Cracked walls, caution signs, fail to deter buyers from dilapidated St Peters house

It’s a jungle out there. At least that was the case at the auction of a dilapidated cottage in Sydney’s inner west. 

But the overgrown backyard did little to deter buyers, nor did the construction site next door or the flight path above. 

And inside 1 St Peters Street, bidders were greeted by caution signs, cobwebs and cracked walls. 

Despite its derelict state, about 50 people and 10 registered buyers turned out for the auction of the three-bedroom house with a separate studio.

After auctioneer Ricky Briggs knocked back an attempt to start the bidding at $500,000, the auction kicked off with an offer of $1 million from another buyer. 

The bidding went up in $20,000 and $10,000 increments, quickly passing the $1.15 million reserve, and only slowed to smaller jumps after hitting $1.2 million. 

Six of the bidders went head to head, placing about 40 bids before the hammer fell at $1,285,000. The result was $135,000 above reserve and also above the suburb’s median house price of  $1,187,500.

The cottage was snapped up by a Camperdown couple who narrowly beat out a builder looking to capitalise on the duplex potential of the 635-square-metre block.

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The pair had been looking on and off for a number of years for a renovation project that could be their first investment property.

“I think it’s a good time to get into the market now that it’s softening … hopefully we’ve made the right move,” said the buyer, Ken. 

“The house and the street is a bit messy at the moment, but I think they will tidy up good.Our own house was probably worse than this when we bought it.” ​

Having narrowly avoided compulsory acquisition for road widening works linked to the WestConnex project, the house currently sits next to a construction zone. 

However it will eventually be next to a car park for a school at the end of the street. There are also plans for new trees, a park across the road and new walkways and cycleways nearby.

Selling agent Blake Lowry of Belle Property Annandale said the construction work underway in the area had impacted the price, with a smaller block on the street acquired for more than $1.6 million in 2016.

“They probably would have been better off if the home had been acquired,” he said of the vendor, who records show purchased the property for $180,000 in 1984.

While builders made up the majority of the 70 groups who inspected the property, Mr Lowry said more families and mum and dad investors turned out on the day. 

“I was really happy that people could see past the work next door and past what’s happening now to its potential.”

The property was one of 516 Sydney homes scheduled for auction on Saturday. By evening, Domain Group had recorded a 54.5 per cent clearance rate from 319 reported results. 

A few suburbs away in Rozelle, another home in need of renovation went under the hammer at 11 Park Street.

Two builders battled for the three-bedroom terrace that came with DA-approved plans to build a second storey.

Bidding opened at $930,000 and went up in a mix of $20,000, $10,000 and $5000 increments, coming to a stop at $1,080,000, at which point the house sold despite being short of the $1.1 million reserve. 

The property sold through Jack Parry of BresicWhitney Balmain. Records show it last sold for $670,000 in 2011.

It was a different story at an auction a couple of streets aways, when 15 Belmore Street passed in on a vendor bid of $975,000 after the people who registered to bid remained silent.

“A year ago that would have gone for $1.1 million, with a lot more registered bidders,” said selling agent Peter Gordon of Cobden and Hayson.

​Mr Gordon said the two-bedroom semi was the cheapest house in Rozelle and expected the entry-level property to sell in the next couple of days. 

In the city’s south east, a freestanding house in Matraville also passed in on a vendor bid after both bidders held back at the auction. 

The 702-square-metre block at 49 Menin Road was passed in at $2 million. Selling agent Cameron Airlie of N G Farah was in negotiations with both parties on Saturday afternoon. 

Elsewhere in Sydney

9/68a-70 St Georges Crescent, Drummoyne. NSW Photo: Supplied

SOLD $2,425,000
Drummoyne
9/68a-70 St Georges Crescent
3 bedrooms, 2 bathrooms, 2 car spaces

Bidding on this penthouse apartment was slow from the get-go. It started at a “very low” $2 million and took about half an hour and a dozen bids from four bidders to reach $2.3 million, at which it passed in after failing to meet the $2.45 million reserve. However by Saturday afternoon selling agent Lynsey Kemp, of Belle Property Balmain, had negotiated a sale with one of the bidders – a buyer from Hong Kong who plans to use the property as a Sydney base. The 273-square-metre home last sold for $1.35 million in 2004.

6/30 Ozone Street, Cronulla Photo: Supplied

SOLD $2,625,000
Cronulla 
​6/30 Ozone Street
3 bedrooms, 2 bathrooms, 1 car space

It was a quick auction for this beachside apartment, which last sold for $1.1 million in 2007. Bidding opened at $2.4 million and sold five bids later, with three of five registered bidders competing for the keys. It was a young local couple who nabbed the apartment at the reserve price of $2,625,000. Selling agent David Kennedy, of Chris Burke & Co, said there was always strong demand for apartments on the beach as they were very tightly held. 

49 Roberts Street, Camperdown Photo: Supplied.

SOLD $1.65 million
Camperdown
49 Roberts Street
2 bedrooms, 1 bathroom, 0 car spaces

Despite three registered bidders in the crowd, the auction for this freestanding 1920s residence had to start off with a vendor bid of $1.6 million when they remained silent. One local couple then topped the price with an offer of $1.61 million, which they then raised to the $1.65 million reserve price following discussions with selling agent Jonathan Ford of The Property Sellers. The 196-square-metre block had been held in the one family for more than 40 years.