The old clothes wringer still in the property. Picture: Thomas Lisson

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Like stepping into the past, an unliveable terrace with original horse stables and a clothes wringer in Sydney’s inner east has sold for a whopping $3m.

The auction of the dilapidated home attracted 14 registered bidders with five actively bidding, selling $400,000 over the reserve and price guide of $2.6m.

The winning bidder was a young woman, who wished to remain anonymous, yet said she didn’t know what she would do with the property as she hadn’t expected to come out on top.

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Auctioneer Scott Kennedy-Green and a crowd of bidders and curious neighbours. Picture: Thomas Lisson

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Horse stables still at the back of the Paddington property. Picture Thomas Lisson

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Located at number 9 of the leafy Cecil St, the new owner could see the potential of the popular Paddington locale.

A crowd of curious locals eagerly watched as a bullish opening bid of $2.4m knocked out much of the competition.

The bidding becoming a two horse race for majority of the proceedings, with the underbidder saying, “it’s like a game of chess, but with money.”

Crumbling paint and plaster on the walls. Picture: Thomas Lisson

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Warning for inspecting property seekers. Picture Thomas Lisson

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The underbidder was reportedly an artist, interested in the potential of building a garage where the stables currently were with a studio on top.

He missed out on the property by $25,000 and declared “you can have it, good luck with the renovation.”

The property was a deceased estate, with the same family passing it down through multiple generations over an estimated 150 plus years.

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The facade of the home. Picture: Thomas Lisson

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The backyard. Picture Thomas Lisson

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McGrath agent Georgia Cleary was told by the vendor that this was the first time it had been offered to the open market.

“I thought in the current market that (result) was exceptional,” she said.

“I had feedback saying $2.6m was too much, and I appreciate that, as it is a big job ahead,” she said.

The property had crumbling plaster, stained lifting flooring, and mould covering the walls.

Ms Cleary said interested buyers had expected the property would cost at least $800,000 to make the home liveable, or up to $2m for a dream renovation.

Buyers estimate at least $800,000 in renovations. Picture Thomas Lisson

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More inside. Picture: Thomas Lisson

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“You can buy two or three-bedroom renovated, liveable terraces for the price it sold for,” Ms Cleary said.

“But people get excited about the opportunity to do it their own way.”

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