A three-bedroom terrace house in Sydney's inner-west suburb of Darlington is expected to sell for more than a million dollars at auction later this month — despite being partially demolished, with missing walls and a floor.
The property at 38 Ivy Street, Darlington, has been listed as a "renovator's delight," though its current condition pushes that description to its limits. Based on buyer feedback, the home is expected to sell for around $1.15 million — well below the suburb's average three-bedroom sale price of $2.4 million, but a remarkable return given its state of disrepair.
Rundown Property Still Drawing Strong Interest
Despite the property's condition, it has already generated significant interest among prospective buyers. The listing agent reported approximately 30 attendees at the first open inspection, suggesting strong demand even for a home that would require substantial work before it becomes liveable.
For the current owner, the sale will represent a substantial windfall. The property was purchased back in 1994 for just $205,000, meaning even at the lower expected sale price, the vendor stands to pocket a considerable profit after three decades of ownership.
Sydney Sellers Still Turning a Profit Despite Market Slowdown
The Darlington sale comes as new data confirms that most Sydney suburbs continue to deliver profits for sellers, even as the broader market slows. Blue-chip suburbs including Ku-ring-gai, Chatswood, Mosman, Manly and Bellevue Hills are among the strongest performers, with some vendors pocketing more than $2 million in profit on a single sale.
At the more affordable end of the market, results have also been solid. In areas such as Mount Druitt, Penrith, Camden, Campbelltown and Richmond, more than 99 per cent of sellers recorded a profit on resale. Strong investment returns were also recorded for all units in Campbelltown, parts of the inner west including Marrickville and Sydenham, and the western suburb of St Mary's.
Domain's Chief Residential Economist Dr Nicola Powell noted that the profit story was increasingly being driven by more affordable parts of the city. "When you look at the proportion of homes being resold at a profit, it is being dominated by those more affordable suburbs," she said.
Downturn Bites, But Profits Persist
The resilience of Sydney's resale market is all the more striking given the current climate. The present slowdown has been described as the sharpest start to a downturn in Sydney's history, yet the overwhelming majority of sellers are still coming out ahead.
Dr Powell cautioned, however, that conditions are unlikely to stabilise quickly. "We will continue to see price falls," she said, signalling that buyers and sellers alike should prepare for ongoing softness in the market.
For those keeping a close eye on Sydney's broader housing pressures, the Darlington auction offers a vivid illustration of just how fiercely contested inner-city property remains — even when it's missing a wall or two. The 38 Ivy Street property goes under the hammer later this month.
