You know the property market is hot when uninhabitable homes are selling for multi-million-dollar price tags.
Peeling paint, mouldy walls and water damaged ceilings have been just some of the features found in rundown homes that have sent buyers into a frenzy across the country this year.
Popular with developers as well as renovators, buyers have snapped up dilapidated homes at a great rate in 2021, enticed by original features, great locations and the potential to renovate or build their way to their dream home or investment property.
The homes below are just a small selection of the most rundown homes to sell in 2021 for more than $1 million.
6 Edward St, Kew
$7.24 million
Sold: 8 May, 2021
In the Melbourne suburb of Kew you expect luxury homes to sell for multi-million-dollar price tags, but when 6 Edward St sold in May it raised a few eyebrows. Flaking paint, water damaged ceilings and walls and a kitchen with a peeling linoleum floor, were among the features on offer. But there were also many redeeming qualities, despite them being in need of a lot of TLC, including coffered ceilings, timber floors, skirting boards and architraves, not to mention a 1216sq m block in one of the Victorian capital’s best suburbs.
155 The Boulevarde, Strathfield
$5.5 million
Sold: June 19, 2021
Once upon a time this weary period home would have made you the envy of family and friends. Box bay windows, soaring decorative ceilings and fireplaces with decorative mantelpieces, while terribly run down, make it easy to see just how much character and charm the home would have when restored. Set on a 1323sq m block, with a disused tennis court and pool, the property really was a renovator’s delight.
202 Palmer St, Darlinghurst
$3.813 million
Sold: 4 September, 2021
Everyone loves a terrace house but this Darlignhurst beauty bucks that trend – it’s in need of a lot of TLC. Maybe it was the mouldy walls that prompted the buyer to pay $3.813 million for the two-storey terrace, or it could have been the rickety staircase, boarded up French doors or smashed skylights. More likely it was its original floorboards, open fireplaces, dual street access and location that appealed, with a private buyer purchasing the home to renovate and live in.
148 Young St, Annandale
$2.625 million
Sold: 28 August 2021
This little brick cottage might be in Young St, but it was looking decidedly old when it sold for $2.625 million in August. With flaking paint and rundown rooms, the home was in need of a full renovation. But it did have some appealing factors, including a 7.3m street frontage, rear access to a 230sq m block and a prime location in Sydney’s Inner West.
49 Browne St, New Farm
$2.1 million
Sold: March 20, 2021
Uninhabitable is the only way to describe this Brisbane cottage, which didn’t even have a back door when it sold earlier this year. In its listing on realestate.com.au, agents described the cottage as “quaint” and “in need of a full renovation”. They weren’t wrong, but the property also had original features including stone fireplaces, pine floorboards, timber-panelled walls and decorative fretwork – if you could spot them underneath all the dust and dirt.
26 Eton St, Camperdown
$1.62 million
Sold: 15 May, 2021
Set on just 127sq m, this dilapidated one-bedroom house became one of the most expensive properties, per square metre, to sell in Sydney’s Inner West when it sold in May. According to ABC News, the home was tipped to sell for about $500,000 but smashed that prediction at auction thanks to competition from 28 registered bidders. No maintenance had been performed on the property in half-a-century and it showed, with holes in the roof, lime green paint and plenty of dirt and grime on offer.
101 Philip St, Hawthorne
$2.005 million
Sold: 26 June, 2021
Queenslanders are an inherently popular style of home in Australia’s warm, northern climate, but this one in Hawthorne, Brisbane, was unique. Completely uninhabitable, it was so rundown that buyers couldn’t even inspect it in-person, according to realestate.com.au. Set on 810sq m, the winning features of the property include its location just a couple of streets back from the Brisbane River, city views and original features including French doors and timber-panelled walls.
10 Patterson St, Kew
$1.408 million
Sold 4 September, 2021
This derelict two-bedroom home sold under the hammer for $200,000 above its price guide, according to Domain. Described in its listing as a “blank canvas opportunity to build your dream home”, the property was marketed as a knockdown-rebuild. It’s not hard to see why, with grimy carpets and an old kitchen among the features. Still, it was on a 520sq m block, close to parks, schools and shops.
