Dilapidated Sydney home fetches $2.41 million at auction, shocking market observers

A run-down house in Sydney’s Inner West has sold for a staggering $2.41 million at auction, highlighting the intense demand for property in the area despite challenging market conditions.

The three-bedroom, one-bathroom home at 21 The Parade, Enfield, described as “inhabitable” due to its poor structural condition, attracted 25 registered bidders and a large crowd of onlookers at the weekend auction.

Richard Baini, Director of Richard Matthews Real Estate, conducted the auction, which saw 87 bids before the hammer fell at $2,410,000 – $430,000 above the seller’s reserve price.

Listing agent Matthew Blackmore said, “This is a huge record breaking result for the area. Many locals will be looking at this result wondering what their home is now worth in the present market.”

The property’s main attraction was its 570 square metre land parcel with a 13-metre frontage, rather than the dilapidated structure itself, which features holes in the roof, crumbling walls, and widespread black mould.

The sale has garnered significant attention on social media, with a post by influencer Jason Ballo receiving over one million views on Instagram and more than 8,000 shares.

Blackmore added, “This sale goes to show how the property market in Sydney is growing especially with the current low stock levels evidently pushing property prices to new highs.”

The extraordinary price for a house in such poor condition underscores the ongoing strength of Sydney’s property market, particularly in sought-after areas, and the scarcity of available land in the Inner West.

This sale may prompt other homeowners in the area to reassess the value of their properties, potentially leading to increased market activity in the coming months.