A dilapidated house at 69 Dwyer Avenue, Little Bay was sold to a developer at $1,881,000 yesterday.

Over 18 registered bidders showed interest in the said cottage with intentions of renting out the property and developing the site for prospective owners. The bidding started at $1,600,000 and was sold at over the $1,700,000 initial reserve. Two parties ended up battling for the sought-after house with the developer successfully winning what NG Farah Real Estate, Joe Recep regarded as a ”spirited bid”.

The Case

The developer is planning to lease out the property before constructing two dwellings on the said site. However, the 53-year old house isn’t viable for leasing given the present condition of the property. According to officials, the property’s backyard, back shed and garage are contaminated with the hazardous substance. Moreover, an estimate of $40,000-$50,000 to completely fix the property and for asbestos removal.

The convenience of the location as well as the appeal of the town are what prompted people to see the property as a profitable asset. And despite the house being asbestos-ridden, it still managed to achieve a significantly high value.

Interested in the Little Bay asbestos house? View the full story though the link: http://www.dailytelegraph.com.au/realestate/news/asbestosridden-little-bay-house-sold-after-53-years-for-big-price/news-story/b2d7a23a78e94295c0551ebea9c8aa99