PHOTO: The last stand in Sydney’s high-rise jungle ends with a jaw-dropping payday 💸. 16 Walker Street in Rhodes, NSW
For years it stood defiant — an aging, two-bedroom relic surrounded by a sea of towering concrete and glass. Now, after refusing developer offers for over a decade, the final freestanding home on Rhodes’ Walker Street has finally sold… for a staggering $8.15 million.
📍 Address: 16 Walker Street, Rhodes
📐 Size: 676sqm
💬 Original owner’s price expectation: $20 million
🏡 Condition: Still had an outdoor toilet 😳
🧱 From Eyesore to Eight-Figure Windfall
The elderly owner, dubbed the “last holdout” on the heavily redeveloped Rhodes strip, was famous for turning down offers while high-rise towers soared around her.
-
🏙️ In 2022, the property was leased for $900/week
-
🚽 Still featured an old-school outdoor toilet
-
🔁 Neighbours reportedly called it an “eyesore”
Unlock 1.2 Million+ Aussie Business Contacts — No Subscriptions, No Limits
But despite the modest condition, the land was gold. Zoned for high-density redevelopment, the site could be transformed into:
-
🏢 Up to 14 apartments
-
🏋️♀️ A gym
-
🧸 A daycare
-
🍺 Even a pub
🎯 Auction Frenzy: From $6M to $8.15M in Minutes
At the weekend auction, over 150 people turned out as bidding began at $6 million.
“We expected between $7M–$7.5M,” said listing agent Vanessa Kim. “It was a lonely project, but we sold it for an unbelievable price.”
-
📈 Final Sale: $8.15M
-
📉 Reserve: $8M
-
🔥 Bidding climbed in small but competitive increments
Kim credited the timing for the hot result.
“I told the owner, ‘You must sell in winter and we’ll get top dollar.’ There’s less stock in winter — less competition, more attention.”
🧠 Strategy, Timing & Patience Paid Off
Despite the owner once demanding $20 million, the final sale is still a life-changing sum — especially considering the property’s age, condition, and layout.
And this isn’t her first rodeo. The seller boasts a multi-million dollar property portfolio, including:
-
🏙️ Apartments in Barangaroo, Haymarket, and Rhodes
-
🏡 A 6-bedroom home in Strathfield
-
💼 Past deals:
-
$2.7M for a previous Strathfield home
-
Units sold for $370,000 and $540,000
-
🔍 The Lesson? Land (Still) Beats Buildings
Despite its rundown features, the sale proves a key truth in real estate: location, zoning, and timing trump appearances.
“It’s not a normal house — it has development potential,” Kim added. “We had serious inquiries from developers planning for years ahead.”
And now, the final chapter closes on Rhodes’ once-quiet suburban strip. The last cottage is gone, and high-rises will soon rule the skyline entirely.
SOURCE: THE DAILY MAIL