A rundown terrace in Sydney's Balmain quickly sold for just over a million

With its close proximity to the CBD, Sydney’s Balmain is a highly desirable suburb.

And a rundown terrace in a quiet cul-de-sac in the area sold under the hammer on April 15 for just over one million.

Agents Belinda Cassano and David Meadowcroft of Ray White Rozelle tell Nine there were nine registered bidders with the property selling for $1,240,000.

The Domain listing for 13 Clay Street revealed its price guide to be $950,000.

13 Clay Street, Balmain, Sydney, New South Wales
See photos of the listing here

SOLD - $1,240,000

13 Clay Street, Balmain NSW 2041

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“Beloved home waiting to be brought back to life,” agents say on the listing for the one-bedroom, one-bathroom, single-level terrace.

This is the first time the property has been offered in more than 50 years, and is “ready for a new lease on life”.

Agents suggest the property could either be renovated with an additional story, subject to council approval, or demolished to make way for a dream home.

Should the buyer wish to renovate the original dwelling, it requires significant work with the exterior featuring a dated blue door and window frame, and an aged fence.

The kitchen’s laminate floors are coming undone, there are missing tiles on the walls and basic cabinetry that’s come loose.

Wallpaper in the bedroom has also come loose and there are scuffs on the walls of the lounge room.

However, there is a paved backyard that could be transformed into a dream patio for entertaining.

Domain’s latest data reveals the median price for a two-bedroom home in Balmain is $1.79 million.

The sold property is in an ideal location, just moments away from transport, shops and parks.

Balmain has a population of 10,456 and an average age demographic of 40 to 59 years.

Four properties for sale in Balmain, Sydney, New South Wales

32 Fitzroy Avenue
See photos of the listing here

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32 Fitzroy Avenue, Balmain NSW 2041

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70 Glassop Street
See photos of the listing here

SOLD - $2,975,000

70 Glassop Street, Balmain NSW 2041

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2 Adolphus Street
See photos of the listing here

SOLD - $3,700,000

2 Adolphus Street, Balmain NSW 2041

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64 Smith Street
See photos of the listing here

SOLD - $1,900,000

64 Smith Street, Balmain NSW 2041

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