AN AUSTRALIAN homeowner has finally agreed to sell her run down old house after years of defiantly holding out against developers.
The single story home in Rhodes, Sydney was the last of its kind in an area now dominated by towering modern apartment blocks.
Its owner had long resisted developers’ further attempts to transform the suburb into a more densely populated area.
Over the years, she has demanded an eye-watering sum of $20 million for the 676sqm block – which still has an outdoor toilet.
But after a long time as the area’s final holdout against developers, the owner is letting go of the property for an immense profit.
More than 150 people came to the auction on Saturday, with bidding starting at $6 million.
The price for the sought-after block continued to climb until it hit the final sale price of $8.15 million.
Selling agent Vanessa Kim told Daily Mail Australia: “We anticipated it would sell for between $7 million and $7.5 million, and the key point was that we achieved a really good price.
“There were so many buyers there, but it was a bit like hide-and-seek among them in the crowd.
“It was the only house like that in the street so it was a lonely project but we sold it for an unbelievable price.”
In 2022, the property was rented for $900 per week, while the owner maintained their $20 million asking price, even with significant interest from developers.
The property has just two bedrooms and one bathroom, but it is the land’s redevelopment potential that saw it draw so much interest.
The owner is understood to hold a multi million-dollar housing portfolio across Sydney.
The site could be transformed into as many as 14 apartments, a gym, daycare centre or a pub, Daily Mail Australia has reported.
Kim told the paper the advice she shared with the owner to help boost its auction price.
“Winter is typically a quieter market with fewer properties available, but I informed the owner that the best time to sell was during the winter months.
“There’s not so many properties on the market but in spring it’s flooded.
“When there’s too many properties on the market, people have a lot of choices.”
The owner previously sold a house in Strathfield to developers back in 2016 for $2.7 million.
She also sold two other units in Rhodes for $370,000 and $540,000.
The owner had hoped to land a final sale price of $9 million, but reserve was set at $8 million.
“It’s not a normal house, it has a lot of potential,” Kim added.
“We had several inquiries for a lot of future development.”
