Ramshackle timber home fetches $2.4 million at auction
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Sydney's red-hot property market shows little sign of cooling through the winter, with a dilapidated timber Inner West house selling for $2.41 million on the weekend.
The figure for 21, The Parade, in the suburb of Enfield, was $430,000 above the price it had been expected to sell for.
Despite requiring at least $500,000 in refurbishments to bring the home to a liveable standard, a staggering 25 bidders registered for the auction.
The average Sydney house going for auction usually attracts two to four bidders.
Selling agency Richards Matthews Real Estate described the 570sqm property as having a "blank canvas" for its new owners, who, subject to council approval, have the options to renovate, reconstruct or develop the home.
The property was last sold in 1991, according to Domain.
The real estate market traditionally experiences a reduction in property listings during the winter months leading to lower sales stock, but the cooler weather appears to have had little impact on buyers.
Data released last week showed home resales have reached their highest rate of financial gain in 14 years.
From the 85,000 resold properties during the first quarter of this year, more than 94 per cent recorded a nominal gain, according to the latest CoreLogic Gain & Pain report.
The medium gross profit was $265,000 and the median loss was $40,000.