Kirsten Craze
First published 16 Oct 2023, 5:00am
This 17sq m unit in Rushcutters Bay is up for sale.
A minuscule property barely the size of a parking space has become the cheapest home for sale across inner Sydney with a price tag that defies the inflated sums usually seen for city-fringe apartments.
With a price tag of $225,000 to $247,000 the snug 17sq m studio apartment sits in the heart of Rushcutters Bay just minutes from bustling Kings Cross.
MORE: Shock as first ever The Block winner finally resells
As well as high ceilings, built-in storage, a kitchenette and an outlook over a heritage church, the compact unit comes with a couple of catches – it has no bathroom and may not be eligible for a mortgage.
The unit is in a building filled with shared bathrooms.
The size of a typical lock up garage, the Roslyn St apartment is located in a rare art deco building.
None of the 24 residences within the building have their own bathrooms. Instead the four-level walk up has two shared bathrooms on each floor.
MORE: Most popular suburb for Sydney’s first-home buyers
Selling agent Nuri Shik of Ray White Elizabeth Bay said the units had been popular despite the building’s unique situation.
“We’ve recently sold a couple of these studios off market. People hear about them on the grapevine and snap them up pretty quickly before we can even get them online.”
The floorplan for the 17sq m unit.
The kitchenette.
When it comes to mortgages, however, Mr Shik warned size does matter to banks.
“Some are open to lending for smaller floor plans, but when there’s no bathroom they usually say no. So these types of properties are really for cash buyers.”
MORE: Artists’ $15m oasis has waterfall, swimming hole
While the building is company title, often considered to be more restrictive than strata title, Mr Shik said there was a precedent for both long and short term rentals at the address with apartments earning an average of $300 a week.
With a post-pandemic return to the city, Mr Shik said studios are gaining favour once more as location trumps space and weekly rents soar in inner Sydney.
“There’s definitely an appetite for these types of properties, no matter the size because the desirability comes down to price. What else can you buy in Sydney for less than a quarter of a million dollars?”
Buying
Featured
Selling
Disclaimer: The information published in this section is of a general nature only and does not consider your personal objectives, financial situation or particular needs. Where indicated, third parties have written and supplied the content and we are not responsible for it. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. We do not recommend sponsored lenders or loan products and we cannot introduce you to sponsored lenders. We strongly recommend that you obtain independent advice before you act on the content.
Personalised advertising: We show you more relevant advertising based on your activity. Prefer us not to? Opt Out of personalisation
realestate.com.au is owned and operated by ASX-listed REA Group Ltd (REA:ASX) © REA Group Ltd.
Recent Comments