Property

This small box of a unit just sold for $1 million

A ONE-BEDROOM apartment located up five flights of stairs, with no parking and a shared balcony has just sold for $1 million.

The charming rooftop unit in Sydney's Elizabeth Bay has breathtaking views to Sydney Heads and access rights to next door's harbour pool but is just 50 square metres in size.

The unit was created several years ago in the roof cavity of an apartment block at No 6 in prestigious Billyard Avenue.

The shared balcony is exclusive to the owner at night and on weekends and public holidays.

Elizabeth Bay unit has charming views to Sydney Heads.
Elizabeth Bay unit has charming views to Sydney Heads. Supplied

The last time it changed hands the apartment sold in 2004 for $535,000 but has almost doubled in value, helped by a recent renovation that gave it a modern boathouse feel.

A modern renovation helped lift the unit’s value.
A modern renovation helped lift the unit’s value. Supplied

Ray White Double Bay principal Michael Finger told The Australian he thought $1 million was a fair figure under the circumstances. Most of the potential buyers were single people aged 25 to 40 years old.

"The view of Elizabeth Bay ­really helped, but it had a certain charm to it and to the right person it would be very special. You'd also end up very fit if you lived there - that's for sure - with the stairs," he said.

View of Elizabeth Bay
View of Elizabeth Bay Supplied

He said while the Sydney property market was not as inflamed as it was a year ago, it was "still hot".

Real Estate agent Charlie Mortimer outside the apartment building in Elizabeth Bay, where a 50 sqm roof cavity apartment has sold for $1m.
Real Estate agent Charlie Mortimer outside the apartment building in Elizabeth Bay, where a 50 sqm roof cavity apartment has sold for $1m. James Croucher

The astonishing result comes as Deloitte Access Economics director Chris Richardson warned that the housing bubble could blow and Sydneysiders were most at risk.

Deloitte's quarterly business outlook released today, noted Australian families were now the world's second most indebted households after the Swiss, relative to income.

Mr Richardson told Fairfax the homes of many workers were now making more money than they do. "That's kind of God's way of saying: this thing's gonna blow," he said.

He said a crisis could be averted if interest rates rose slowly and steadily. But cheap credit and high leverage still posed a risk.

News Corp Australia

Topics:  editors picks housing affordability housing bubble real estate



Delays as highway village moves into town

Milestones are being reached in the progress of the Pacific Highway upgrade.

There will be highway delays on the Pacific Highway this week

Lismore and the ongoing problem of water

EARLY HOUSING: The Spencer Cottee homestead. Mrs Mary Ann Cottee (wife of Spencer Cottee) owned the old Freemasons Hotel in Lismore.

Windmill at Freemasons Hotel first 'modern convenience' of its kind

Belly dancing for a cure to cancer

Stars of Lismore  Dance For Cancer event to be held in August, profiling radiation therapist Vanessa Knibbs from Northern NSW Cancer Institute, Lismore and Sasha Fox and Danielle Sansom from The Barefoot Gypsies Belly Dance Company.

Her teacher told her she had no rhythm ... she's proving her wrong

Local Partners

School bus seatbelt blitz

"THIS is something our communities have been crying out for and I'm committed to making sure kids across the state can travel to school safely.”


Horrorshow ready to eat cake in Byron Bay

VISITING: Horrorshow is an Australian hip hop duo from Sydney formed by Adit and Solo.

Hip hop duo will play their latest music in Byron Bay this weekend

REVEALED: Meet our five Ninja Warriors

TWEED HEADS: Upcoming TV Series Ninja Warrior contestant Jaymes Wright.

Australian TV series starts next month on Channel Nine

Ballina-born rugby star to rule The Block

THE son of former local pub owners is going as a 'rookie renovator' in the upcoming series.

Schapelle Corby's Bali boyfriend 'lonely' now she's free

“I really hope we can see each other again in the future."

‘One of the most ludicrous films ever made’

Optimus Prime in Transformers: The Last Knight.

Transformers: The Last Knight has been shredded by critics.

Transformers movie bombs to horror opening week

Optimus Prime in a scene from, "Transformers: The Last Knight."

Transformers 5 had the worst opening in the franchise’s history

How 9/11 helped make Waleed Aly a household name

Waleed Aly and Susan Carland at the 2016 Logie Awards

“It feels like there was a script written for me,” he said.

Pixar weighs in on viral Toy Story theory

Woody and Buzz Lightyear from Toy Story.

DID Andy’s dad tragically die just before the story took place?

Ocean views up for sale at Bargara Rise

LAND RELEASE: Rob Sergiacomi on site at the Bargara Rise development off Watsons Road Bargara.

More ocean-view land comes on the market at Bargara

Blueberries help property market boom

RURAL MARKET: Elders sale agent Terry Deefholts, Norman Arkan and rural sales agent Angus McDonald.

Growth in the rural property market

Gateway to $3 billion, 4800 home new Coast city opens

The start of Peter Crosby Way at Sippy Downs, the northern access into the Harmony master-planned community at Palmview.

Palmview's $3b master-planned community of Harmony

Millionaire Nathan Birch to offload $55M in property

Nathan Birch wants to focus more on developing properties.

Sydney property investor has announced he is selling up

Fame factor boosts property prices in Byron

The stunning Clarke's Beach in Byron Bay.

House prices surge by an incredible 39.5% in star-studded area

Ready to SELL your property?

Post Your Ad Here!