• Thu. Feb 29th, 2024

    Uninhabitable Bondi Semi Sells for $2.4 Million, Surpassing Expectations

    Uninhabitable Bondi Semi Sells for $2.4 Million, Surpassing Expectations

    In a surprising turn of events, a dilapidated semi-detached home in Bondi has fetched an impressive $2.415 million at auction. The property, located at 10 Stephen Street, last traded hands for a mere 4,200 pounds back in 1962. It attracted a staggering 23 registered bidders, ultimately selling for $315,000 over the reserve price.

    The two-bedroom home, situated on a 172-square-meter block, had been left uninhabited for years while probate was being finalized. Its worn-out state required extensive renovations or a complete rebuild. James Ledgerwood of McGrath, the selling agent, revealed that despite the property’s condition, it possessed several redeeming qualities.

    Buyers were drawn to its desirable north-facing rear aspect and its location in a cul-de-sac on a leafy street. Additionally, the presence of a nearby playground added to its appeal. Ledgerwood emphasized that these were precisely the features that buyers in the area coveted.

    Prior to the auction, over 100 individuals had inspected the property. Ledgerwood spoke to the demand among potential buyers, stating that the auction was “red-hot” and received bids from nine different parties. Bidding began at the price guide of $1.8 million and increased in increments of $25,000, $50,000, $5,000, and $10,000.

    The successful purchasers, who wish to remain anonymous, plan to rebuild the property. Bondi’s median house price currently stands at $3.75 million, experiencing a 4.7% increase over the past year, according to PropTrack.

    The remarkable sale of this dilapidated Bondi semi conveys the enduring allure of the area and the eagerness of buyers to invest in its prime location. Despite its current state of disrepair, the property’s potential for transformation and its coveted surrounding amenities proved irresistible to those seeking to make a mark on the Bondi real estate market.

    Frequently Asked Questions

    1. What was the final selling price of the dilapidated home in Bondi?
    The dilapidated home in Bondi sold for an impressive $2.415 million at auction.

    2. When was the last time the property changed ownership?
    The property last traded hands for 4,200 pounds in 1962.

    3. How many registered bidders were there for the auction?
    There were 23 registered bidders for the auction.

    4. How much did the property sell over the reserve price?
    The property sold for $315,000 over the reserve price.

    5. What were some of the redeeming qualities of the property?
    The property had a desirable north-facing rear aspect, a location in a cul-de-sac on a leafy street, and the presence of a nearby playground.

    6. How many people inspected the property prior to the auction?
    Over 100 individuals inspected the property before the auction.

    7. How did the bidding process unfold at the auction?
    Bidding began at the price guide of $1.8 million and increased in increments of $25,000, $50,000, $5,000, and $10,000.

    8. What are the future plans of the successful purchasers?
    The successful purchasers plan to rebuild the property.

    9. What is the current median house price in Bondi?
    Bondi’s median house price currently stands at $3.75 million.

    10. What does the sale of this dilapidated home convey?
    The sale conveys the enduring allure of the Bondi area and the eagerness of buyers to invest in its prime location, despite the property’s current state of disrepair.

    Definitions:
    – Probate: The legal process of validating a will and executing the instructions contained within it after a person’s death.

    Related links:
    PropTrack: PropTrack provides real estate market data, including property prices and trends.