PHOTO: No. 3 Elliott St in North Strathfield is on the market for $1.1 million. Source: Supplied

They are in some of Sydney’s most desirable locations and have multimillion-dollar price tags, the only catch is that these properties are crumbling, dilapidated dumps.

THE old adage says: Buy the worst house in the best street, and a downturn in the Sydney property market is giving buyers a better chance to do just that.

But some of these run-down wrecks still come with multimillion-dollar price tags, thanks to their desirable locations.

The market has been inundated with dilapidated properties in popular lifestyle areas such as the eastern suburbs, inner west and northern beaches — providing buyers with an opportunity to either renovate or knockdown and build their dream home.