and is likely to be associated with increased investor and first-home buyer participation or overall affordability bottlenecks for those trying to purchase a house in Sydney.”
We might try and buy a total dump, wait 16 years and see if anyone fancies giving us over £2m more than we paid for it. Got to be as easy as that, right?