Sydney's red-hot property market shows little sign of cooling through the winter, with a dilapidated timber Inner West house selling for $2.41 million on the weekend.
The figure for 21, The Parade, in the suburb of Enfield, was $430,000 above the price it had been expected to sell for. Despite requiring at least $500,000 in refurbishments to bring the home to a liveable standard, a staggering 25 bidders registered for the auction.This rotting timber house in Sydney's Inner West sold for $2.4million at auction, $430,000 above the expected price. Selling agency Richards Matthews Real Estate described the 570sqm property as having a "blank canvas" for its new owners, who, subject to council approval, have the options to renovate, reconstruct or develop the home.
Data released last week showed home resales have reached their highest rate of financial gain in 14 years.The interior of the home has been described as a 'blank canvas' for its new owner. From the 85,000 resold properties during the first quarter of this year, more than 94 per cent recorded a nominal gain, according to the latest CoreLogic Gain & Pain report.