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HomeNewsMost shocking property sales of 2022: Sydney dumps sold for over $1m

Most shocking property sales of 2022: Sydney dumps sold for over $1m

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A Neutral Bay house on Rawson St sold at auction for $1.76m.

Collapsing wrecks have been selling for top dollar across Sydney this year despite the falling market, rising interest rates and an explosion in building and renovating costs.

Multiple homes requiring up to $1 million in repair costs to bring them up to a liveable standard sold for over $1 million, with one uninhabitable inner west house selling for over $5 million.

Agents reported many of the buyers behind these purchases were owner occupiers and not the developers and professional renovators who splurged on these types of properties in years passed.

They often saw the rundown homes as an opportunity to get into competitive inner suburbs at a lower price.

Marrickville dump

A house in Marrickville sold for about $1.3m.

Marrickville dump

The Marrickville house was full of abandoned items.

Even the exuberant agents who facilitated the deals admitted the purchases were often a risk given strict inner city council limits on development projects, and current material and labour shortages.

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Among the derelict houses to change hands for over $1 million this year was a Marrickville wreck on Wallace St that sold for $1.3 million in October.

The shocking inner west house was reported to need at least $500,000 in repairs. Listing images revealed an interior filled with abandoned furniture and a mess of old car tires and other junk in the backyard.

This property on Annandale St, Annandale sold for $5.5m.

An orange beacon, or “witch’s hat” was placed in front of a large hole in the floor where the wood had given in, while the rusty metal roof had buckled in places.

Visitors were banned from going into some rooms over fears more sections of the floor would collapse.

The property still drew 14 bidders when it went under the hammer in spring and selling agent Dean Vasil of Ray White Earlwood said some interested parties even showed up at the property outside of the advertised inspection hours.

544 Elizabeth St, Redfern sold for just over $1m.

In Neutral Bay on the lower north shore, a hazardous semi ravaged in a hailstorm in 2019 and later abandoned changed hands at auction for $1.76 million.

The house on Rawson St with collapsed ceilings and fraying walls sold to a family of renovators, who beat out eight other bidders.

The hailstorm had peppered the roof with holes, allowing subsequent rain to pour into the house and wreck the furniture, walls and ceilings. A mould infestation soon took hold, turning the house into a hazard.

Marrickville dump

The Marrickille property on Wallace St attracted a crowd when it went under the hammer.

This St Peters home needing $700k in repairs sold for $1.2m.

Agent Rodd Marr of Mosman First National said simply going through the home and assessing the damage was “confronting”.

In the inner west suburb of Annandale, an unrenovated house on Annandale St sold for $5.5m after attracting a crowd of about 50 people at the auction.

There were other derelict homes sold for over $1 million in St Peters, Balmain and Bondi.

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