A once-quirky house fell into ruin after the owner deserted it for less than a decade. The fact it was unlivable cost the vendor in a weaker market.
A freestanding house on 270 square metres at 1 Vaughan Place, Redfern, NSW. Sold before auction for $3,050,000.The freestanding house on 270 square metres at 1 Vaughan Place in inner-east Sydney’s Redfern sold before auction for $3,050,000.AdvertisementI thought it would go for around $2.75 million.I’ve never experienced in my 30 years in real estate a case when a house is just left. It was surprising to see how a once-diamond in the area quickly becomes a dilapidated dump.
I was really surprised to see how much it deteriorated in that condition. Seven years is not a long time, but long enough, it seems. For properties sold in the undeveloped form – the market values it differently if they can live in it. The whole category of buyer changes. The new build market is very different to the buy-live-deal-with-it market.
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