A dilapidated terrace house at 9 Cecil Street in Paddington has sold for $3 million, marking the first time this property has been offered to the open market after remaining in the same family for three generations.
The three-bedroom terrace, featuring original horse stables, attracted significant interest during its auction. Five of the 14 registered buyers placed bids, with the property ultimately selling to a Redfern buyer in front of a crowd of about 80 neighbours and supporters.
The auction began at $2.4 million, quickly surpassing the $2.6 million price guide through $50,000 increments. Smaller $25,000 bids followed, ultimately driving the price to $3 million.
According to the listing, the property offers unique historical features, including a large original horse stable with mezzanine storage, separate lounge and dining areas, and a basic gas kitchen. The 138-square-metre property has dual access and is located in Paddington’s gallery-rich art precinct.
Georgia Cleary of McGath Paddington noted that most of the feedback suggested the property was initially valued in the low two millions. She highlighted that owner-occupier buyers are often willing to pay a premium for original properties, preferring to renovate according to their own vision.
The sale coincides with Domain Group’s reported preliminary auction clearance rate of 64.2% across 830 reported results in Sydney, with 180 auctions withdrawn during the week.
The property represents one of the last remaining unrenovated homes on a premium street, offering potential for renovation or extension, subject to local planning regulations.
Published 25-November-2024
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