Sydney real estate shock as derelict Ryde home sells for $1.6 million

The new owner of a run-down Sydney home has been lambasted as “crazy” after social media users got a look inside the pricey property.

A derelict property in Sydney’s northwest has attracted outrage after it sold for a whopping $1.6 million.

The one-storey house, located at 25 Bowden St in Ryde, sold for $1,680,000 million on Saturday.

According to Michael Dowling from McGrath Estate Agents, the “knocked down” property was sold before it even officially went on the market.

“It (the price) was much more than we were expecting,” Mr Dowling told news.com.au.

The clients “were pretty happy with it, obviously,” he added.

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The property was described as “knocked down” by the real estate agent selling it. Picture: Michael Dowling/Facebook

The carpet is torn. Picture: Michael Dowling/Facebook

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Pictures show a house with crumbling, stained walls, old cupboards, torn up carpet and a shredded ceiling.

Mr Dowling assured news.com.au that the house had been tidied up prior to selling.

“We did do a clean-up job (but) the house is that far gone” that you can barely tell, he said.

The buyer had just missed out on purchasing another house from him.

When they saw the home at Bowden St, they “basically turned around to me and said ‘what do we have to offer the owner to stop them going on market’.”

“A lot of people are trying to buy property before auction because of failed attempts,” he explained.

On social media, Mr Dowling’s sale attracted more than 7000 comments.

The run-down bathroom. Picture: Michael Dowling/Facebook

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“People are CRAZY even bidding on this pile of cr*p,” said one person.

“What concerns me is … real estate photos usually make a place look 1000x better,” said another.

“So glad I live in Perth, we could buy a large waterfront for that,” added a third.

“Prices like this for that is no wonder many people can’t buy a house,” someone else pointed out.

There are bits hanging off the ceiling. Picture: Michael Dowling/Facebook

Michael Dowling said the house was an unusual sale. Picture: Michael Dowling/Facebook

Mr Dowling said he had decided to post the sale on social media because the price was definitely a “wow factor”.

He estimates that almost half the comments online were directed at him personally.

“A lot of people said the market growth was my fault,” he said.

“Frustration, that’s the best way to put it,” he described the comments.

“I recently bought a house. (It’s) a hot market. I get the frustration. I was on the other side. It was tough.

“The facts are we (real estate agents) don’t dictate what people pay.

“We try to help our customers get the best price possible but we don’t hold the buyers to ransom.”

The exterior of the house. Picture: Michael Dowling/Facebook

The house’s backyard. Picture: Michael Dowling/Facebook

It comes amid a boom in Australia’s property sales despite predictions of the opposite, prompting experts to warn of the “volatile” nature of the market.

Earlier this week, the Australian Bureau of Statistics announced that Australia’s total housing stock hit a record $8.29 trillion.

Of those, NSW houses made up $3.3 trillion.

Considering there are around three million houses in NSW, that means the average price tag has surpassed $1 million.

Mr Dowling is certainly feeling the squeeze for houses in the Ryde area, where he works.

“From a market point of view in my area, supply and demand are out of balance,” he explained.

“There are not enough people selling to match that demand.”

He said Ryde in particular is experiencing a property boom, as people are looking to move from apartments into a house as their flats haven’t risen in price.

“Just because one buyer was willing to spend that ($1.6 million) doesn’t mean someone else does,” he concluded.