Eye-watering price for tiny Bondi studio apartment exposes how competitive the Australian housing market has become
A tiny Bondi studio apartment has sold for more than $500,000, showing just how far people will go for a little slice of the iconic beach.
The single room with private bathroom measures a maximum of 17 square meters for the entire apartment, with the widest wall being only 3.7 meters.
The apartment was auctioned on Saturday with a guide price of $450,000, but sold for another $61,000 above the asking price.
Ray White estate agent Angus Gorrie said when the property came on the market six weeks ago the biggest draw was its location, just 100 meters from Bondi Beach.
A tiny Bondi studio apartment (pictured) has sold for more than $500,000, showing just how far people will go for a little slice of the iconic beach
“A sunny aspect and large communal balcony with entertainer make this apartment the perfect beach spot or investment in one of Sydney's most sought-after lifestyle locations,” the listing says.
'With strong rental yields and a prime position, this is an excellent opportunity to secure your piece of real estate in Bondi Beach.'
Mr Gorrie said although the property was on the small side, it was 'rare' to sell a property for less than $500,000, let alone so close to Bondi Beach.
“This year I've never sold anything like this, and I've sold 90 properties,” he said.
He said a key draw would be the location, where tenants would likely pay up to $500 a week to rent a studio in such a coveted position.
Another apartment in the same Gould St building is currently advertised for $600 per week.
The buyer, or any prospective renter, will have to figure out how to downsize their furniture to fit the room, with little more than room for a bed and a table in the unit.
The unit (building pictured) is located just 100 meters away from the famous Bondi Beach
Not only that, but the number of chefs willing to live in the unit would be limited, with only a two-burner stove and a small oven to cook with.
The apartment was described as 'a large shared bedroom/living space' and was also advertised as being in a 'quiet location at the side of the building' in a 'boutique security block'.
A communal roof terrace is open to tenants who want to escape from the cozy apartment.
Mr Gorrie was contacted for comment on the sale.
2The layout of the 1 '68 Gould Street Bondi unit is shown. Strong rental returns are expected