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.

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.

• Mum asked to leave café because of her crying baby

• Mum hilariously recreates 'sexy' Tom Ford ad

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."

"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.

Got a story tip? Send it to tips@yahoo7.com.au

Want more celebrity, entertainment and lifestyle news? Follow Be on Facebook, Twitter, Pinterest, Tumblr and Instagram