A completely uninhabitable shack in Sydney’s inner west has sold for almost $1million even after it was firebombed by a suspected arsonist.
The one bedroom home on Campbell Street in Glebe was sold on Saturday for $916,000 despite having completely smoke-damaged interiors and a burnt exterior.
The Victorian terrace house has been described as a ‘raw property ready for revival’.
‘Not for the faint-hearted, this fire-ravaged terrace is essentially a raw property ready for revival,’ the listing says.
‘The mainly smoke-damaged interiors are scorched but salvageable with high ceilings and timber floors that could be transformed into something special with a bit of vision and a lot of work.’
The house was allegedly targeted by a suspected arsonist in October last year with the resident of the home fleeing during the night.
Ray White agent Peter Natoli said there had been an influx of enquiries for the property but the home was ‘not for everyone’, Yahoo News reported.
‘Based on land value it could get about [$650,000 to] $700,000,’ he said.
But when the house went up for auction on Saturday it sold for more than $200,000 more than expected.
While Mr Natoli expected the house the attract interest, he didn’t think 33 people would turn up to battle it out for the uninhabitable property.
‘You’d think it’s a buyer’s market, or at least a price sensitive market, but that wasn’t the case with this home,’ he told the site.
He said the house attracted interest due to the ‘story behind it’.
NSW Police have not charged anyone over the fire-bombing.