$800,000 for termite 'dump' with no floor | thetelegraph.com.au
THE Sydney property market shows no sign of weakening with an unliveable, termite-infested dump yesterday selling for $800,000 - $150,000 above the reserve.
On the first day of the 2011 auction season, more than 100 punters turned out to witness the action-packed bidding war for a rundown, two-bedroom house, with no floors, in the inner-west suburb of Annandale.
Led by celebrity auctioneer traffic reporter Vic Lorusso, five serious bidders competed intensely, firing bids in increments of $20,000, for the free-standing house in 58 View St, Annandale.
The winning bidder, Patrick (he declined to give his surname), admitted he would have to fork out $120,000 to make the property, on a 131sq m block, remotely liveable.
"It will cost us at least $120,000 for the structural renovation and the rest depends on how we decide to fit it out," he said. "All up it will definitely cost us more than $1 million."
Courtesy : http://www.dailytelegraph.com.au/property/for-termite-dump-with-no-floor/story-e6freztr-1226000770828
