Unfinished, unliveable: Abandoned Sydney homes sell for millions

It’s half a home for nearly three times the typical price – a partially built house in Sydney’s south is set to go to auction after the owner pulled the plug on a major renovation midway through the project.

The house on Queens Rd in Connells Point is expected to sell under the hammer for over $4 million – well above the current median Sydney house price of $1.55 million.

The rear of the property has had half of its roofing stripped, and the central garden looks like the set of a home renovation show, with a scrapheap of building materials scattered around.

The house is the latest in a recent string of neglected Sydney homes to attract massive prices – many selling after scheduled renovation works were abandoned.

The home was stripped of half of its tiling during an abandoned renovation project. Picture: Prestige Property Group.

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These sales have come as builders continue to grapple with rising materials and labour costs, which has often meant many approved building and renovation projects are no longer feasible.

Selling agent for the Connells Point property Rami Abdallah of Prestige Property Group said there was a reasonable level of interest in the incomplete home with Georges River views.

Mr Abdallah said the home’s rugged appearance is the result of a scrapped renovation.

“(The owner) literally half knocked the house down, you can see from the photos,” he said.

“He was originally going to renovate and then just sat on the block of land for a couple of years and now he’s decided to sell it off.”

Mr Abdallah said the estimated sale price is based on the home’s development potential and location near Moore Reserve.

“To me, all evidence is pointing towards a circa $4 million (sales) mark,” he said.

685 Princes Highway, Blakehurst recently sold for over $1 million.

A similarly dilapidated home was sold last weekend for over $1 million at 685 Princes Highway, Blakehurst.

Belle Property St George sales partner Patrick Wedes said the property was unliveable when he first began preparing it for selling in October last year.

“It was in no state of being habitable,” he said.

“You couldn’t live in it and you couldn’t rent it to anybody.

“We’ve got holes in walls, holes in ceilings, we’ve got powerpoints hanging off the walls.

“None of the kitchen or bathroom facilities work.

“The power is working on the top half of the home, but not the bottom.”

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The interior condition have deteriorated over time.

The property’s outdoor area has also been neglected.

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Mr Wedes explained that the homeowner had been admitted to a nursing home, resulting in the property becoming worse for wear over time.

“He had been involved with the property, from what we understand, since the late 60s,” he said.

“It would have been no doubt a very stately home in its time.”

Mr Wedes said there were a total of 41 bids on the property which ended up selling for $1.6 million dollars.

According to Mr Wedes, the property would cost at least $600,000 at trade price to refurbish, or between $1.3 and $1.5 million to rebuild.

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