A Kensington house with no kitchen or toilet and snakes in the backyard has sold for $4,705,000, $205,000 over reserve and smashing the street record by more than $2.1m.
The underbidder at Saturday’s auction for the neglected uninhabitable Federation charmer at 25 Duke Street only saw it five minutes beforehand.
“He didn’t even have a contract,” NG Farah’s Joe Recep said.
When it hit the market a month ago Recep, who shared the listing with colleague Martin Farah, was stunned by the level of inquiry.
“We had people from the United Arab Emirates, Singapore, Hong Kong and the US,” he said.
“More than 50 per cent of the buyers wanted to restore it and the other half wanted to bulldoze it!”
The vendors, the Savordos family, had bought the four-bedroom home on a 556sqm block for $1.1m in 2005, started a reno but then abandoned it.
“It was too much work, so they pulled the pin and it never proceeded,” Recep said.
“It’s sat there vacant ever since … the grass was knee-high when we first went there six weeks ago and the talk from locals is that there were even snakes in the back yard.”
Before the owners stopped the work, they’d already ripped out some of the ornate ceilings, the kitchen, toilet and bathrooms.
“After 5pm it was difficult to show the home because there was no power … we had to use the light on our mobile phone to walk through.
Recep had more than 15 bidders register with four competing on Saturday.
Bidding had opened at $3.5m. Then someone else immediately offered $500,000 more so it was $4m.
The offers then continued in $100,000 increments up to $4.5m. The rest were of the bids were $10,000s, $20,000s and $5000s.
He said the buyers — who lived just 500m away — hadn’t made up their mind about whether to restore the old home or knock it down.
With no heritage restrictions on it, there’s the option to replace the old home with multiple dwellings.
CoreLogic indicates the previous highest sale in Duke Street had been $2.57m in 2016 for No.7.
“It’s one of the top 10 sales in Kensington,” Recep said.
The post Kensington house with no kitchen or toilet and snakes in the back yard sells for $4,705,000 appeared first on realestate.com.au.