People are outraged by the price of this derelict home

One million dollars used to be a lot of money.

Two decades ago, winning a million dollars was the ultimate game-show dream that would completely transform your life. But now, it will barely buy you the most run down house in Sydney.

This property in the inner-city suburb of Newtown, literally has holes in the floorboard. The windows are broken, the ceiling is falling down and the bathroom is filled with rubble. But it’s on the market with a price guideline of $1,000,000.

derelict house in newtown

Would you pay $1m for this house? Photo: Realestate.com

Sydney house

At least it comes fully furnished. Photo: Realestate.com

Granted, it is a two-story townhouse, but it’s in such a derelict state that the estate agent warns all people wishing to visit it ‘are required to sign a waiver prior to entry’.

You'll also need to be over the age of 18 and wearing closed shoes.

On the plus side, its right outside Sydney University and has bucket-loads of potential.

As the team at realestate.com say, "awaiting a complete renovation, this derelict dual level terrace is the ultimate fixer upper in a premier Newtown address."

The agents won't let you inside to take a look unless you're over 18 and are wearing closed shoes. Photo: Realestate.com

sydney property market

Oh, and you also have to sign a waiver before being allowed in. Photo Realestate.com

"First time offered in almost 50 years, it provides scope for significant future capitalisation".

The property was so outrageously priced that comedian Benjamin Law shared it on social media, kicking off a storm of sarcastic responses.






Over the past 20 years - which is almost as long Eddie McGuire has been hosting Who Wants to be a Millionaire - the average Sydney house price has risen from $233,000 to $1.1 million in 2017.

Melbourne isn't far behind, with their average house price last year coming in at $850,000 compared to $142,000 two decades ago.

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