NSW This truly awful house around the corner from me sold in December

I have a work colleague who has in her portfolio a 3 br townhouse in Marrickville, a 1 br unit in Bondi, another unit in Randwick and has moved to Chiswick, not too far from the ferries. Land tax isn't a problem as the townhouse was bought in a SMSF. To me, it sounds like a nice portfolio and she isn't property obsessed! Its the first time she's mentioned anything to me about property. (It was after regular work hours when nobody else was around). She goes on lots of regular holidays with her husband, they have 2 adult kids now and she's a nice person too. Very cool.

 

Well, blow me down.
There has been some movement at that house. I've seen a few skips outside, which I thought was odd given I assumed it was being knocked down.
Then walking past one day I heard the noise of a vacuum cleaner, which was even more odd.
On the weekend, it got a paint job. I'll be charitable and call it mauve, and not purple. I'm not sure whether it looks better or worse.
So somebody paid $1.78m in December and it wasn't a developer.
These are the sort of kooky things that happen just before a market shakeout.

 

Hmmm... should have been rendered in a nice colour....

 

it doesnt look like much was left untouched with that paint!

 

Probably watching too many home reno shows.
Contrary to popular belief a lick of paint does not fix everything.

 

holy crap.

That's definitely not a reno job, that's a demolition job. No point in even fixing that craphole up.

1.7 is pretty steep for that crapbox but once demolished with a better house built on it i bet it'd be worth around 2-3mil so will be worth it in the end.

The owners of that house were lucky they got someone with the money otherwise I'd imagine it'd sit there for a while.

 

It would have sold at auction. Most properties in Sydney do. Nothing in that suburb sits around for long.

 

Ahh. I see well that probably explains the price more than anything.

A developer will probably make a lot of money out of it.

 

I wonder if the windows are papered up so they can mauve the inside as well.
Two tone downpipe really does it for me. Nice they didnt spray the plants. I cant confirm it but are roof tiles also same colour ?

Wondering if paint was a mistint at Bunnings on special.

The Block did something similiar. At least they fixed theirs