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The house, on Eton St, sold for $1.62m.
The house, on Eton St, sold for $1.62m.

Proof Sydney has lost its mind

An "unliveable" one-bedroom home in Sydney's inner west has smashed property records after it sold for $1.62m.

The squalid property at 26 Eton Street, Camperdown, which boasted a hole in its roof and a bathroom littered with debris, had 28 registered bidders when it went to auction on Saturday.

The real estate agent said he expected the squalid house to be demolished and replaced with a 'higher spec home'.
The real estate agent said he expected the squalid house to be demolished and replaced with a 'higher spec home'.

On 127sq m, the house worked out to cost $12,756 per sq m. It works out to be a higher per sq m price than Australia's most expensive house, a Double Bay mansion bought for $100m in 2018.

The house has one bedroom off the entrance, which currently boasts a large hole in the roof. There is a small eat-in kitchen and a laundry and bathroom at the rear.

The floorplan at 26 Eton St, Campberdown.
The floorplan at 26 Eton St, Campberdown.

While completely decrepit inside, the property has a large backyard, and is just steps away from Camperdown Park, Camperdown Commons, bus and rail services, trendy King Street, and the Royal Prince Alfred Hospital.

The house was marketed as being on a "quiet and peaceful street".

The property was sold by Bryan Mahlberg, of LJ Hooker Newtown, who admitted it sold for an "absurd amount" of money.

"It's all about the potential to knock it down and rebuild," Mr Mahlberg told NCA NewsWire.

"The block is between two terraces … The hope is they'll get a two storey, three bed, three bath, higher spec home on that block."

The home has a large hole in the roof and will likely be knocked down.
The home has a large hole in the roof and will likely be knocked down.

While the property market in Sydney, as well as Melbourne and Brisbane, is booming, Mr Mahlberg said this particular sale was "out of line".

"This is clearly out of line based on anything we've recently sold," he said.

"We had no expected price … It was a pure estate sale appointed by solicitors.

"If it had gone for $500,000 it would have sold, but it went for a lot more."

Bids opened at $1m. The median house price in Camperdown is $1.655m according to realestate.com.au, with an annual growth of 4.8 per cent.

Mr Mahlberg said every week at auctions, agents had people from "every sort of postcode" in Sydney, Melbourne and Brisbane flowing through, wanting to be a part of it.

The new owners have reportedly engaged an architect to establish a new home on the block.
The new owners have reportedly engaged an architect to establish a new home on the block.

The house is understood to have been empty for almost 12 years and has at times reportedly attracted squatters.

The new owners told the Sunday Telegraph they would be consulting their architect and "exploring their options".

Originally published as Proof Sydney has lost its mind

The home is in complete disrepair, and is believed to have been uninhabited for 12 years.
The home is in complete disrepair, and is believed to have been uninhabited for 12 years.
The home was reportedly empty for about 12 years.
The home was reportedly empty for about 12 years.


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