By David Southwell For Daily Mail Australia
Published: 03:18 EDT, 24 June 2022 | Updated: 03:18 EDT, 24 June 2022
The phrase a 'fixer-upper's dream' barely does justice to a derelict Sydney house that still comes with a potential $5million price-tag.
The four-bedroom house in the inner-city suburb of Annandale goes under the hammer in July with an auction guide price of $4.8million.
This is despite the insides looking more like a squalid squatter's haven then a multi-millionaire's refuge.
Despite its decaying condition this house in Sydney's inner-west is being sold for $4.8million
The front door at 137 Annandale St opens to reveal a dimly lit hallway with crumbling archways, mould-blackened stairs and doors.
One of the walls looks like it has been sand-blasted, an aesthetic duplicated in the upper levels of the house.
The walls of the house looks like they've been sand-blasted in this ultimate fixer-upper
The bathroom is not spacious but it has an interesting mismatched tile colour scheme
The brown lino appears to be lifting off the kitchen floor while some of the cupboards already appear to be half ripped out.
The cramped, cheap, motel-style bathroom has mismatched tiles on the shower base.
Cracks are apparent in the ceilings and walls, as is water damage.
The living room opens to the kitchen if you are game to walk over the carpets
The grubbiness of the walls and doors is matched by the grimy state of the worn carpets throughout.
Directly adjoining the back wall is a self-contained one-bedroom and extra living room extension, which has the jerry-rigged look of an old mining town hut.
Although its insides are nothing to rave about the house presents fairly well to the street
Along the back fence is a rusted roof corrugated iron shed that serves as the property's garage.
In fairness the Federation-style house presents with a reasonable front facade and is located in one of the most sought-after suburbs in Sydney's inner-west, where the median house price sale is currently $2.4million.
The extension at the back contains an extra bedroom and living room
The website listing describes it as a 'character-rich residence' with 'untapped possibilities and transformative scope' that 'will excite renovators'.
Selling agent Chris Nunn argued that the property's prime location and size justified the big asking price.
'For something to come up on one of the best streets in Annandale at 664sq m – it's a complete rarity,' Mr Nunn he told the Daily Telegraph.
He argued that the back structure could be knocked down and turned into a further extension or a studio apartment.
'Whoever buys that block, so long as they have the money to develop it, would want for nothing in terms of a bespoke family residence.' Mr Nunn said.
There is also the potential to subdivide the property, pending council approval.
The main house, however, which was likely built in the 1900s, will need to be preserved as it falls under a conservation area.
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Published by Associated Newspapers Ltd
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