House without a toilet or power just sold for R49 million in Australia, as global property markets boom
- A Sydney home lacking flooring, a toilet, kitchen, and power sold for $3.5 million (R49 million), Bloomberg first reported.
- The property received 30,000 enquiries globally in a wild property market, which stunned the selling agent.
- The property listing says that "behind its charming façade" it has "uninhabitable interiors." Take a look inside.
- For more stories go to www.BusinessInsider.co.za.
This "uninhabitable" four bedroom house in a Sydney suburb sold for $3.5 million (R49 million), despite not having a toilet, kitchen, flooring, or power, selling agent Joe Recep told Bloomberg.
The house sold at auction on June 5, according to its listing on Australian property site Domain.com, where it's marked as "sold."
The listing says that "behind its charming character façade" the property is in need of "major work."
Joe Recep, selling agent at NG Farah Real Estate, told Bloomberg that the property lacked basic amenities like painted walls, a toilet, kitchen, or power.
The 556.4 square-metre home has four bedrooms and three bathrooms, and is described as a "neglected period home" with "uninhabitable interiors" in its listing.
The median price for four-bedroom houses in the Sydney suburb is $2.28 million (R31.92 million)), according to data from Domain.com, based on sales within the past 12 months.
The property received 30,000 enquiries in four weeks from all over the world, including buyers in the United States, United Arab Emirates, and New Zealand, Recep told Bloomberg.
The property listing says that it has off-street parking space for three cars, and is close to a vibrant shopping and restaurant district as well as several schools.
The property's listing describes it as an "extremely rare opportunity with big potential," and the new owners can restore it to its "former grandeur."
The listing says that the property sits in the "heart" of Kensington, a Sydney suburb.
Recep told Bloomberg that he'd been in real estate for 25 years and had "seen nothing like" the surge in interest for the dilapidated property.
The global housing price average rose 7.3% in the year to March, the fastest surge since 2006, according to the Knight Frank Global House Price Index.
Australia's average house price climbed 8.3% over this time period, Knight Frank's figured showed.
The listing says the property is located on a "quiet street framed by a beautiful tree canopy" and has off-street parking space for up to three cars.
The listing says the property has a "sunny north-facing yard, traditional entry verandah," and "high embellished ceilings.
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