A recent Sydney auction has reminded us all why the dream of home ownership is proving harder and harder to achieve.
The property in Kensington in the city's south-east was listed without a bathroom or a kitchen and didn't even have power or water connected to it.
Despite these shortcomings, it managed to sell for a lot.
The home at 25 Duke Street was eventually sold for $4.7 million. Let that sink in for a bit.
Despite the property only having literally a roof and a couple of walls, it sat on a huge 556-square-metre block; meaning it would be a developer's dream.
They could get a block of apartments and end up making a killing off the land or just turn it into one huge home.
Selling agent NG Farah's Joe Recep told Domain: "The roof wasn't leaking after the recent rain we had, so it was still solid."
Love that the bar has been set that low that 'at least the roof hadn't caved in' means it can still attract millions of dollars.
There were four bidders who had registered for the auction and two were hoping to restore the original period home.
The sellers bought the property back in 2005 for $1.1 million, which is a pretty chunky amount for that time. They had big plans to restore it but changed their minds and decided to sell it for loads more nearly two decades later.
The home was literally sitting empty for years and real estate agents had received loads of calls from people who would sell a limb to get the keys to the castle.
The winning bidder has plans to knock it all down and rebuild something almighty.
According to Domain, the sale was one of the biggest from last weekend. Sydney has a preliminary clearance rate of 77 per cent.
Domain senior research analyst Nicola Powell said: "For houses and units, this month's clearance rate is the strongest May result in six years, with 78.2 per cent of reported house auctions finding a buyer, and 75 per cent of unit auctions securing a sale.
"The difference between house and unit clearance rates does appear to be narrowing, and is likely to be associated with increased investor and first-home buyer participation or overall affordability bottlenecks for those trying to purchase a house in Sydney."
Featured Image Credit: NG Farah
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