A skeleton of a home and its half-acre block in Heritage Park has sold for about $700,000.
On the inside of 18 Grier Drive, mould covers the walls, the floors are bare, stripped of the carpets that once gave comfort under foot, doors are missing from their architraves, and the grass outside is knee-high.
“All the floors were ripped up, the roof was caving in, moisture issues in the bathroom, leaking left right and centre,” Ray White Marsden’s Jess Nguyen said.
The property has remained idle for roughly the last 12 months. It was a rare find for the selling agent and bidders, who watched as it soared to a sale price exceeding expectations.
“The audience was swearing because they couldn’t believe what was happening,” Ms Nguyen said.
In real estate terms, the home is considered a true renovator – a term describing a dwelling with a gutted interior, which is preferred by renovators. These are rare in the area, so the selling agent knew it would be a hit with the public.
When it came time to sell on November 13, there was no attempt to lift the interior or even mow the grass, yet this did not stop bidders and the surrounding neighbourhood from attending the auction.
The major selling point for the 15 bidders was the land, holding an estimated value of mid-$300 thousand.
“Half-acre blocks are extremely popular in Heritage Park, and this one- I’ve been working in the area for over 8 years, and I have not seen a renovator like this before, so I knew it was going to get quite a crowd,” Mr Nguyen said.
Renovating the home would have cost another $100-200 thousand.
The winning bidder plans to demolish the home and build new.
“The purchaser is planning to demolish it, so really the land value is about $360,000, so to buy it for around double that is insane,” she said.
