Real Estate

Burnt house in Fairfield West sells under the hammer for $750,000

Burnt house in Fairfield West sells under the hammer for $750,000
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 18:09:00

A fire-damaged home at 32 Rawson Rd, Fairfield West.

The walls were coated in soot and the lounge ceiling was black and dishevelled — but none of this proved much of deterrent for buyers when a five-bedroom house in Fairfield West went to auction.

The fire-damaged house at 32 Rawson Rd attracted 16 registered bidders and sold under the hammer for $750,000.

This was despite needing about $200,000 to $300,000 in work to bring the property back up to a liveable standard, according to selling agent David Perco of Ray White-Wetherill Park.

MORE: House burnt in cannabis-fuelled fire for grabs

Mixed results for auctions on election day

Mr Perco said buyers were drawn to the opportunity get a bargain and many had hopes of renovating the property or even rebuilding.

Soot was covering much of the house.

Homes of this size often sell for upward of $1 million in the Fairfield area.

“There is a lot that needs to be done,” Mr Perco said. “Plumbing and wiring needs to be replaced and the home needs a new front door because the fire brigade had to break it down.”

Comparable homes without damage sold for upward of $1 million in the area, Mr Perco added.

The opening bid was $550,000 and there were about 25 bids submitted by nine hopeful buyers who took an active part in the auction.

The buyers were a couple with plans to move into the home after doing some restoration work.

They had made a $600,000 offer prior to the auction, Mr Perco said. “This just shows the (effect) of auction conditions.”

The two-level house had polished concrete floors and a marble staircase. Out the back is a jacuzzi and pizza oven.

Mr Perco said he didn’t know how the fire had started but the bulk of the damage was in the open-plan living area and a section near the stairs to the upper level.

The result will be encouraging for the vendors of another fire-damaged home set to go to auction in June in the Central Coast suburb of Berkeley Vale.

21 Wyong Rd, Berkeley Vale.

The property at 21 Wyong Rd was a blazing inferno back in April 2017 when police attempted to enter inside, but were forced back due to the intensity of the flames.

The police later discovered up to 500 hydroponic cannabis crops when the fire was out.

Agent Phillip Martin from First National-The Entrance said that the home was basically a knockdown, although some brave buyers had expressed interest in a structural renovation.

“We’ve seen interest in about the $250,000-$300,000 bracket which is land value minus the cost of a demo.”