Why this auction of an unliveable two-bedroom apartment has divided Aussies: ... trends now
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The sale of a dilapidated two-bedroom apartment for over a million dollars has sparked a debate about whether the price was justified.
The unit located at 2/20 Somerset Street in Mosman, on Sydney's lower north shore, went under the hammer for $1.1million on Saturday after it was purchased by a cashed-up buyer.
The dwelling, in a state of severe disrepair, is uninhabitable, with the 1960s kitchen beyond repair and a malfunctioning toilet that doesn't flush properly.
A number of tiles on the kitchen countertop have fallen off, and black stains cover the single bathroom.
Parts of the carpet in the living room had been ripped apart, leaving a moist hole near the centre of the floor.
A two bedroom apartment in Mosman (pictured) was sold for a massive $1.1million at an auction over the weekend
Despite the dilapidated state of the property, 26 buyers, including first-home buyers and investors, registered their interest in purchasing the apartment.
Even an overseas buyer from Singapore dialled in on the day of the auction to bid on the apartment.
Bidding began at $888,000, and the seller set the minimum selling price for the property at a price of $910,000.
The home was eventually sold to a young woman for $1.1million. In 1985, the same unit was sold for just $86,000.
Brigette White, a real estate agent from Bresnic Whitney Inner East, said the auction was highly competitive.
'There were a lot of opportunistic buyers who came. It was unliveable, but it was an opportunity to get into Mosman,' she told Domain.
The kitchen (pictured) in the unit which has harbour front views is beyond repair
Parts of the carpet in the living room of the apartment (pictured) has been torn with a moist hole left near the centre of the floor
