Sydney Home with Collapsed Roof Sells for $5.58 Million
The recent sale of a dilapidated property in Sydney’s Inner West has underscored the high demand among buyers and developers in the region. A rundown five-bedroom home located at 9 Birnam Grove, Strathfield, sold for an impressive $5.58 million at auction. Esteemed listing agents Jerrie Harris and Tarun Sethi from McGrath Strathfield highlighted the unique circumstances surrounding this sale.
Sydney Home with Collapsed Roof Sells for $5.58 Million
This property was being auctioned as part of a deceased estate, with an initial price guide of $4.6 million. According to Jerrie Harris, this figure represented the best offer prior to auction day. The auction attracted significant interest, drawing ten bidders, with the final bid secured by a developer.
Market Insights
Current market conditions reveal that Strathfield’s median house price stands at $4.29 million, reflecting an increase of 11.1% from the previous year. Despite the home having been uninhabited for over a year, buyers remained enthusiastic. Many bidders expressed intentions to demolish the existing structure to build new homes.
Property Condition and Potential
The condition of the property itself raised some concerns. The roof is nearly collapsed, and the interior has remained untouched for a significant period. Harris noted that restoring the home would require an investment of one to two million dollars.
Land Value Appeal
The recent auction results point to the importance of land value in determining price, a trend often seen in Sydney’s eastern suburbs. This particular block in Strathfield is adjacent to properties that have sold for over three-and-a-half times its auction price. As a freestanding home without heritage or conservation restrictions, it presents a rare opportunity for builders and developers.
Nearby Real Estate Trends
- Last year, a property on Victoria Street sold for $16.5 million.
- A suburb record of $16.8 million was set on South Street in 2024.
Strathfield is recognized as a highly desirable location, making it a prime target for redevelopment. Buyers are actively seeking opportunities to capitalize on the area’s potential, signaling robust activity in Sydney’s property market.
