House of the Week Real Estate

Why buyers snapped up ‘unliveable’, gutted house

IN a testament to the ever-bubbling Inner West property market, a home at 24 Stanley Street, Tempe, which had been completely gutted, has sold for a staggering $300,000 over reserve – fetching $1,200,000 for the surprised vendors.

Selling agent Tony Day, from Day and Hodgson Real Estate, said it was the ideal project for someone keen to get their hands dirty, with 17 registered bidders for the original, three-bedroom, Californian bungalow.
“It’s the ‘location, location, location’ story as this is one of the best streets in Tempe and the generous flat block features a wide frontage,” he said.
“Although it’s a fantastic opportunity to create a dream home, the home didn’t even have a back door, it required that much work.
“You could easily spend $400,000 – $500,000 on the property and the block is perfect to include a pool or even a granny flat.”