First homebuyer snaps up dilapidated Erskineville terrace for $720k
One first homebuyer has their work cut out after they snapped up a dilapidated one bedroom terrace in the inner city for an incredible price.
A plucky first homebuyer has snapped up a dilapidated terrace in the heart of the inner west for just $720,000 prior to auction.
The buyer of the one-bedroom terrace at 34 Flora St in Erskineville certainly has their work cut out though, with the home in need a full renovation.
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There are crumbling walls throughout, with one of the rooms not even having a floor after it rotted away over the years.
Selling agent William Phillips of BresicWhitney said the property was very popular and the buyer was in the construction business.
“It was a fair offer and the buyers and vendors were both happy to do a deal,” he said.
“It’s hard to get a block of land in the inner city for under $1 million. It did need a lot of work so it did scare some people away.”
Located on the end of a row of cottages, the kitchen consist of an oven and stove, while there is also a bathroom and laundry at the rear.
The property had been vacant for sometime, with the owner planning to leave it as a blank canvas and sell, rather than renovate themselves.
According to CoreLogic records the last time the property sold was in 1981 for just $36,500.
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Originally published as First homebuyer snaps up dilapidated Erskineville terrace for $720k