Near median $770,000 Erskineville sale through @BradenWalters and @damiencooley as 35 buyers turn up for renovator's delight

Auctioneer Damien Cooley of Cooley Auctions knows unrenovated properties are popular offerings.

It was evident when a three-bedroom home on John Street in Erskinville sold under the weekend auction hammer at $770,000 having been offered with a price guide of $600,000.

It was sold through Braden Walters of True Property who issued 64 contracts for the Saturday auction and had over 190 groups through in the four weeks it was on the market.

Some 35 parties registered. 

Cooley tweeted:

@CooleyAuctions @bradenwalters @trueproperty big result for an unliveable home 185sqm no pkg. 200k over res!

The 180-square-metre property offers a 6.05-metre frontage and a large rear yard.

It last sold in 1989 for $165,000 empty for the last eight years and has tree roots pushing the floorboards up.

"The opportunity value is what makes it so attractive to buyers, the fact that people can just completely redo something withought having to keep anything," Walters told Property Observer before the auction.

"The sale will absolutely smash the reserve," Walters accurately forecast.

Walters says a minimum of $100,000 will need to be spent on doing a basic renovation.

RP Data gives the suburb's median as $792,500, up 2.9% over the past year. There were four sale on the street last year ranging between $735,000 and $1,135,000.

Cooley Auctions clearance rate was 78% selling 31 out of 40 listings over the day.

Laura Tunstall, the Channel 9 reporter, described the Erskineville sale as setting "a record price for an unliveable house in Sydney's inner west."

She tweeted: 

A rundown house in Sydney's inner-west set a new record when it went under the hammer today @LauraTunstall9 #9NEWSat6.