$1.4m rundown Sydney terrace without bathroom back on the market
An unliveable Sydney terrace is back on the market for the third time in less than three years.
An “unliveable” 1800s Sydney terrace without a bathroom is on the market for the third consecutive year after it was last sold for $1.4 million.
The 120 sqm block in Waterloo with an “unliveable residence” is advertised as “dilapidated” but with “so much potential throughout”.
“One for renovators or builders, this rundown terrace is in need of a complete overhaul, a blank canvas for a city project,” the listing states.
The asking price is $1,150,000, about $300,000 less than the property last sold for in July 2021 ($1,454,000). In August 2020 it sold for $1,010,000.
The floor plan shows two levels with three bedrooms, a kitchen and living room. However, there is no bathroom inside the house. A wooden outhouse is located in the backyard.
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It is understood it used to be a housing commission property and the original owner was given the opportunity to purchase it off the government.
She bequeathed it to her family when she died and the family, after keeping the home for many years, sold it in August 2020.
The listing agent at the time said it would cost at least $250,000 to repair the home.
“That would be the bare minimum if you were a builder,” Jack McGhee of Ray White-Surry Hills said in 2020. “But you’d probably spend more like $500,000 … it’s hard to say what needs to be done because we don’t know the state of the wiring and things like that.”
The person that did buy it kept the rundown property for less than a year before selling it to the current owner. That owner plans to take it to auction on November 26.
A development application for “alterations and additions to residential development” with the local council was lodged on August 30 and shows an estimated cost of $381,780.
Current listing agent Patrick O’Brien of Bresic Whitney Estate Agents told news.com.au the type of property was popular with construction types and owner-occupiers, who intend to live in the home themselves.
“I know that because we’ve sold several properties in Waterloo to people from Redfern, Darlinghurst and Surry Hills,” he said.
He said the Victorian terrace houses were a property type that had become popular in the last 12 months.
“It’s a market that’s only in last 12 months experienced good growth,” Mr O’Brien said.
“We sold three or four homes in (nearby) Walker St and they’ve all gone well above guide.”
He did not disclose to news.com.au why the owners were selling.