Why hundreds wanted ‘completely unliveable’ dump

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An unliveable dump in Mosman fetched 26 registered bidders and had 300 people through the property, selling $200k above its reserve.

A “completely unliveable” unit in Sydney’s North Shore had almost 300 people view the property and has sold for a jaw-dropping $1.1m, $200,000 above its reserve.

The small two-bedroom Mosman unit had a whopping 26 registered bidders at auction on Saturday afternoon.

Investors, first home buyers, renovators and the bank of mum and dad all interested in making something of the rundown unit.

Lead agent Brigitte Blackman from BresicWhitney Inner East described the auction as “crazy,” and was lost for words.

“I don’t know what to say,” she said. “It was the potential of it, the Mosman address, there was the view with the balcony,” she added.

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The run down, unliveable small unit in Mosman fetched a jaw-dropping $1.1m

“People can start from scratch, I think more than anything that has been why people are drawn to it.”

When the home at 2/20 Somerset St was first listed, Ms Blackman said she wasn’t sure how much interest the property would drum up.

“Its completely unliveable,” she said. “But it is an attractive price for the area.”

Pictures of the property show what appeared to be rotting carpet, cupboards falling off the hinges and broken tiles in the kitchen.

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With a total of 291 groups through the property, Ms Blackman said she had never had that many people through any property.

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The state of the kitchen.

Lead agent Brigitte Blackman said people were drawn to the potential of the property.

“Its rare because its unliveable and they’re very rare to come up, that’s why I think the appeal was there,” she said.

The price guide was bumped up to $880,000-$950,000 after buyer feedback and having an early offer of $910,000.

Ms Blackman said buyers had suggested to her it would take $100,000-$200,000 to renovate and make the home liveable.

Leafy green surrounds, Sydney Harbour views and the northwest facing aspect also added to the appeal of the ‘renovators delight’ for hopeful homeseekers.

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The harbour views and Mosman address drew in 26 bidders and 291 groups through the home.

Leafy green surrounds and a north-west facing aspect from the balcony was appealing to buyers.

“It’s quite fascinating there is some properties that just aren’t moving in this market,” she said. “But I’ve never had that many people through a property.”

Owned by the same gentleman for over 40 years, the property was a deceased estate.

The owner “hadn’t touched” the property in the time of when he was living there, according to Ms Blackman.

She said the executers, brother and sister of the deceased, were over the moon with the result.

The apartment sold to a young woman who was accompanied by her parents at the auction.

The two bed, one bathroom flat, at 2/20 Somerset St is one of only eight units in the boutique block. The small strata levy of only $510 a quarter also appealed to buyers, according to Ms Blackman.

The unit price median in Mosman is currently at $1.3m, while house price median is $5.45m, according to PropTrack data.

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