Darlington, Sydney terrace sells for $1.83 million despite moldy roof, peeling walls and dilapidated balcony

Derelict terrace ‘ripe for renovation’ sells for a whopping $1.83m and $600k over its reserve after estate agent slashed price because ‘no one was interested’

  • The four-bedroom inner Sydney terrace sold for more than $1.8 million
  • The two-storey house was advertised as ‘ripe for renovation’ with ‘huge potential’
  • The derelict property has peeling walls, moldy ceilings and a dilapidated balcony

A Sydney property with peeling walls, a dilapidated balcony and moldy ceilings has sold for $1.83 million – a whopping $600,000 over the asking price.

The four-bedroom, one-bathroom inner-city terrace was sold at auction on Saturday, with eager bidders throwing out massive offers to try and secure the home.

The property, located on Wilson Street in the inner west suburb of Darlington, was originally listed for $1.5 million, deterring buyers from the abandoned fixer-upper.

The four-bedroom, one-bathroom terrace located in the inner Sydney suburb of Darlington (pictured) sold at auction for $1.83 million – a whopping $600,000 more than the asking price

The dilapidated two-story terrace's interior is completely worn out with paint peeling off the walls (pictured, peeling and flaking paint on the wall behind the terrace's front door)

The dilapidated two-story terrace’s interior is completely worn out with paint peeling off the walls (pictured, peeling and flaking paint on the wall behind the terrace’s front door)

Adrian William realtor and founder Adrian Tsavalas listened to the feedback and rebuilt the patio for $1.25 million.

Sir. Tsavalas said the lower asking price drove renewed interest in the property, with 22 registered bidders at the auction.

“I think this proves that the buyer pool is still healthy, activity in the market is still high, while conditions continue to change,” Mr Tsavalas told realestate.com.au.

A young couple interested in renovating the home outbid seven people in the auction, which started at $1.3 million.

Sir. Tsavalas said the 139-square-meter terrace sold for more than he expected despite its dilapidated interior.

“I think the value in a home can also come from the potential it offers to a buyer who is willing to do the work to fix it up,” he said.

Pictures of the dilapidated home showed moldy ceilings and damaged walls with peeling and missing paint.

The two-story property boasts three fireplaces, hardwood floors and an outdated pastel pink kitchen.

The terrace has wooden floorboards and three fireplaces, but is in dire need of renovation

The terrace has wooden floorboards and three fireplaces, but is in dire need of renovation

Advertised as 'ripe for renovation', the 139sq m property is in a prime location close to shops, restaurants and transport

The 139 square meter property was advertised as ‘ripe for renovation’ and is in a good location close to shops, restaurants and transport

The property was an estate owned by the same family for 50 years and had housed tenants in a cooperative housing scheme a week before it was put up for sale (pictured, moldy ceiling in the terrace's kitchen)

The property was an estate owned by the same family for 50 years and had housed tenants in a cooperative housing scheme a week before it was put up for sale (pictured, moldy ceiling in the terrace’s kitchen)

The property was an estate owned by the same family for 50 years and was housing tenants in a co-operative housing scheme at the end of July – a week before it was for sale.

The property’s location was a big selling point for the terrace, which was described as ‘ripe for renovation’ in its online sales description.

“Bring your vision to this four-bed terrace with its iconic Victorian facade,” the ad read.

‘Ride for renovation, there is great potential here and in a prime location, steps to the Carriageworks, shops, dining and transport, the picture-perfect dream home is also close at hand.’

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