SYDNEY, June 23 – Sydney homes with crumbling walls, tattered ceilings and bathrooms and kitchens stripped of fixtures are being bought out for millions as buyers try to snag a slice of the burgeoning Australian real estate market.
Last week, a rundown brick home in the northwest of the city sold for A $ 1.6 million (SGD 1.6 million), a price that “was a lot more than we expected,” according to the real estate agent who handled the deal.
Photos on the estate agent’s website showed torn carpets, tattered blinds, and a dirt-encrusted kitchen.
“(The buyers) are individuals who wanted to live in this part of Sydney and want to demolish and rebuild the property,” McGrath salesman Michael Dowling told Reuters.
Despite the condition of the house, they were drawn to the nearly 500-square-foot lot, he said.
“There is more supply coming in, but there is still a lot of demand.”
