R49 million for an Australian house without a toilet or power

As global property markets booms, an "uninhabitable" four-bedroom house in a Sydney suburb recently sold for R49 million  - around AU$4,6 million - on auction.

The home sold on auction in June 2021 and according to its listing on Australian property site Domain.com the house is in of "major work."

At the time of going to market, the four-bedroom house did not have a toilet, kitchen, flooring, or power according to the selling agent Joe Recep reported Bloomberg.

Recep, selling agent at NG Farah Real Estate, further added that the property didn't have painted walls either and that described it as a "neglected period home"  with "uninhabitable interiors" in its listing.

The 556.4m² is situated in a suburb of Sydney where the median price for four-bedroom houses is around R31.92 million, according to data from Domain.com, based on sales within the past 12 months. 

The property received 30,000 enquiries in four weeks from all over the world, including buyers in the United States, United Arab Emirates, and New Zealand, Recep told Bloomberg.

The property listing says that it has off-street parking space for three cars, and is close to a vibrant shopping and restaurant district as well as several schools.

Recep told Bloomberg that he'd been in real estate for 25 years and had "seen nothing like" the surge in interest for the dilapidated property.

The global housing price average rose 7.3% in the year to March, the fastest surge since 2006, according to the Knight Frank Global House Price Index.