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Update - The Sydney property market furnace, could be just a sham. Agents blatantly talking up the price. The agent was quoting mid-$800ks. OMG.  I am updating my earlier comment. Would you want to buy it? Would you be mad to think it is worth that?

Take out the furniture that they hope to increase the price with and you get a very cute character house. No outdoor garden, but perfect for a single/couple. Change the upper room to an extra lounge and hello.  Damn this market.

But, just for some price point, this place sold earlier in the year at $781k, but it has a land size of 95msq. Compared to the place we are looking at now of 65sqm. Mmmmm.
What do you think?

And just for another point of view, this fully renovated cottage  (also here) around the block sold for $860k and it is 57sqm.

  

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I am quite liking this apartment, as it is on the top floor, north facing and has a good floorplan. Also, there are a lot of facilities in this block, which, though expensive (strata fees are around $1400), I think if you use them, they would ultimately be beneficial. Good investment no? I think they are asking around $720k. Worth it? Check this link for rent comparisons. Oh and here is a similar unit's price history.

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I love the character of this house from the front. Of course I would want to change the colours and the garden needs some TLC but, going by the looks of this house, it has potential.

Going with an all white theme here.

All pinned here

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Wow, wouldn't this be a nice project, and am guessing done right eventually a good investment. If it was mine, I would essentially make it liveable at first. Repair what needed to be repaired, essentially keeping what was there, but if it needed replacing, doing so. A lot of cleaning would be involved and a good lick of paint at the end to make it fresh. Then down the track doing a complete renovation.

Update - Sold for $780k.

And now next door is up for auction - here. (It was sold in 2009 for $672k here)

I am guessing it will go for around $750k. Actually, I am now updating it to $800k, due to the sale price of this property. It is Paddington people!

For price guides I went looking and found the below. Yes they are 2013 and 2012 prices, but given the state of the property and the market we are in, I think that is what it would go for. Lets wait and see shall we.

1 Gipps St, Paddington - Sold for $760,000
20 Rose Terrace Paddington - Sold $720,000
195 Underwood Street Paddington - Sold for $767,000
2 Hargrave Lane Paddington - Sold for $790,000