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, revealing just how far people will go for a tiny slice of the iconic beachfront.

The single room with an ensuite measures up to 17 square metres for the whole apartment, with the widest wall coming in at just 3.7metres.

The apartment went to auction on Saturday with a price guide of $450,000 but sold for an additional $61,000 above the asking price.

Ray White real estate agent Angus Gorrie said when the property hit the market six weeks ago that its biggest drawcard was the location, being just 100metres away from Bondi Beach.

‘A sunny aspect and large entertainer’s communal balcony makes this apartment the perfect beach pad or investment in one of Sydney‘s most desired lifestyle locations,’ the listing reads. 

‘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 that while the property was on the smaller side, it was ‘rare’ to see a property sell for less than $500,000, let alone so close to Bondi Beach.

‘I haven’t sold anything like that this year, and I’ve sold 90 properties,’ he said.

He said a major point of appeal would be the location, where renters would likely pay up to $500 per week to rent a studio in such a coveted position.

Another apartment in the same Gould St building is currently advertised at $600 a week.

The buyer, or any future tenant, will have to figure out how to slim down their furniture to fit in the room, with little more than room for a bed and

The original article can be found here

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