Derelict Redfern house Phil Oxley of Bushells tea family bought for $325,000 in 2001 sells for $1,256k

Derelict Redfern house Phil Oxley of Bushells tea family bought for $325,000 in 2001 sells for $1,256k
Real Estate


The derelict house at 9 Charles St, Redfern, had 13 registered bidders with 10 active.

Phil Oxley of the famous Bushells tea family bought the rundown Redfern terrace in 2001 for $325,000 in 2001 so he didn’t have to ask permission to paint the wall of his factory next door.

Not many people wanted to live in the unpopular suburb back then, even fewer in such a narrow laneway like Charles St.

The house on the 127 sqm block at No. 9 sat falling down. locked up and empty for all those years since, even as larger renovated homes in the street have sold for as much as $2.81 million.

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Unloved.

A bit like a prison cell.

Young families now love this neck of the woods — close to one of the area’s most popular children’s playgrounds, good schools and cafes.

In a sign of the times, when Mr Oxley asked Ray White agents Charles Touma and Ercan Ersan to put it up for auction last Saturday it sold for an impressive $1,256,000.

There were 13 registered, with 10 — mostly builders — fighting for it. “It was bought by a young family renting in Chalmers St,” Mr Ersan said. “They’re going to do a quick cheap reno and put in a DA down the line.”

Welcome home.

Anyone want a cup of tea?

Mr Ersan said the highest offer before the auction had been $928,000.

“Given its condition, I thought it would have been lucky to get $1 million,” Mr Ersan said.

“It just shows the market at the moment.”

Perhaps a year ago it would have sold for less than $1 million.

A few weeks ago a renovated house at nearby 10 Rennie St sold recently to an investor for $1,407,500 — when it was for sale in February the highest offer had been $1.25 million.

“It’s unbelievable [the improvement in the market],” said its School of Renovating owner Bernadette Janson.

The back yard.

Another sign of the improved market in Redfern is Mr Touma’s sale of a house on a 166 sqm block at 78 Great Buckingham Street for $2,852,000 — a record price for a house without parking in the suburb.

“We had over 90 buyers through the property with six contracts issued,” Mr Touma said.

He said there were an unprecedented number of remaining buyers still in the market for similar property, who are ready to buy now.



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