A derelict home, unlived in for 30 years, is offering buyers a once in a lifetime opportunity to live on one of Lane Cove’s best streets for a fraction of the usual cost.
The rundown home at 86 Austin St is on the market with a guide of $1.6 million — way below the $4 million-plus that some of the street’s more glamorous properties can achieve — but there is a catch.
The home is currently uninhabitable and needs a renovation or complete rebuild, according to the listing ad.
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Belle Property Lane Cove agent Jess Goodman said while the price guide was less than what homes would typically sell for, it was fair considering the state of the property.
“It is uninhabitable, so whoever buys it will need to make an investment in the property,” he said.
“Whatever they spend on it, they will reap the benefits.”
Mr Goodman said this was a unique opportunity for buyers looking to build their own home on the prestige street.
“It is very rare for something like this to ever come up,” he said.
Most of the interest in the property has been from families looking to built their dream home or those looking to develop the land.
While it may be uninhabitable, the property comes with an original untouched gas kitchen with an Kooka oven. There is even a piano in the living room that has been unplayed for decades.
The backyard is also ready for a new lease of life after being completely cleared of overgrown trees and grass.
The home has two bedrooms, one bathroom and a single car garage, as well as room for additional off street parking.
Mr Goodman and his colleague Simon Harrison plan to take the property to auction on February 16 if it does not sell prior.
The Austin St property is a short distance from Lane Cove and Greenwich Public schools, as well as St Ignatius’ College.
It is also close to Lane Cove village shops and cafes, local parks and the bus interchange, which operates services to the city, Macquarie Park and Chatswood.
Lane Cove’s median sale price for houses is $2.125 million, a fall of 10.5 per cent over the past 12 months.
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