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.

Unique program brings students back to learning

Year nine students talk with residents at Crowley Village in Ballina as part of Xavier Catholic College's 'Enrichment Program'.

New program recognises Year 9 as a difficult period for students

Million-dollar roundabout for notorious intersection

The intersection of the Coast Road and Ross Lane has been the scene of many crashes.

Construction plans for $1.4 million roundabout lodged to council

Community feedback sought on shark net trial

The NSW Department of Primary Industries is inviting north coast residents and stakeholders to provide feedback on the trial of shark nets.

Have your say on the shark net trial

Local Partners

LIVE BLOG: Two debutants in Blues team for Origin I

MITCHELL Pearce will get another crack at State of Origin glory with the Roosters playmaker named at halfback in the NSW side for the series oepner.

Stories Troy Cassar-Daley carries around

LEGEND: Troy Cassar-Daley after receiving the Golden Guitar Award for Album of the Year during the Tamworth Country Music Festival in January.

You can see him in Ballina this weekend

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

Almost awesome Kevin 'Bloody' Wilson

HE'S BACK: Kevin 'Bloody' Wilson.

The comedian is back with a new show

Hervey Bays to star in international horror flick

A great white thriller that had scenes filmed on the Fraser Coast has been picked up by a major US movie studio.

Stories Troy Cassar-Daley carries around

LEGEND: Troy Cassar-Daley after receiving the Golden Guitar Award for Album of the Year during the Tamworth Country Music Festival in January.

You can see him in Ballina this weekend

Cher, 71, and Celine Dion wow world at Billboard Awards

“I’m 71 yesterday and I can do a five-minute plank, OK.”

Judah's return to The Voice stage is a knockout

Judah Kelly performs during his knockout round on The Voice.

QUEENSLAND singer nails Adele hit.

Wentworth star Daniielle Alexis: "I was born a boy"

Wentworth star Daniielle Alexis has revealed she was born a boy

Dwayne Johnson, Tom Hanks announce White House bid on SNL

Dwayne Johnson is “officially” running for president in 2020

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

WATCH: Take a tour of a tradie's dream home

5a Bruce Hiskens Court, Norman Gardens, going for $720,000. INSET: Lea Taylor.

Huge block with potential for anything

REVEALED: Where it's cheaper to pay off a mortgage than rent

6/190 Ewing Rd, Woodridge, is listed for offers $215,000. Picture: realestate.com.au

Brisbane suburbs where it is cheaper to buy than rent

The hardest place in the state to find a rental property

RENTAL SHORTAGE: Richmond River, Ballina Bar Emigrant Creek Pacific Highway Teven Interchange. Photo Jay Cronan / The Northern Star

Not enough supply to meet insatiable demand

Buy a business for less than $400,000

Springfield Lakes Night Owl is now for sale.

Springfield Lakes convenience store for sale

Ready to SELL your property?

Post Your Ad Here!