Buyer frenzy over derelict home in Hyde Park


The gloves came off for a derelict property in Hyde Park, which attracted an onslaught of bidders at its auction. That’s despite it having extensive cracking, salt damp and white ants.

The property, at 53 Opey Ave, sold for $810,000 and is believed to be one of the highest residential land sales in the area – selling for $1,745 per sqm.


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The property was listed with Harcourts Brock Estates and went to auction on Saturday, August 10, at 10.30am.

Selling agent Michael Brock said there was a “buyer beware” on the property given the condition, however that didn’t stop keen buyers.

“To renovate it would be an extensive exercise, you would have to start from scratch,” he said.

“The area is very established, it’s a rare property and that’s why we had 80 people at the auction.

“We had around 30 bids starting at $500,000. It really was like the good times (in real estate), we had a bit of fun but wound up with an extraordinarily good result.”

Mr Brock said the property attracted 46 groups through the first open inspection, with a “mixed bag” of potential buyers.

“We advertised in The Advertiser during the three to four week campaign and it definitely helped our numbers,” he said.

“Most buyers were guarded about their plans (for the property), some had heritage architects there to advise them. It was a completely mixed bag.

“To make it work as a restoration would be hard, you would have to spend between $300,000 to $400,000 restoring it.”

The home included three bedrooms, a lounge, a dining room, a kitchen and a bathroom, with a backyard shed and front veranda.

Mr Brock said it wasn’t known how long the home had been in this condition, as the property was a deceased estate.

“I met the gentleman that used to live opposite. He told me in 1979 he used to go on the roof with friends and throw lemons at the birds that would sit on the wire,” he said.

“One day they missed and it went into the front window, it didn’t smash, but that crack is still in the window.”

Hyde Park has a median house price of $1.06 million and has experienced a 30.1 per cent growth in median house price over the last five years to May 2019, according to CoreLogic.

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