High price for a difficult property in Redfern

I inspected this property and was surprised to see it sold for over $1.2m.

Did have rear lane access with off-street parking and 4 potential bedrooms-one was a workshop/toolshed built at the back of the building. 2nd toilet was built into what looked like a lock-up wooden box which would have been less than 5 foot high.

I think this one shows that some properties in Redfern are now getting silly prices.

http://www.realestate.com.au/property-house-nsw-redfern-114961395
 
Last edited:
Wow I had 3 clients eyeing this property and 2 went to the auction. Huge price.

Wonder how much the blank canvas will go for in buckingham?
 
The house is in a good part of Redfern (that's not an oxymoron!). Anyone buying the house would be looking at spending another $150,000-$200,000 to change what is there and considerably more to make it into a very decent property.
 
Here's another even more difficult property for sale in Redfern.

http://www.realestate.com.au/property-house-nsw-redfern-115062595

Link is now showing pictures of the rooms. Gives you an idea how rough it is. Let's get a few bets of what it will go for. I say about $875k.

It goes to auction on 9 November. When I viewed it about 30 people were queued up in the street to inspect it.

4 bedrooms in very dilapidated state. Depressing comes to mind. Kitchen almost non existent. Front room downstairs smells of large hairy dogs. I think this is where they were kept by the elderly owner. Can't smell it in rest of house. Heavy nicotine stains on pressed metal ceilings in most rooms. Wall where staircase is has old style cheap fake panelling which I suspect is covering up a brick wall in poor or damaged state. When I tapped the panelling downstairs I could here sand (mortar or broken bits of brickwork) falling underneath. Balcony to upstairs front room looks like it will collapse if you walked on it, guttering rusted out. A lot of walls need to be replastered.

The pluses...very high ceilings, original pressed metal ceilings, floorboards possibly ok in places if you ripped up the old carpet, good sized rooms, very good location in George Street close to Redfern Street shops.

Needs entire new kitchen, new bathroom, probably a cement floor in front room to get rid of dog odours, new balcony upstairs, iron fence spear heads? replaced on front fence, replace damaged guttering, look at wall near staircase downstairs and upstairs (this could be major $ to repair), probably some tin roofing sheets replaced, floors sanded if floorboards ok (couldn't tell but felt firm enough underfoot...might be some form of sheeting under the carpet in places though), definitely needs to be cleaned more, replastered and repainted with lots of repairs to walls etc and electricals checked...replaced.

If a buyer had some very solid reno experience this could make a substantial reno project and ultimately a very satisfying job to undertake.
 
Last edited:
what kind of idiot paid this price?? i must have an entirely different definition to the selling agent of what immaculate means
 
The 142 Walker Street Waterloo property got a write up in Domain (p.5) Sydney Morning Herald.

Agent says $680k+ more like $890k
 
The derelict property at 90 George Street Redfern (its unihabitable atm with one room stinking of dogs, hardly any kitchen or bathroom) sold at auction today for $1,000,000 exactly.

That's a very high price for the amount of work required.

Neigbour commented at the auction "the house is missing just one thing....
a match".

Check out the pretty pictures on link below:-

http://www.realestate.com.au/property-house-nsw-redfern-115062595

Meanwhile the property at 142 Walker Street Waterloo sold for $805k

http://www.realestate.com.au/property-terrace-nsw-waterloo-115143139

Some buyers will almost pay a premium to do a renovation rescue.
 
Clearly, the $805K one can be moved straight into, but is the area for the $1M one better? That needs a LOT of money spent. What do you think it would be worth once renovated?
 
Hi Wylie,

possibly $1.4M with a really slick renovation. Its in a very good position close to Redfern Street and also Cleveland Street. Has high pressed metal ceilings and decent sized rooms including decent sized living room.

Renovation might cost up to $300,000.
 
Hi Wylie,

possibly $1.4M with a really slick renovation. Its in a very good position close to Redfern Street and also Cleveland Street. Has high pressed metal ceilings and decent sized rooms including decent sized living room.

Renovation might cost up to $300,000.

So, someone has paid $1M plus stamp duty ($40K?) and may spend $300K for a top quality renovation in the hope of selling for $1.4M?

There is not much profit in that.
 
Back
Top