Would you pay $1.1M for this derelict Sydney house?

Updated 7:53 PM ET, Wed April 18, 2018
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A dilapidated house at 62 Railway Avenue, in the Sydney suburb of Stanmore, sold for $1.1 million last month. It sparked outrage about the Australian city's rocketing property prices. BresicWhitney
Auctioneer Clarence White explained that "recent form on the street" suggested that a "well-renovated home" in this location would be worth upwards of two million Australian dollars ($1.5 million). BresicWhitney
White also explained that the property would need a "front to back" renovation. BresicWhitney
The seller, who is an elderly man currently based in an assisted living facility, was reportedly in tears at the auction. He couldn't believe how much his property had sold for. BresicWhitney
When the Stanmore house was last sold in 1997 it went for 312,000 Australian dollars -- just under $499,000 Australian dollars ($387,741) in today's rates. That marks a 180% price increase in two decades. BresicWhitney
The four-bedroom property is located 5.5 kilometers from the Central Business District, minutes away from a train station and within easy reach of various highways. BresicWhitney
The period property sits on a 167-square-meter plot of land. BresicWhitney
Last month, a derelict home in Sydney's bohemian capital of Newtown in the inner west sold for $1.051 million Australian dollars ($816,435) -- slightly above its listing price of $1 million Australian dollars ($776,847).
The property had a collapsed roof and attendees to the auction were asked to sign a waiver before entering.
Many of the rooms were closed off to visitors at the auction due to their state of disrepair.
The property needed a full renovation before it could be inhabitable again.