Rotting Leichhardt shack sells for just shy of $1 million

Rotting Leichhardt shack sells for just shy of $1 million
Rotting Leichhardt shack sells for just shy of $1 million

Sydney’s inner west clearance rate has been cooling but a dilapidated, rotting Leichhardt shack, in desperate need of renovation, or more likely demolition, sold at Saturday morning McGrath auction for $980,000. 

The home at 80 Edith Street, which attracted an $800,000 opening bid from the eventual buyer, hasn't even got a floor in the timber rooms.

The sale was effectively for the 278 square metre block with development approval for a new home.

The home, empty for 20 years. still had its rooftop television antenna. 

Just three of the eight registered parties put in bids on the property for which there were  initial expectations of more than $850,000.

McGrath agent Shad Hassen, who spoke right through the noise of the overhead Tiger jet departure from Sydney airport, predicts $1.6 million plus after any rebuild at 80 Edith Street.

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Leichhardt’s median house price is $927,500, according to RP Data. 

As such it is not among the 170 suburbs with a $1 million median house price, according to Australian Property Monitors.The figure comes from sales data over the six months to March.

Sydney's upper north shore region recently became the fifth of eight regions that now sat within the $1 million plus median house price range.

The other regions already with $1 million medians include the city and east, the lower north shore, the northern beaches, and the inner west which was included only last year.

The Leichhardt offering was among the 800 properties listed for auction in Sydney on the weekend, which APM suggest is nearly double the 422 homes auctioned over the same weekend last year. 

Sydney’s inner west hosted the most auctions with 124 followed by the city and east with 116, the south with 110, the upper north shore with 90, the lower north shore with 74 and the west with 71 homes listed to go under the hammer.

 

The Sydney auction market bounced back at the weekend recording its highest clearance rate for eight weeks. The preliminary Sydney rate of 79.3 percent was helped by the inner west with 83.0 percent.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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