A tiny 17 sqm apartment has sold in Bondi Beach for an eye-watering price.
A tiny unit in Bondi Beach has sold under the hammer for an eye-watering price, with the successful bidder almost missing the auction trying to find a parking spot.
The unit on Gould St went under the hammer on Saturday for $511,000 – more than $41,000 over its reserve.
Ray White Eastern Beaches agent Angus Gorrie said four of the five registered bidders were active at the auction with the successful bidder an investor and all underbidders first home buyers.
“The man that bought it turned up right at the end of the auction as he couldn’t find a park,” he said.
The tiny apartment is inside a security block built in 1960.
The single room has sold for $511,000.
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“He quickly registered and came in at the $500K mark with $1000 bids to the end. It was a cracker.
“This unit has had a lot of media interest and it’s been called a shoebox. It’s one room for $511,000, not even a balcony.
“The biggest drawcard was the location and you’re looking at $600 per week in rent.”
According to property records, the apartment was last sold to an investor in 1996 for $96,000 and had been listed on the rental market for $220 per week in 2009.
The single room with an ensuite measures up to 17 square metres for the whole apartment, with the widest wall coming in at just 3.7 metres.
The floorplan of the tiny apartment.
There’s not much room for furniture, other than a bed and small table.
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There is little room for belongings, with any buyers or future renters facing a cull in their furniture, while the small kitchen contains an oven, stove, sink, and space for a small fridge.
Interested buyers were drawn to the location, with the unit just 100 metres away from Bondi Beach.
“A sunny aspect and large entertainers communal balcony makes this apartment the perfect beach pad or investment in one of Sydney’s most desired lifestyle locations,” the listing read.
“With a strong rental return and first class position this is an excellent opportunity to secure your slice of Bondi Beach real estate.”
Mr Gorrie said it was “rare” to see a property sell for $500,000, let alone so close to Bondi Beach.
However he said it wasn’t the smallest he had sold, selling a few units around 13 sqm in Darling Point a few years ago around the $330,000 mark.
The Bondi Beach apartment is inside a “boutique” security block which was built in 1960.
The sale comes a week after a dilapidated penthouse on Wilga St in Bondi Beach sold at auction for $7.1m – a staggering $3.1m over its reserve – to a buyer keen to pass it onto their grown up children.