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.

Decade-long journey for wind farm reaches milestone

GOING AHEAD: Ironpot landholder Cyril Stewart is pleased to see the Coopers Gap Wind Farm given its final tick of approval before construction starts.

Construction expected to start this year, and bring up to 200 jobs

All hands on deck for magical show

RETURN TO OZ: South Burnett Musical and Comedy Society's Wizard of Oz stars Kieran and Brad Boynton with director Craig Reiger put the finishing touches on the set ahead of opening night in Kingaroy Town Hall.

Kingaroy performer returns to Oz.

Five things to do this weekend

Glinda tells Dorothy all she has to do is follow the Yellow Brick Road in the South Burnett Musical and Comedy Society's production of the Wizard of Oz.

Looking for something to do? Check out this list.

Local Partners

Our Say: Protesting is a democratic right

THE past week has been a week of protest around the world, and Kingaroy has had its fair share of the pie with two protests occurring.

New exhibitions coming soon at Wondai Art Gallery

ON DISPLAY: Artwork by Helen Blythman.

The exhibitions open on September 1.

Cast ready to return to Oz this weekend

NO PLACE LIKE HOME: The cast of the South Burnett Musical and Comedy Society's production of The Wizard of Oz.

The Wizard of Oz opens this weekend.

Jemma's bewitching voice

STAGE PRESENCE: Suzie Mathers and Jemma Rix in a scene from Wicked The Musical.

Wicked musical theatre star Jemma Rix has released her debut album.

RECAP: Game of Thrones s7 e6 - Beyond the Wall

*Warning this story contains spoilers about today's new episode*

Paul Kelly announces massive Australian tour

Paul Kelly is going on a 16-date national tour in November.

Music legend thrills fans with the announcement of a massive tour.

Truth behind Whitney Houston’s ‘fairytale’ life

Documentary reveals the 'truth' behind Whitney Houston's life.

IT MIGHT be the greatest myth in modern pop music.

Survivor twist bound to shock

Sunshine Coast mum-of-three Tara Pitt.

TARA Pitt benefited from a shock twist on Australian Survivor.

The Block goes back to school with gorgeous kids rooms

Ronnie and Georgia's winning kids bedroom in a scene from The Block.

ONE magical bedroom received the first perfect score of the season.

What's on the small screen this week

Rob Collins and Jessica Marais in a scene from season two of The Wrong Girl.

JESSICA Marais returns in The Wrong Girl.

Playing Tom Cruise's wife was a dream for Sarah Wright

Tom Cruise and Sarah Wright in American Made.

The actress stars opposite Cruise in the action comedy

Investors quick to snap up property in key growth corridor

High-profile commercial site sells at auction for $4.920m

EXPLAINED: What the 'Costco effect' means for Ipswich

PRICE WARS: A Costco store similar to this one in Canberra, is planned for Ipswich.

Exclusive 'cult' about to change how families do grocery shopping

4800 homes to be built in massive new Coast estate

Masterplanned community full steam ahead - it's not Caloundra South

Open for inspection homes August 17 - 23

Check out this weekend's homes open for inspection.

Airbnb, Stayz and co tipped to squeeze Coast housing market

HOLIDAY BOOM: Airbnb letting is putting a further squeeze on long-term rentals.

Councils exploring options to manage the industry

Ready to SELL your property?

Post Your Ad Here!