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Posted: Thu, 28 Dec 2017 06:59:01 GMT

NO BATHROOM, no floor, no worries.

Property experts looking back at 2017 could be excused for describing it as ‘the year of the dump’, with fixer-uppers generating huge amounts of interest and selling for hefty profits around the country.

True to the old real estate adage “worst house in the best street” savvy buyers seemed to be lining up to dump big bucks on some of the worst looking homes, especially in the hot inner city markets of Sydney and Melbourne.

Morris Toscano of Raine & Horne Montano, who sold a run down home in Sydney’s Stanmore in August, said the popularity for “fixer upper” properties was phenomenal.

“Honestly, I wish I had ten more of those. We had something like 50 odd contract issued straight away on that place and on auction day there were 17 registered bidders,” he said.

Mr Toscano added that despite the home being in a very poor state that needed some serious renovation muscle, there was a mix of buyers from professional builders and developers to mum and dad investors.

“The buyer on the day was an investor who has done it up and plans to hold onto it,” he said.

“In 30 years in real estate I can tell you that the interest in homes like this has never been stronger,” he added.

Whether it’s the inner city squeeze or the wave of reality television that has turned average house hunters into certified DIY-ers, the dump has been the flavour of 2017 and here is a selection of the year’s most dramatic sales.

33 Durham St, Stanmore , NSW — Sold: $1.385 million

It isn’t often that you’ll read terms like “unliveable vintage home” or “bring your overalls” in an agent’s marketing spiel but considering how highly sought after a “blank canvas” is in Sydney’s inner west, there are no negatives, only positives.

The historic three-bedroom house managed to sell for $1.385 million in August despite being in total disrepair. It might have had rotten carpet, mouldy walls and holes in the ceiling, but the home drew in a cashed up crowd thanks to its proximity to Newtown’s transport, boutiques, night spots and eateries.

43 Waterloo St, Surry Hills, NSW — Sold: $1.6 million

Definitely the worst house on one of Sydney’s best inner city streets, this hoarder’s haven in Surry Hills gives new meaning to derelict. The three-bedroom terrace without parking was a dangerous pile of rubble and potential buyers had to enter at their own risk, with people being asked to sign a waiver before crossing the crumbling threshold. However, it still managed to fetch $1.6 million within a week of being listed.

Parts of the house had no ceiling, while other sections had no floors but the home, which had been abandoned for approximately a decade, was still considered a diamond in the rough due to its city fringe location.

22 Clifton Rd, Clovelly, NSW — Sold: $2.35 million

It had been 80 years since this three-bedroom semi had seen a for sale sign, and decades since it had and real TLC but that didn’t put off hungry bidders at its September auction.

The Clovelly home, which sits on 265sq m just 900m from the beach, was sold by Anthony Puntigam and Alexander Phillips of Phillips Pantzer Donnelley.

“It’s the only property in Clovelly that remains in that condition,” Mr Puntigam told the Southern Courier at the time.

“It has easy proximity to Clovelly Beach and equal proximity to Bronte Beach,” he said.

Despite the huge price tag for a run down attached property with parking, the final price tag was well below the suburb median house price of $3.212 million.

2 Simpson St, Northcote, VIC — Sold: $960,000

Its most recent residents were squatters, it has no bathroom and it had suffered a significant fire, but this Melbourne home still managed to score almost $1 million at auction in November.

Selling agent Mario Butera of Woodards Thornbury told Leader Newspapers that he had originally quoted between $800,000 and $880,000 for the derelict home.

“If it was double fronted you could spend about $1.5 million even in a rough condition,” he said.

“But really you’re just paying for the value of the land, and getting the house for free.”

He said a buyer could spend $200,000-$300,000 bringing it up to scratch.

Marketed as a Victorian blank canvas, the two-bedroom end terrace on 248sq m still has some of its original features including a laced bullnose veranda, remnants of a fireplace and its solid red-brick exterior.

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126 Lilyfield Rd, Lilyfield, NSW — Sold: $1.855 million

More amusement park haunted house than hot property, this Lilyfield home in Sydney’s inner west was in a pretty bad state when it managed to sell for $1.855 million under the hammer in February.

But the fact that it is freestanding meant the dilapidated three-bedroom home with parking still sold for $180,000 more than the current house price median for Lilyfield.

The double-fronted home on an overgrown 443sq m block was on the market for the first time in 20 years and is close to schools, the popular local weekend markets and the light rail to the CBD.

133 Noone St, Clifton Hill, VIC — Sold: $1 million

Such a big renovation job that the agent titled his ad “Help me” and specifically pointed out that the scale of the project was “not for the faint hearted”, this three-bedroom Clifton Hill terrace still scored its owners $1 million at auction in March.

According to CoreLogic figures, the home last exchanged in 1985 for just $71,000.

Sitting in Melbourne’s inner north on 215sq m, the run down residence is surrounded by popular eateries, parkland, several public transport options and sought after schools.

102 Resevoir St, Surry Hills, NSW — Sold: $2.11 million

Located in a city fringe suburb that has already undergone a decade of gentrification, this derelict Surry Hills terrace house is a rare find.

The four-bedroom house on 123sq m just 550 metres from Sydney’s Central Station, has stained walls and exposed wiring, but it still drew in a crowd on auction day in April.

Despite having a buyers price guide of $1.85 million, keen bidders pushed the eventual figure up to a whopping $2.11 million — a huge chuck of change above the current suburb median of $1.725 million.

78 Derby St, Pascoe Vale, VICSold: $715,000

Considering that the median two-bedroom house price for Pascoe Vale is $685,000, the keen buyers of this outdated cottage must have fallen in love at first sight. Not truly a dump, this tired listing on a 425sq m corner block was just in need of a major facelift.

What got it over the line was its sought after location right in the heart of the coveted Strathmore Secondary College and Pascoe Vale Primary School catchment area and its easy access to CityLink as well as Coburg North Village.

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