Real estate in Sydney: Dilapidated and burnt house sold for 5 million dollars

The charred skeleton of a house in Strathfield in Sydney’s central west is up for sale… for $5 million.

Formerly a seven-bedroom, four-bathroom Sydney townhouse, it sits on a large 1530m² block half an hour from the CBD.

Realestate.com.au website reported the property went up for auction last Saturday.

Although the price is not disclosed, but rather listed as “contact agent”, online property searches reveal the desired price to be over $5 million.

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And if it sells for it, the house will make a profit. The Wentworth Rd property was sold in February last year for $4.788million – before a fire ripped through it.

The listing describes it as a “rare pop-up opportunity to add value in an exciting Inner West location.”

“With two lots across this excellent clear block, the savvy investor has the opportunity to create exceptional additional revenue streams with the potential to build up to two luxury homes, a daycare, a duplex, a boarding house and more. “, he continued.

The house was practically reduced to ashes by a fire in August last year.

Neighboring properties were evacuated when the fire took hold of the roof.

Speculators believe market pull is the substantial motive – although it is listed as a ‘home’.

But while the price is certainly raising eyebrows given its condition, the median price for a five-bedroom home in Strathfield is $4.293 million, up 31.3% over the past 12 months.

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