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‘Derelict’ dump that costs $1 million

IF I told you that you had one million dollars to spend on property in Sydney, what would you expect? A large yard? A massive balcony with an awesome view? Two storeys?

How about a collapsing roof, cracked walls and the very real possibility your house is currently occupied by more than one heroin addicted squatter?

If you agree with the later, correct. You win a prize for your accurate cynicism.

According to the $1 million listing, the location is a “premier Newtown address” with the “derelict dual level terrace” being “the ultimate fixer upper”.

While it’s exciting to know the property is being offered for first time the almost 50 years, it’s even more impressive that “all attendees are required to sign a waiver prior to entry”.

The two bedroom, one bathroom house cannot be viewed while wearing open toe shoes and children under 16 are banned.

Oh, and the listing said to “bring builder/architect and create a stunning modern home”.

Potential buyers can inspect the terrace every Wednesday and Saturday until it’s auctioned off on March 17 at 9am.

The listing has also attracted attention online, after a Twitter user shared pictures along with the caption “how good is Sydney’s property market”.

But if the price tag on this particular Newtown terrace hasn’t made you lose faith in Sydney’s housing market yet, knowing a similar looking dump in Paddington sold for $1.7 million in February last year will.

The east Sydney terrace previously sold for $1.2 million in March 2015 with the same peeling walls, rotting floorboards and overgrown garden.

And a week before the rundown Paddington terrace went for $1.7 million, another neglected Victorian terrace in Redfern sold under the hammer for $1.5 million.

Continue the conversation in the comments below or with Matthew Dunn on Facebook and Twitter.

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