Surry Hills cottage in need of reno bought for $1.35 million at hot auction
“You can never go wrong with the inner city area… the market may be down at the moment but it won’t be like that forever.” Happy shopper Martin Muscat (right) with his father John Muscat. Credit: Peter Rae An experienced apartment renovator, Muscat says he has factored in the higher building costs when deciding what he will spend on the house. He plans to make some repairs and rent it out temporarily, before tackling a larger renovation. “We wanted to turn it into a contemporary four-bedroom residence, and definitely wanted to keep the facade… we’ve added a few hundred thousand dollars into what we initially thought would cost and let’s hope it doesn’t exceed that.” Sales agent Gerardo Ricco, of Ray White Hurstville, was surprised by the turnout given the cold market and rapidly rising building costs. He had expected about 10 bidders. “The owner will take a little less [than the reserve] if we have to because the market is like that, but we don’t have to, just take off,” he said.