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Unliveable Sydney homes going for millions in Australia housing boom

In Sydney, median prices rose about A$1,200 a day in May, with buyers willing to pay a premium for uninhabitable homes to tear down and rebuild.

A person walks past a derelict home, which sold for A$1.6 million, in Sydney's northwest in Australia, on June 23, 2021 (Image: Reuters/Swati Pandey)

A person walks past a derelict home, which sold for A$1.6 million, in Sydney's northwest in Australia, on June 23, 2021 (Image: Reuters/Swati Pandey)

Sydney houses with crumbling walls, shredded ceilings, and bathrooms and kitchens stripped of fixtures are getting snapped up for millions as buyers try to grab a slice of Australia's soaring property market.

Last week, a derelict brick cottage in the city's northwest sold for A$1.6 million ($1.20 million), a price the real estate agent handling the deal said was "much more than we were expecting".

Photos on the property agent's website showed torn carpets, tattered roll-up blinds and a grime-caked kitchen.

"(The buyers) are individuals who wanted to live in this part of Sydney and are looking to knock down the property and rebuild," McGrath sales agent Michael Dowling told Reuters.