{"id":36131,"date":"2021-12-19T09:26:42","date_gmt":"2021-12-18T20:26:42","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36131"},"modified":"2021-12-19T09:26:42","modified_gmt":"2021-12-18T20:26:42","slug":"dump-next-to-long-bay-jail-sells-for-crazy-price","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/dump-next-to-long-bay-jail-sells-for-crazy-price\/","title":{"rendered":"Dump next to Long Bay jail sells for \u2019crazy\u2019 price"},"content":{"rendered":"

PHOTO: Long Bay Jail. FILE<\/strong><\/p>\n

A rundown house that shares a wall with one of Sydney\u2019s most notorious prisons has sold for more than $900,000 over reserve at an auction described as \u201cemotionally charged\u201d.<\/p>\n

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\"Auctioneer<\/div>\n

Auctioneer James Kurley at an auction directly next door to Long Bay Correctional Complex. Picture: Tim Hunter<\/strong><\/em><\/div>\n<\/div>\n

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A dilapidated house that shares a wall with Long Bay prison has sold for nearly $900,000 over reserve amid a rush from buyers to secure homes before Christmas.<\/p>\n<\/div>\n

The Malabar house on\u00a0Austral St\u00a0was expected to sell for around the $1.6 million-$1.7 million mark, but strong competition from two committed bidders pushed the price to $2,505,000.<\/p>\n

There were eight registered bidders and selling agent Clay Brodie of Ray White-Woollahra said the auction \u201cwent crazy\u201d.<\/p>\n

\u201cIt was an emotionally charged auction,\u201d he said. \u201cIt went way above what we expected.\u201d<\/p>\n

\"Mark<\/a><\/div>\n
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Inside Mark Zuckerberg\u2019s $37M \u2018five-house estate\u2019<\/a><\/h2>\n<\/header>\n<\/div>\n

The agent told The Sunday Telegraph before the auction that $1.6 million was a reasonable price for the property and was set as the reserve.<\/p>\n

A price of $2.5 million was more in line with well-presented houses on surrounding streets that were not directly next to the correctional facility, Mr Brodie said.<\/p>\n

\u201cSharing a wall with the jail, it\u2019s different. Some people didn\u2019t know how that would work, but others didn\u2019t mind,\u201d Mr Brodie said.<\/p>\n

He added it was a noisy site due to constant announcements over the prison loudspeaker and the house was literally a stone\u2019s throw from one of the prison yards.<\/p>\n

Inmates at the prison include former Auburn deputy mayor Salim Mehajer, former police sergeant and convicted murderer Roger Rogerson and serial gang rapist Bilal Skaf.<\/p>\n

Mr Brodie said the location near the prison was an attractive point for some buyers who figured it may be an opportunity to get into the rising Malabar market at a lower price.<\/p>\n

<\/div>\n
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\"The<\/div>\n

The property get noise from the prison announcements.<\/strong><\/em><\/div>\n

The property was also an attractive development site due to the 24m of frontage, but developers sat back during the auction and families put down the most aggressive bids.<\/p>\n

Auctioneer James Kurley received an opening bid of $1.6 million, in line with the reserve, and four of the registered parties made bids.<\/p>\n

Mr Brodie said the property needed a lot of work. \u201cYou would have to redo everything, the floors, ceilings, roofing. You are almost better off knocking it down, you\u2019d spend more money renovating.\u201d<\/p>\n

The buyers were understood to be a family planning to knock the home down and replace it with a modern home at some point in the future.<\/p>\n

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\"There<\/div>\n

There was strong interest from families wanting to build a new home. Picture: Tim Hunter.<\/strong><\/em><\/div>\n

Mr Brodie said the buyers believed the prison would be repurposed to housing and cafes in years to come and were prepared to play \u201cthe long game\u201d.<\/p>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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