This run-down Merrylands home on 7746sq m sold for $3.2 million
IT has cracks in the walls, no electricity and is covered in spiderwebs, but this western Sydney home sold for $3.2 million. What is its secret?
An unrenovated house on a large block in Sydney’s west sold under the hammer at the weekend for a whopping $3.2 million.
Despite being dilapidated and uninhabitable, the price tag for the two-bedroom, one-storey property in Merrylands, near Parramatta, was more than five times over the $616,500 median house price for the suburb, RP Data figures show.
At 535 Merrylands Rd, the red brick house sits on 7746sq m has dual street access and is close to Merrylands and Parramatta CBDs, with the real value coming from the size of the block.
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The same price could only get you a three-bedroom apartment in the centre of Sydney with just 158sq m of living space.
The same goes for a unit in Potts Point or Pyrmont, which would provide about 220sqm of space.
While those may provide city and harbour views, this Merrylands parcel could hold 15 houses built on around 500sq m each.
Selling agent Matthew Carpenter of Starr Partners Merrylands said the deceased estate, which sold under instruction from NSW Trustee and Guardian, attracted eight registered bidders on the day.
“It opened up at $2 million and showed its true value as competitive bidding took off, we had a battle between two strong developer buyers” Mr Carpenter said.
“It was a terrific result and the property has never been sold in its history,” he said.
Last week the Parramatta Advertiser reported that 64 Belmont St, Merrylands sold for a record in the suburb, as a single-dwelling property. This latest sale has almost doubled any previous records for the suburb.
“A block around 7700sq m just does not exist in Merrylands,” Mr Carpenter said.
The property had a price guide of over $3 million and there were 67 contracts issued for the block, but Mr Carpenter said the residential 2A zoning deterred several buyers due to its restrictions.
“Obviously it didn’t suit everybody but there were lots of inquiries,” he said.
“It went to a local developer and I am excited by that because a lot of development sites are bought by either out-of-area buyers or international buyers. These developers know the area and that shows how passionate people are in the suburb,” he said.
With no plans for the property at this stage, all further development will be subject to council approval.
“It will be a watch-this-space property,” explained the agent.
“On one side of the property are townhouses and villas and on the other side of the block are residential homes.
“For the area, because we have a lack of residential property, it would be fantastic if it went towards villas.”
A sale figure above the $3 million mark buys a range of properties across Sydney, from apartments to duplex homes and even family homes with waterfront views.
Recent sales have highlighted contrasting purchases with such a price tag. In Bronte, $3 million on the dot gets a four-bedroom semi.
In Darling point, just under $3.5 million gets a three-bedroom apartment with panoramic views and approximately 250sq m of space.
Over in Double Bay, it’s a three-to-four bedroom apartment with a terrace and some views.
A four-bedroom house in Bronte recently sold for $3 million on the dot, offering a 373sq m block, a fireplace, deck, terrace, gardens and cathedral ceilings in the living room.
Around the $3.5 million mark, you can secure a three-bedroom terrace on 190sq m in Woollahra or a Paddington terrace built on 213sq m.
Balconies, fireplaces and high ceilings are features of most of these properties.
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