A crumbling derelict property in a beachside Sydney suburb has been snapped up for an eye-watering price.
A rundown weatherboard house with smashed windows and a rusty tin roof has sold for a staggering $2.7m after a buyer snapped up the home in Sydney’s south.
Located on Nicholson Parade in the beachside suburb of Cronulla, the house was advertised as a “knockdown and rebuild”, meaning the buyer essentially purchased a block of land with an insane price tag.
The house was advertised by Luxe Real Estate Agents as a “rare opportunity to purchase on the very sought after South Cronulla peninsula”.
The agency said the old home represented great value.
“Knock down and build your dream home,” the listing read.
“Easy to build on flat block with quality homes surrounding.”
It was purchased 31 days after going to market.
The property is a 450m walk to Gunnamatta Bay and just short of 1km to Cronulla Station and shopping centre.
It features two bedrooms and one bathroom on a sizeable block (556sq m) that has partial bay views. It is sandwiched between redeveloped and modern properties.
According to RP Data, the home was last sold in 1975 for $3300. It was then valued at $410,000 in 1999.
It is certainly not the first time a rundown house was purchased for an exorbitant price in Sydney.
A dilapidated three-bedroom and two-bathroom terrace on Liverpool Street in Darlinghurst sold for $1.8m earlier this month and was in need of major renovations to make it liveable.
“Make no mistake. this run-down property needs major renovation work, but with a prime east Sydney address in the heart of Darlinghurst, it presents a rare opportunity with many possibilities,” the listing read.
“This virtual blank canvas is now ready for some inspiration and creativity to bring it back to life and capitalise on such an appealing inner-urban position. “
A five-bedroom terrace, with a collapsed balcony and falling ceiling, on nearby Surrey Street sold for $4.6m last June.