A ‘dilapidated’ Paddington home too dangerous for inspections sold for more than $200,000 over its reserve.
The auction of 342 South Dowling St, attended by 80-100 people, was held at Ray White Woollahra on Wednesday night with 20 registered bidders.
Auctioneer James Kerley dropped the hammer at $1.525m, saying that the auction really kicked off around the $1m mark with 10 active bidders.
“It was well contested and bought by a young gentleman whose $20,000 finishing bid knocked everyone else out,” he said.
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“It’s a unique terrace, completely unlivable and dilapidated.”
Mr Kerley said the owner was an elderly gentleman who became emotional after the sale.
“It makes it all worthwhile,” he said.
“The gentleman had owned it for 30 years and he said the sale will change the rest of his life.”
The terrace was one of the original built in the Paddington area, however had been neglected for many years with the walls, roof cavity and flooring in desperate need of repair, a ladder linking two of the floors as well as old furniture throughout.
The listing described it as a “prime blank canvas opportunity” for someone with creative vision to build a dream home.
Ray White agent Augusto Gerocarni said the owner was “over the moon” about the sale as well as the buyer.
“It was a great result and sold to a young guy who wants to build a terrace for himself,” Mr Gerocarni said.
“He saw the vision.”
The 101 sqm, two storey terrace had three bedrooms and one bathroom with original interiors, period fixtures as well as rear lane access.
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According to CoreLogic property records, the property last sold in April 1992 for $182,000 with its first recorded sale in October 1985 for $4300.
Paddington recently made a list of some of the more affordable suburbs across Sydney, compared with their neighbours.
Buying a house or unit in Paddington, compared to something of a similar nature in Double Bay, was around $2.2m cheaper according to PropTrack research.
It was a successful night for Mr Gerocarni who also sold 685 South Dowling St Redfern for $4m.
Originally published as Dilapidated Paddington terrace sells for $200K over reserve
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