Derelict Sydney homes fetch millions at auction as rundown Paddington terrace tops $3.6m

Sydney’s property market might be cooling but two derelict properties fetched millions at auction on Saturday. Ray White data from last weekend revealed that only 52.4 per cent of Sydney auctions sold, down from 71 per cent the same time last year. Midweek figures from realestate.com.au paint a similar picture and show Sydney had 29 per cent fewer auctions scheduled this week compared to last year. These are two dilapidated homes defying the downturn and fetching millions: MORE: 19 strangers flip Syd home for $1.34m amid market slump PADDINGTON The exterior of 103 Hargrave Street, Paddington. A dilapidated three-bedroom terrace in Paddington sold over the guide price of $3.6m and attracted three bidders at a time when buyers are fleeing the market. Listing pictures reveal water stained walls, an unpainted roof with a lone light bulb and a brick courtyard becoming overrun with weeds. MORE: Brutal: ‘The Block’ effect sending Aussies broke Weeds are growing between the courtyard bricks. The final sale price is undisclosed but it’s understood that it sold close to the reserve and was over the advertised guide price of $3.6m. The walls in much of the home are either raw concrete, unfini...