The price tag of a rundown home in Sydney’s Inner West has highlighted the eagerness of buyers and developers to capitalise on the areas’s property market.
Despite grass on the roof and a pool that looks more like a pond, the five-bedroom home at 9 Birnam Grove, Strathfield is expected to rake in millions at auction tomorrow.
The home, being sold as a part of a deceased estate, is listed for a guide of $4.6m, a figure which listing agent Jerrie Harris of McGrath Strathfield said was the best offer they had received for the property so far.
The home at 9 Birnam Grove, Strathfield will go under the hammer with a price guide of $4.6m
Strathfield’s median house price currently sits at $4.29m, up 11.1 per cent from last year.
Even though nobody has lived in the property for at least a year, according to Mr Harris, buyers have not been deterred.
According to Mr Harris, most interest buyers so far have sought to knock the home down and rebuild.
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The pool may need a clean before swimming in
“It’s mainly developers and some young families looking to build their dream home,” he said.
For those who have thought about restoring the home back to a liveable condition, Mr Harris said it would cost a pretty penny.
“You’d be spending a lot of money,” he said.
“Maybe about one or two million.
“The roof is almost collapsed and the home inside is very old.”
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The interior has been left untouched for over a year
The home’s multi million dollar price guide is almost entirely based upon its land value, something usually seen in Sydney’s eastern suburbs.
But this Strathfield block is close to homes that can sell for over three-and-a-half-times its price guide, according to Mr Harris.
“The position is highly sought after, especially in Strathfield,” he said.
“On Victoria Street, the next street over, we sold something for $16.5m last year.
“So it really is known as one of the best pockets in Strathfield.”
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The block has no heritage or conservation restrictions
A $16.8m suburb record was set on nearby South St in 2024, with Mr Harris saying buyers were “definitely looking to make a big buck” by building in the area.
As a freestanding home – a rarity for the Inner West – on a block that is not heritage or conservation affected, it’s an ideal set of ingredients for builders and developers.
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