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Posted: Wed, 08 Mar 2017 06:59:02 GMT

An aerial view of a Camperdown home for sale at $1.85 million.

A RUST coloured cottage jammed up a skinny strip of land dwarfed by two apartment blocks has hit the market in Camperdown for a hard-to-believe $1.85 million.

The dilapidated three-bedroom home is in an unliveable state — sections of the roof are missing, walls are cracked and the backyard is overrun with weeds.

Most of the home is caked with grime; stairs between the two levels are warped and French doors on the upper level open to bare balconies without balustrades.

The 6m wide, 240sq m property is being sold nearly three years after it was snapped off the market for $1.38 million but appears largely unchanged from when it was listed back in July 2014.

The property goes to auction March 25.

The property goes to auction March 25.Source:Supplied

The home would not be inhabitable in its current condition.

The home would not be inhabitable in its current condition.Source:Supplied

Describing the backyard as overgrown would be an understatement.

Describing the backyard as overgrown would be an understatement.Source:Supplied

If it sells for anything close to the current price guide at its March 25 auction, the jump in value will be about $470,000 over less than three years.

The property at 12 Sparkes St is being sold with council approval for a four-storey, 15-room boarding house in the spare space out the back but the original home is heritage listed and cannot be knocked down.

12 Sparkes Street in Camperdown is up for auction in late March. NSW real estate.

12 Sparkes Street in Camperdown is up for auction in late March. NSW real estate.Source:Supplied

The property was built in 1890 and is heritage listed.

The property was built in 1890 and is heritage listed.Source:Supplied

Listing agent James Peach of BresicWhitney-Darlinghurst said only builders and developers had shown interest in the property.

Their estimates of the costs of restoring the home and building out the backyard space ranged from $1 million to almost $1.2 million, he said.

The property is 6m wide and sits on 240sq m between larger apartment buildings.

The property is 6m wide and sits on 240sq m between larger apartment buildings.Source:Supplied

“So far, no one has wanted it for a home,” Mr Peach said. “It’s completely rundown ... The front door is in pieces.”

The terrace was built in 1890 and was held by the same family for the 88 years between 1926 and 2014, eventually selling as a deceased estate.

The property pictured in 2014 when it sold for $1.38 million.

The property pictured in 2014 when it sold for $1.38 million.Source:Supplied

Recent home sales suggest there is a strong market for rundown homes, particularly in Sydney’s inner west. A string of other dilapidated properties have recently sold for phenomenal prices considering their condition.

A three-bedroom house at 2 Dickson St, Strathfield advertised as “not liveable in current condition” sold at the end of February for $2.07 million.

2 Dickson St, Strathfield sold for over $2 million.

2 Dickson St, Strathfield sold for over $2 million.Source:Supplied

A dishevelled Lilyfield property resembling more shack than home sold for $1.855 million, with the agent estimating the likely restoration bill would be about $1 million.

CoreLogic data showed typical house prices in inner west councils Leichhardt and Marrickville have increased by an average of $530,000 and $447,000, respectively, since 2013.

Originally published as ’Even the front door is in pieces’

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