Sydney auction delivers wild result after hoarder trashes home

A leaking Sydney house requiring a staggering amount in repairs has changed hands for a huge price after a jaw dropping auction.

A horror terrace in Redfern requiring at least $300,000 in repairs to fix the leaking roof and a multitude of other problems has changed hands at auction for a price that left onlookers stunned.

It’s understood the two-bedroom terrace on just 95 sqm of land had been inhabited by an alleged hoarder and was left vacant for at least a year – possibly longer – after he passed away.

The agent, Namir Mikha of Adrian William, said the home had required a $10,000 clear out because it was packed with “junk and furniture”.

“It looked like a hoarder’s place,” he said. “There was just so much junk. It was also packed with furniture that went halfway to the ceiling.”

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The dilapidated house required a $10,000 clean out due to all the items left within it.

Mr Mikha said prior to the auction that early feedback from buyers had indicated the home would sell for about $900,000-$1m.

But buyer interest gradually picked up during the sales campaign and the reserve was set at $1.2m. The home then sold under the hammer on Saturday for $1.35m – $150,000 over. Ten parties registered to bid.

The buyers were reported to have purchased the home for their adult children, who will move in after a renovation.

Mr Mikha said it was a huge result given the condition of the house.

“We had to be conscious of buyer safety. A lot of the home was not safe. Water was pooling in the kitchen and second bedroom because of a roof leak.

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The home was left vacant for at least a year – but it may have been much longer.

There were 10 registered bidders.

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“The inside had a damp smell. It was a mix of things. It could have been mould too.”

Auctioneer Brad Heffernan said the home had “a lot of potential”. “I feel like in a few years it could be worth $2m and then the ($1.35m) price will seem like good value”.

“In terms of where we’re at in the market, it does feel like momentum is growing,” Mr Heffernan said.

“We could be on a trajectory. The rate cut helped a lot, it’s brought a lot of investors into the market.

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The kitchen after the clean up.

The block is 95 sqm and includes an outdoor bathroom.

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“We could have seen the bottom of the pendulum and now we are seeing an upswing. As an auctioneer, I’m loving it.”

Records indicated the Redfern home on George St last sold in 2012 for $620,000.

It comes as PropTrack’s latest Home Price Index revealed Sydney prices increased by an average of 0.5 per cent over February – the first meaningful rise in citywide prices since August and the biggest rise in a year.

Prices had been falling over December and January, while growth over the spring months was minor to the point of essentially being flat.

The kitchen and one of the rooms had leaks.

The home before the clean up.

The bathroom.

Housing experts had long warned that an interest-rate cut would drive an “immediate” resurgence in prices – especially in Sydney due to the higher levels of debt required to enter the market.

REA Group economist Eleanor Creagh said rate cuts have driven up prices by improving the amount buyers can spend, while also boosting confidence.

“Market sentiment has improved now that interest rates have started to move lower,” she said.

“The prospect of rate cuts had already buoyed sentiment, with clearance rates strengthening in every capital city in early February compared to the final months of 2024.”

Originally published as Sydney auction delivers wild result after hoarder trashes home