A completely “unliveable” Centennial Park home, that can’t be knocked down, has sold for a whopping $7.8m.
On a quieter weekend for Sydney – with 637 scheduled auctions – a crowd of 80 gathered to see 41 Robertson Rd sell under the hammer.
Dean Jarman of Ray White Centennial Park said the final price was “above market interest,” for the home that was currenlty “unliveable.”
“It was above expectations, we had interest around $7m-$7.5m,” he said.
With what appears to be black mould, cracked paint and a dated kitchen, it was the first time the property had been offered to the market in 62 years.
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A crowd of 80 gathered to watch 41 Robertson Rd, Centennial Park sell under the hammer.
The home cannot be knocked-down, Mr Jarman said after consulting architects the property would be looking at at least a $2m-$4m renovation.
“It’s heritage listed … a beautiful modernisation can be done at the rear, but renovations need to be sympathetic to the original design.”
Designed by Walter Burley Griffin, who is known for designing Canberra, it was one of only two properties in the eastern suburbs of his design.
The heritage listed home would need some work to become liveable.
The competition for the residence included three registered bidders, with two active.
Bidding started at $7.5m.
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The new owners, were a family with four boys looking to relocate from the Shire.
“It’s a pretty exclusive sale, it’s a very tightly held pocket in Sydney, they’re beautiful large blocks of lands and it’s a very quiet area, you wouldn’t drive down unless you were going to one of the houses and (you’re)right there at Centennial Parklands,” Mr Jarman said.
Outside the Centennial Park home that sold for $7.8m.
Vendors of the Robertson Rd home looking pleased, pictured with their Ray White agents.
In Russell Lea, an original condition apartment has exceeded expectations by selling over the million dollar mark, $163,000 above its reserve.
Popular with first home buyers, unit 12 at 20-24 The Parade sold for $1.063m.
Five bidders registered with four of the five competing. The Agency’s Craig Stokes said he was surprised that the property surpassed the $1 million.
“I never expected it would get a six figure number,” he said.
Inside the original condition Russell Lea apartment.
“It was a completely original condition untouched apartment.”
Lots of buyers saw the potential, with renovations expected to cost $80,000-$100,000, according to Mr Stokes.
“It had an attractive guide of $900,000, I compared it to similar properties in the area of the same condition and the three flights of stairs knocked a lot of buyers out.”
The property sold to a young first homebuyer couple.
12/20-24 The Parade sold for $1.063m.
Mr Stokes said the suburb was stunted with low stock levels.
“There’s not an abundance on the market, there’s not a lot of choice there for people.”
In Concord West, an upgraded “turnkey family home” has sold for $3.38m, $180,000 above reserve.
The home at 12 Wilga St had seven registered bidders with four actively bidding.
“It was a highly sought after property in a premiere position in Concord West … it was a turn key solution,” said listing agent Tarun Sethi from McGrath Strathfield.
Outside the “turn-key solution,” in Concord West.
Inside the Concord home which sold for $3.38m.
Mr Sethi said the property drew buyers from neighbouring areas including Burwood and Strathfield, primarily families looking to upgrade.
Concord has seen a 16 per cent up tick in house prices of the past 12 months, according to PropTrack.
“Concord has grown significantly over the last 12-24 months, due to the influx of buyers from surrounding areas,” he said.
“It also has the train line which is a huge advantage … it means it’s easy and accessible.”
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