Property

This small box of a unit just sold for $1 million

A ONE-BEDROOM apartment located up five flights of stairs, with no parking and a shared balcony has just sold for $1 million.

The charming rooftop unit in Sydney's Elizabeth Bay has breathtaking views to Sydney Heads and access rights to next door's harbour pool but is just 50 square metres in size.

The unit was created several years ago in the roof cavity of an apartment block at No 6 in prestigious Billyard Avenue.

The shared balcony is exclusive to the owner at night and on weekends and public holidays.

Elizabeth Bay unit has charming views to Sydney Heads.
Elizabeth Bay unit has charming views to Sydney Heads. Supplied

The last time it changed hands the apartment sold in 2004 for $535,000 but has almost doubled in value, helped by a recent renovation that gave it a modern boathouse feel.

A modern renovation helped lift the unit’s value.
A modern renovation helped lift the unit’s value. Supplied

Ray White Double Bay principal Michael Finger told The Australian he thought $1 million was a fair figure under the circumstances. Most of the potential buyers were single people aged 25 to 40 years old.

"The view of Elizabeth Bay ­really helped, but it had a certain charm to it and to the right person it would be very special. You'd also end up very fit if you lived there - that's for sure - with the stairs," he said.

View of Elizabeth Bay
View of Elizabeth Bay Supplied

He said while the Sydney property market was not as inflamed as it was a year ago, it was "still hot".

Real Estate agent Charlie Mortimer outside the apartment building in Elizabeth Bay, where a 50 sqm roof cavity apartment has sold for $1m.
Real Estate agent Charlie Mortimer outside the apartment building in Elizabeth Bay, where a 50 sqm roof cavity apartment has sold for $1m. James Croucher

The astonishing result comes as Deloitte Access Economics director Chris Richardson warned that the housing bubble could blow and Sydneysiders were most at risk.

Deloitte's quarterly business outlook released today, noted Australian families were now the world's second most indebted households after the Swiss, relative to income.

Mr Richardson told Fairfax the homes of many workers were now making more money than they do. "That's kind of God's way of saying: this thing's gonna blow," he said.

He said a crisis could be averted if interest rates rose slowly and steadily. But cheap credit and high leverage still posed a risk.

News Corp Australia

Topics:  editors picks housing affordability housing bubble real estate


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Vital Queensland service needs your help

THEY help 40,000 people by providing more than 140 services.

Driver killed as car and truck collide on SEQ highway

A MAN has died and a teenage girl has been seriously injured after a crash in Logan on Monday afternoon.

The male truck driver, 23, was not seriously injured.

QR workers sacked for being drunk and high on the job

QR says the results are 'unacceptable'.

Local Partners

SEQ weather: Wet and cloudy days on the way

ANOTHER 100mm of rain and a possible thunderstorm were expected to hit parts of SEQ from last night following the wet weekend but flooding was not expected

Bundy mum blogging to get families offline

FAMILY FUN: Deonie Crowther is holding family craft sessions at the Windmill Cafe in Bargara.

Crafty projects a hit with parents and children

Take luxury food, wine tour around Toowoomba

FOODIE CULTURE: Emily Moon (left) and Cheryse Bliesner with the Hummer used for Toowoomba's Luxury Food and Wine Tour.

It is designed to highlight the best produce the region has to offer

Country music stars coming to Ipswich

Ipswich will get it's country on when The Country Superstars Tribute Show hits town on Friday, June 30 at Brothers Leagues Club.

A UNIQUE tribute show will bring a bit of country into the city.

Cleverman in a battle for survival

Koen is the only hope for the Hairypeople, as he realises the full potential of his powers in season two of the ABC's hit sci-fi series.

Game of Thrones: Crucial details you probably forgot

Emilia Clarke in a scene from season 7 of Game of Thrones.

There are some crucial story points to remember before season seven.

Pregnant Serena Williams nude on cover of Vanity Fair

"My heart dropped. Like literally it dropped,”

Wonder Woman sequel underway

Gal Gadot in a scene from the movie Wonder Woman.

IT’S no surprise plans are already underway for Wonder Woman 2.

MasterChef: Fish fry feast too much for Ipswich cook

Willowbank native Nicole Stevenson has been eliminated from MasterChef.

NICOLE Stevenson narrowly misses out on MasterChef's Top 10.

Agent judged among the world's best

Century 21 on Duporth principal Damien Said with team members Ryan Tomlinson, Jamie Smith, Kristie Cannon, Andrew Richardson and Sarah Beckman at the Maroochydore office.

Sunshine Coast real estate agent named in world-wide group's top 25

Island caretaker has weeks to live, abandons paradise

St Bees managing director Phil Webb, has been struck with illness and it has prompted the sale of the island.

His health has deteriorated in the past couple of months

Prime CBD site sold as laneway culture progresses

The Longs building Ruthven Street has been purchased by a group of investors to be renovated into a series of shops/eateries.  June 2017

How investors and council plan to transform the Toowoomba CBD

Gateway opens to $3b Coast mega estate

VISION: An artist's impression of the Palmview development 'Harmony' and its linear park.

New road provides link from the past to the future

Major German supermarket set to open in southeast Queensland

German supermarket giant Kaufland is understood to have approached southeast Queensland councils about a possible distribution centre, which would kickstart the establishment of new supermarkets.

Supermarket giant Kaufland has its eyes firmly on Queensland.

Ready to SELL your property?

Post Your Ad Here!