Dilapidated Aussie terrace sells for $3.65 million at auction

A buyer is “over the moon” with the purchase of a Sydney fixer-upper.

The four-bedroom, one-bathroom terrace at 31 Bon Accord Avenue, Bondi Junction, sold at auction for $3.65 million on May 25, agent Augusto Gerocarni of Ray White Eastern Beaches reveals.

A two-storey build, the property is described on the listing as a “dilapidated freestanding terrace that offers exciting potential for those with creative vision and determination”.

Gerocarni holds the listing alongside Josh Kalocsay of Ray White Eastern Beaches. The auction guide was $3 million.

SOLD - $3,650,000

31 Bon Accord Avenue, Bondi Junction NSW 2022

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“The buyer is unsure what he’s going to do, due to the extensive amount of work required,” Gerocarni says. “However, he is over the moon with the purchase and will be confirming his plans in due course.”

Set on a block of 242 square metres, the terrace has a basic framework with timber floors, high ornate ceilings and original fireplaces.

There is peeling paint and exposed brickwork in some of the rooms.

As stated on the listing, there are approved plans for a contemporary renovation with a studio above the garage.

There is also a backyard with rear lane access.

Bondi Junction is 6km east of Sydney’s CBD and is a retail, dining and transport hub. The terrace is in walking distance of shops and cafes.

There aren’t enough sales over the past 12 months for Domain to obtain a median house price for the area. Records show the terrace last sold for $2.86 million in October 2020.

The recent sale comes as Sydney’s housing market reaches a significant milestone.

Domain’s House Price Report for the March 2024 quarter reveals Sydney house prices have surpassed $1.6 million.