- Bondi apartment sells for just $400,000
- Apartments in the area typically fetch $1.2 million
A condo in a popular beachside location in Sydney has sold for as much as $800,000 less than the suburb’s average.
The studio apartment at 209/29 Newland Street in Bondi Junction, in Sydney’s east, sold for just $400,000.
The average price for apartments in Bondi Junction is $1.2 million, while for houses it is $2.65 million.
The surprise sale was completed on October 31, before the scheduled auction.
A studio apartment at 209/29 Newland Street in Bondi Junction, in Sydney’s east, sold for just $400,000
According to figures, this was the cheapest sale in the country for the results weekend Domain.
Bondi Junction borders the famous beachside suburb of Bondi, where the average house price is a whopping $3.76 million.
Property agent Andrew Kalaizis, of Ray White Park Coast East, told Ny Breaking Australia the low sales price was due to the substandard condition of the property.
“It’s a studio with no parking and to be honest it was in bad shape,” he said.
Mr Kalaizis said another similar property in the complex sold last year for $356,000.
The apartment complex has a spacious roof terrace and a swimming pool
The 4.9m by 6.1m second floor apartment is located at the rear of an apartment building and consists of combined sleeping and living areas.
The kitchen is designed in a galley style and features a large oven, a four-burner hob and a generous sink.
The modest bathroom has a shower, a sink and yellow-colored tiles on the floor and in the shower.
There are polished floorboards throughout the property and a large mirrored wardrobe has been fitted for storage.
The address, which has no parking, is close to parks and the main shopping areas of Westfield and Eastgate shopping centre.
The apartment complex features a rooftop pool and sundeck for residents to enjoy.
The record price for a flat in Bondi Junction is $5.6 million, paid in 2022 for a five-bedroom apartment (pictured)
Ray White Park Coast East, the agency that sealed the deal, estimated rental income at $400 to $450 per week.
“This is an excellent opportunity for both first home buyers and savvy investors to enter the property market at a highly respectable price range,” the agents said on the property’s listing.
The apartment sale was one of 579 Sydney sales reported to Domain for the weekend of November 11, contributing to the city’s 64.9 per cent clearance rate, an improvement on the 53 per cent recorded last year year around this time was recorded.
The record price for an apartment in Bondi Junction is $5.6 million, paid in 2022 for a five-bedroom apartment equipped with a cocktail bar and panoramic views of Sydney Harbour.
According to data from PropTrack, the median home value in Sydney last month was $1.07 million, up 7.51 per cent from a year ago and up 31.7 per cent from March 2020, when Covid first hit the economy.
Melbourne’s median of $815,000 was 3.9 percent lower than 12 months ago and 16.6 percent above pre-coronavirus levels.
Overall, national home prices rose 0.36 percent in October, putting the increase for 2023 at just under 5 percent, according to PropTrack.