An uninhabitable terrace with crumbling walls and a man-sized hole in the second floor has been listed for auction with a price guide of $1m-$1.1m.
The second floor is understood to be unstable and the agents conducting the sale are restricting onlookers from going up the stairs to see the two bedrooms until there is a full building assessment.
Selling agent Blair Cardile said early feedback from interested buyers was that restoring the Jones St home to a liveable standard would be a large undertaking.
“We’re still waiting for a building report to tell us what needs doing,” the Belle Property-Surry Hills agent said, adding that opinions at the first open for inspection varied.
“Some say they (could renovate) for $300,000. One said $800,000. The figure varies so much,” Mr Cardile said.
“The assumption many are making is that everything needs to be done. It needs a new floor, new kitchen, new layout … you would want to add a car space.”
Early interest has come from a mix of professional builders and mum and dad-type renovators, the agent said.
It’s the first time the property has been up for sale since it was built, according to sales records, and it is being marketed as a “dynamic blank canvas” opportunity in Sydney’s inner suburbs.
The listing admitted the terrace “has seen better days” but added that it has “unlimited scope” to “create something special”.
The auction follows a spate of fixer upper sales in the suburbs surrounding the Sydney CBD.
A rundown Balmain house described as a “blank canvas” sold on the weekend for $1.58m.
And further west, in Ashfield, a crumbling four-bedroom house on an overgrown block recently sold for $2.4m.