Waterloo dilapidated terrace with no loo, sold for $1.45m last year returns with $1.15m guide
In 2020, this Waterloo wreck with no loo sold for $1.01m. Then, last July it fetched more than $1.4m. Now, in a changed market, it’s up for auction again.
BresicWhitney agents Patrick O’Brien and Shannan Whitney say the most recent owners of the three-bedder at 110 Morehead St have had a “change of circumstance” and so they’re rolling the dice once again, just as the previous owners did.
And with the $1.15m price guide for a November 26 auction, it looks like they’re prepared to take a loss. But will they?
The property is as dilapidated as it was a year ago. Built in the 1880s, there’s no indoor toilet.
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The back door, hanging off its hinges, leads onto a barren-dirt backyard with its outhouse the only working lavatory.
And there’s no shower or bath.
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Yet although it’s being marketed as “a raw site”, there are plans before City of Sydney — not yet approved — for a new three-bedroom plus study, two-bathroom home with parking space.
Other positives?
It’s part of the historic “Grosvenor Terraces”, Sydney’s longest intact row of 1880s homes.
And the home, with 4m ceilings, is on a decent-sized 120sqm deep block with a 5m frontage.
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Just as in previous campaigns, the property is being pitched as “one for renovators or builders”.
When the house went up for auction in 2020 it attracted 15 bidders and sold for $110,000 over reserve.
A year later it sold for $300,000 more — despite doing nothing at all to it.
And despite the weaker market accompanied by higher construction costs, rundown homes can still be popular.
Last Saturday, a derelict deceased estate at 13 Wallace St, Marrickville attracted 14 bidders and sold for $1,303,000 — $93,000 over the reserve.
Can these latest vendors get their money back?
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Originally published as Waterloo dilapidated terrace with no loo, sold for $1.45m last year returns with $1.15m guide
