Overgrown Enmore former boarding house sold for less than expected
A Sydney architect spent $1,255,000 on an empty Enmore auction offering.
It was a derelict property glamorously dubbed an overgrown "Angkor Wat."
The dump, once a boarding house, had become so overgrown that the listing agent suggested it resembled the famed Cambodian temple where tree roots dominate the environment.
It was obviously such a challenge to rebuild, the property actually sold at below the $1.3 million price guidance set by its McGrath Newtown listing agent Damien West.
The graffiti-ridden, roofless house at 52 Juliett St had its windows boarded up with corrugated iron.
A roots of a giant fig tree snaked through its interior.
The architect wants to build a designer home on the 228 sqm block and then on-sell it, the Sunday Telegraph reported.
The property last traded at $7200 in March 1966.
It was one of the limited auction offerings listed across Sydney.
CoreLogic put the Sydney clearance rate at 57.6 per cent.
Melbourne likewise had reduced listings as auction volumes fell significantly due to the Queen’s Birthday long weekend.
There were 900 homes auctioned across the combined capital cities, down from 2,281 last week.
The preliminary clearance rate was recorded at 55 per cent, up slightly from last week when the final clearance rate came in 54.1 per cent, the lowest level recorded across the combined capitals since 2012.
"Once the remaining results are collected over the next few days, it is possible that the final clearance rate for this week rate will revise even lower," Kevin Brogan, the CoreLogic auction analyst suggested.
Sydney overtook Melbourne as the busiest city for auctions this weekend, with 414 homes going under the hammer, returning a preliminary clearance rate of 57.6 per cent, compared to last week when just 47.1 per cent of the 837 auctions were successful.
Over the same week last year, there were 619 auctions held in Sydney, returning a clearance rate of 67 per cent.
There were just 276 auctions held in Melbourne this week returning a preliminary auction clearance rate of 56.1 per cent, the lowest success rate since 2012. By comparison, last week there were 1,079 auctions with a final clearance rate of 59.8 per cent, while this time last year, 75.9 per cent of the 389 auctions held were successful.
Adelaide was the best performing capital with a 65.5 per cent success rate across 29 auction results, followed closely by Canberra, where 65.4 per cent of the 26 reported auctions were successful.
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