Would you pay $1.1M for this house? [CNN]
CORELOGIC (CLGX)
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Source: CNN
Would you pay $1.1M for this derelict Sydney house? (CNN) A derelict home in inner city Sydney sold for an incredible $1.1 million this month, illustrating why frustrated potential home buyers feel locked out of the city's property market. The hefty price paid for the crumbling period property, which requires a full renovation, in the suburb of Stanmore, is part of a long-term trend of rocketing house prices in Australia's largest city. "Over the past five years, there have been a number of reports of ridiculous prices for properties you can't really live in," Cameron Kusher, senior research analyst at property data firm CoreLogic, told CNN. A dilapidated home in Sydney's bohemian Newton neighborhood sold last month for $1.1 million Australian dollars ($816,435). The property was so derelict auction attendees were asked to sign a waiver before entering. Meanwhile, a rundown four-bedroom terraced house in Surry Hills fetched 1.95 million Australian dollars ($1.5 million) last year. Al
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