Run-down Randwick unit fetches $812,000 as builders defy Sydney property slump

A dilapidated unit in Sydney sold for $420,000 less than the suburb median. Property values might be falling but keen bargain hunters are heading to the lower end of the market, with a repossessed, derelict Randwick unit selling for almost $420,000 below the suburb median on Saturday. It’s unclear how the Randwick property fell into disrepair but it formed part of a deceased estate where it’s understood that the former owner owes around $90,000 in strata fees. MORE: Landlord hits tenant with 58pc hike for mouldy flat The living room of 1D/12 Bligh Place, Randwick has a considerable mould problem. Picture: Sam Ruttyn The smell of damp hits you when walking in the front door of apartment 1D at 12 Bligh Place and you’re immediately confronted with rotting carpet, mould and peeling wallpaper. One dark-stained wooden wall of the living room contrasts against a wall with small pink mirror tiles and another with fragmented wallpaper exposing mould fanning across the area underneath. The carpet is worn down and stained. Picture: Sam Ruttyn The carpet is completely worn away in areas with brown, beige and black splotchy stains. MORE: Derelict Sydney homes fetch millions at auction The kitch...