Renovated Eastern Suburbs Condo Sells For $290k

A refurbished unit in Sydney’s coveted eastern suburbs overlooking the city’s skyline has sold for just $290,000 — well below prices normally seen in the area. But there is a catch.

A refurbished unit in Sydney’s coveted eastern suburbs overlooking the city’s skyline has sold for $290,000, one of the cheapest prices in the region.

The studio apartment at 3/411 Roslyn St, Rushcutters Bay is within walking distance of the beautiful harborside park and the vibrant restaurant and cafe scene of Potts Point.

The catch? At 21 sqm, it was one of the smallest available studio spaces in the Eastern Suburbs Market.

Marketed by Richardson & Wrench Elizabeth Bay and Potts Point real estate agents Angelo Bouras and Tonia Croft, the ground floor studio apartment is currently rented out for $280 a week.

“The previous owner of this studio bought it and renovated the property to accommodate a kitchen and laundry room, but the age of the building caused it to be put on the market several delays,” said Mr Bouras.

“A number of younger buyers were interested in the studio. The lady who bought it plans to use it this year as an investment property and rent it out to tenants.”

Features of the studio space include a renovated kitchen with stone benches, wooden floors and period features and wood paneling throughout.

It also includes secure access to the building and a sunlit roof.

“A big draw for some buyers was the rooftop view, the size of the studio didn’t bother buyers who could just walk up the stairs and enjoy the city and harbor views,” said Mr Bouras.

The smallest studio space sold in Rushcutters Bay last year was just 14 square feet.

As a result of the pandemic, a trend of scaling up is driving tenants to seek greater value for money in larger units and homeowners exchanging suburban apartments for more space in suburban or regional areas.
“Within Sydney, the most affordable suburbs predominate, which comes as no surprise as first-time homebuyers tend to have lower budgets than upgraders, and within these areas subsidies and stamp duties and exemptions may apply to purchases,” said PropTrack director of economics. Research Cameron Kusher.

Many units offer first-time homebuyers the opportunity to secure a million or less property within 12 miles of Sydney’s CBD.

Ray White NSW business development executive Nancy Navarrete says lower city rates have enabled buyers to return to inner-city Sydney.

“During the pandemic last year, apartments in the city of Sydney were considered a kind of ghost town. Some of these areas have not yet fully recovered from the lockdowns during the Delta Wave,” said Ms Navarrete.

“The evidence is not concrete enough to say whether Omicron will continue to affect vacancy rates this year. Many people are in a self-imposed lockdown – further exacerbating the situation.”

Places such as Ultimo and Chippendale have median unit prices of less than $800,000 and are close to Darling Habour, Sydney’s Fish Markets and Central Station.

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Originally published as renovated Eastern Suburbs apartment, sells for $290k

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