2BR House in Marrickville for $600k

[Television]

Sales Result

Right, so it's definitely a bit of a fixer upper.

But still, I reckon for the right person, they just got a cracking deal.

The block is quite narrow, but with the right design and some nice light wells, you could but a large (albeit unconventionally designed ) residence on there. 31m deep!

I didn't go to an open so I can't comment on the structural integrity of the joint, but if you were a very determined builder with a plumber and sparkie that owed you a favour, you could make a very tidy profit off of that sale.

 

[Rolf Latham]

seeing a decent 2bed unit is 550 to 650............

600 for any land content looks good

ta

rolf

 

[Television]

My thoughts exactly. You could try to do a quick cheap reno for 40-50k to get tenants in while you worked out a better plan and DA to really do something clever with the site... if only i were a richer man.

 

[Richard Feynman]

Very affordable.

It's under the flight path, still surrounded mostly by industrial stuff, right by a main road etc, but whoever has the cash to renovate/redevelop will end up with a good result.

In a decade or so when the Victoria road precinct rezoning/redevelopment has made meaningful progress it'll be interesting to see what has happened there. Could be one of the few remaining houses among a bustling new area of public spaces, 4000-6000 new residents (mostly in apartments) and great new amenities, shops etc or be bought be a developer in the process.

Or end up in the shadow of a 7 storey apartment complex.

 

[sanj]

Very affordable.

It's under the flight path, still surrounded mostly by industrial stuff, right by a main road etc, but whoever has the cash to renovate/redevelop will end up with a good result.

In a decade or so when the Victoria road precinct rezoning/redevelopment has made meaningful progress it'll be interesting to see what has happened there. Could be one of the few remaining houses among a bustling new area of public spaces, 4000-6000 new residents (mostly in apartments) and great new amenities, shops etc or be bought be a developer in the process.

Or end up in the shadow of a 7 storey apartment complex.

I don't know the numbers etc, can you pls share?

Surely you'd end up a fair bit over $1m once all costs considered and you're talking about a terrace on a tiny block in marrickville.

 

[monalisa]

4.1m frontage

 

[Rolf Latham]

4.1m frontage

single fronted terrace and a bit I think

quite common

ta
rolf

 

[Richard Feynman]

I don't know the numbers etc, can you pls share?

Surely you'd end up a fair bit over $1m once all costs considered and you're talking about a terrace on a tiny block in marrickville.

If you mean numbers to reno/demo, no idea of the costs, just mean that getting in so cheap is doing well.

Here's the kind of thing it could become (this is not too far from the site in question so it also suffers the plane noise etc and it's also on an almost identically sized block): http://www.realestate.com.au/property-house-nsw-marrickville-117769599

$1,248,000 on 174sqm

vs

$600,000 on 160sqm

 

[Richard Feynman]

A write up:

http://www.dailytelegraph.com.au/ne...096317664?nk=e25a830efe13eea51ad59792fcaf36ed

Renovator?s delight in Marrickville sold for $600,000 at packed auction on Saturday

BRENDAN WONG REAL ESTATE REPORTER INNER WEST COURIER INNER CITY OCTOBER 20, 2014 4:17PM SHARE

2 Smith St, Marrickville, sold for $600,000 at auction

A HIGHLY sought-after home at 2 Smith St, Marrickville, only had standing room on auction day.

The run-down two-bedroom house caught the eye of 24 registered bidders, who all saw the *potential of Marrickville?s price growth, according to selling agent Filippo D?Arrigo of Raine & Horne Marrickville.

?This part of Marrickville is such a funky place now,? Mr D?Arrigo said.

?There was a real mix of buyers during the campaign, including mum and dad buyers, investors and also builders.?

If you can look beyond its dilapidated state, the property has a lot of potential.
The winning bidder on the day who paid exactly $600,000 for the ?renovator?s delight? was a builder who plans to rebuild and rent out the property.
The weekly rent for houses in Marrickville is $620, according to RP Data stats.

?It was an interesting sale. In my 15 years in the business, I don?t think I?ve sold a house that, condition-wise, was in such poor shape,? Mr D?Arrigo said.