A Sydney homeowner who once demanded $20 million for her rundown two-bedroom house wedged between towering apartment blocks has finally sold – for $8.15million.
The house at 16 Walker Street in Rhodes was the last freestanding, single-storey home on a street now dominated by high-rise developments.
For years, it stood as a symbol of defiance against developers, but the owner has now walked away with a multimillion-dollar windfall – despite the house still having an old outdoor toilet.
The 676sqm block is zoned for redevelopment and could be turned into up to 14 apartments, a gym, daycare centre, or even a pub – making it highly attractive to developers.
The suburb, once filled with modest cottages, has been transformed into a dense urban landscape of apartment towers, with this house being the final holdout.
In 2022, it was leased for $900 per week, and at the time, the elderly owner reportedly turned down multiple offers from developers, holding firm on a $20 million asking price. Neighbours even labelled the home an ‘eyesore’ as it sat squashed between sleek apartment towers.
The owner also fought against major developer Billbergia, which was behind the construction of nearby Rhodes Central, in a bid to stop further unit blocks from being built around her land.
But after years of resistance, it appears she finally gave in to developers – and still walked away with a massive profit.
The elderly owner once demanded $20 million and fought off major developers for years before finally selling
Surrounded by sleek high-rise towers, the freestanding cottage was the final holdout on a street transformed by development
The rundown two-bedroom home at 16 Walker Street, Rhodes, sold for a staggering $8.15 million – despite still having an outdoor toilet
At Saturday’s auction, more than 150 people gathered as bidding kicked off at $6million. The price climbed steadily in small increments before hitting the final sale price of $8.15million.
‘We thought it would go for between $7milllion and $7.5million and the important thing was we got a really good price,’ selling agent Vanessa Kim told Daily Mail Australia.
‘There were so many buyers there, but it was a bit like hide-and-seek among them in the crowd.
‘It was the only house like that in the street so it was a lonely project but we sold it for an unbelievable price.’
Despite its basic layout – just two bedrooms and one bathroom – the land’s development potential made it a major drawcard for serious buyers.
The owner has a multi million-dollar housing portfolio throughout Sydney, comprising one unit in Barangaroo and one in Haymarket, three units in Rhodes, and a six-bedroom house in Strathfield.
In 2016, she sold another house in Strathfield to developers for $2.7 million, along with two more units in Rhodes for $370,000 and $540,000.
Ms Kim shared the strategic advice she gave the owner that helped drive up competition at auction.
‘It’s a winter market which means there’s not as many properties on the market but I mentioned to the owner that the best time was to sell was in the winter,’ she said.
‘There’s not so many properties on the market but in spring it’s flooded. When there’s too many properties on the market, people have a lot of choices.
More than 150 people turned up to Saturday’s auction, with bidding starting at $6 million and climbing in small increments
Selling agent Vanessa Kim told the owner to list in winter, saying: ‘You must sell in winter and we’ll get a top dollar.’
‘I said to the old owner, “you must sell in winter and we’ll get a top dollar”.’
While the owner had hoped for $9million, the reserve was set at $8million. Ultimately, the property sold for $8.15million.
‘It’s not a normal house, it has a lot of potential,’ Ms Kim said.
‘We had several inquiries for a lot of future development.’
The seller owns multiple properties across Sydney, including units in Barangaroo, Haymarket and Rhodes, plus a six-bedroom home in Strathfield
The site is zoned for high-density use and could become apartments, a gym, daycare or even a pub
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