‘Mould and flip’ – huge profit for derelict terrace
Its ceilings are starting to cave in and a once white floor has turned black, but the owner of thisin inner-city Sydney has hit the jackpot with a profit far larger than what they paid for the property 15 years ago.
This was more than double what the vendor paid in 2007 and 30 per cent more than the highest offer made prior to auction.The two bedroom terrace in Darlinghurst went to auction with a guide of $1m before being sold for $1,365,000 after an all out battle between two active bidders.The “renovator’s delight” with DA approval for a three storey dwelling was listed for sale through Ray White Touma Group after the seller abandoned their plan to renovate and extend.
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