Six parties competed for the dilapidated property, and a generous father with plans to renovate secured the keys after some spirited bidding.
Six parties competed for the dilapidated property, and a generous father with plans to renovate secured the keys after some spirited bidding.
By Kristy Johnson
March 1, 2025 — 12.49pm
A dilapidated Redfern terrace with an outdoor toilet sold for $1.35 million on Saturday to a builder who planned to gift the home to his children.
The two-bedroom, one-bathroom home at 98 George Street was guided at $1,050,000 and drew 10 parties to register, though only six made bids. They were a mix of builders and families from the western suburbs and the inner city.
Adrian William Real Estate’s Namir Mikha said the “punchy” bidding opened at $1.1 million and quickly passed the $1.2 million reserve. The builder buyer would renovate the aged house and give it to his young children, the listing agent said.
Mikha estimated renovations would cost between $250,000 and $300,000. The property has a heritage-listed facade and no parking spot. The interior was visibly dirty and damaged; the floors were uneven and the walls were cracked.
Mikha was impressed by the auction turnout, but he said there would have to be several rate cuts for there to be a significant impact in the market.
“Six active bidders is pretty strong and the energy on the ground is more positive with people ready to raise their paddles,” he said.
It was one of 835 auctions scheduled for Saturday.
In Kingsford, a time-warp home with a timber-clad kitchen and psychedelic carpet sold for $2.63 million in a fast-paced auction.
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The three-bedroom, one-bathroom property at 21 McNair Avenue was guided at $2.3 million, $200,000 below its reserve.
There were five registered bidders, three of whom took part in the auction. All registered parties were young families upgrading to a home with a backyard and who wanted quick access to the city and schools.
Bids were fast after the auction opened at $2.45 million. The property sold to a family from Bondi who will make a few cosmetic tweaks and do a renovation at a later date.
McGrath Coogee’s Marnie Seinor said the high opening bid had motivated other parties.
“The fact the home has a backyard, parking and is completely liveable in its current state was attractive to buyers. They can move in, add their own touches later and potentially add a second storey down the track,” she said.
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Seinor said it was an emotional sale because the home had been a family’s home for about 50 years. The vendor was moving into a nursing home.
Kingsford’s house median rose 20.0 per cent to $2,700,000 in the year to December on Domain data.
Kristy Johnson – Kristy is a property reporter for The Sydney Morning Herald.
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