Dilapidated house selling for $5m

Formerly a seven-bedroom, four-bathroom Sydney home, it sits on a large 1530 sqm block half an hour out of the CBD.

Website Realestate.com.au reported the property passed in at auction last Saturday.

While the price is not disclosed, instead listed as “contact agent”, online property searches reveal the desired price is over $5m.

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And if it sells for that, the house will turn a profit. The Wentworth Rd property was sold in February last year for $4.788m – before a fire gutted it.

The listing describes it as a “fleetingly rare opportunity to add value in an exciting Inner West location”.

“With two lots across this excellent, clear block the savvy investor has scope to create outstanding additional income steams with potential to build up to two luxury homes, a childcare centre, a duplex, a boarding house and more,” it continued.

The house was all but burned to the ground by fire in August last year.

Neighbouring properties were evacuated as the blaze took hold of the roof.

Speculators believe the market appeal is the substantial grounds – despite being listed as a “house”.

But while the price tag certainly raises eyebrows given its state, the median house price for a five-bedroom house in Strathfield is $4.293m, up a whopping 31.3 per cent in the last 12 months.