A small Bondi Beach studio sells for $500,000, shining a spotlight on the abysmal state of Sydney City’s housing situation.

Sharp-eyed Sydney residents scoffed at the 17-square-metre apartment, saying it is prohibitively expensive for the city in an overpriced housing market.

A tiny Bondi studio apartment has fetched more than $500,000, showing how far people will go to own a little piece of the icon’s renowned coastline.

The apartment’s single room measures up to 17 square metres, and the widest wall comes in at just 3.7 metres.

On Saturday night, an auction took place at a venue. They set a price of $450,000, but they garnered an extra $61,000 over the asking price.

Angus Gorrie, a Ray White real estate agent, stated that the property was advertised six weeks ago and that its main selling point was that it was just 100 metres away from Bondi Beach.

“A sunny aspect and big entertainer’s communal balcony make this apartment the ideal beach pad or investment in one of Sydney’s most sought-after lifestyle locations,” according to the property listing.

“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 stated that while the property was on the smaller side, it was “rare” to see one sell for under $500,000, let alone so close to Bondi Beach.

I won’t be able to sell anything like this year, and I have sold 90 properties.

He said that a major selling point would be the place, where renters would presumably spend over $500 each week to lease a studio in such an appealing location.

Another apartment in the same Gould St building is currently available for $600 a week.

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The prospective renter, or the buyer, will have to figure out how to slim down their furnishings in order to fit inside the unit.

Not only that, but any cooks looking to live in the unit would also be limited, with only a two burner stove and small oven to cook with.

The apartment was described as having a “large shared bedroom/living space” and being in “a quiet position” in a “boutique security block.”

Tenants searching for a break from their cozy apartments may take advantage of the shared rooftop terrace.

Mr. Gorrie was contacted for comment on the sale.

Sydney’s housing prices have hit a new high, but experts anticipate that the worst is yet to come.

Northsiders are looking for rentals. They’re in for a long, hot and unpleasant lineup throughout the summer with some areas expected to be the worst for tenants over the next three summer months. An Australian landlord has been roasted after posting a question to a Facebook group about his recently departed tenants.

Source: https://www.news.com.au/finance/real-estate/renting/tiny-bondi-beach-studio-sells-for-500000-exposing-the-dire-state-of-the-citys-housing-crisis/news-story/e89131d98b8cfd57d2c75e1bb353afcb

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