Sydney’s one-bedroom apartments that sell for more than $2 million

by

Nicole Frost

While Sydney’s property prices have taken a hit of late, there are some homes in which interest doesn’t seem to wane. 

A one-bedroom, east-facing apartment in Pyrmont’s Sydney Wharf development changed hands last week for $2.3 million.

That’s well above Pyrmont’s apartment median of $1,168,750 for the June 2018 quarter, with the suburb generally performing well, up 12.6 per cent year on year.

While it’s an extraordinary price for a one-bedroom apartment, it’s certainly not the most that’s been forked out for a one-bedroom apartment in Sydney.

With absolute views of Bondi Beach, 7/2-4 Notts Avenue, Bondi Beach, scored $2.86 million at auction.
With absolute views of Bondi Beach, 7/2-4 Notts Avenue, Bondi Beach, scored $2.86 million at auction.

A one-bedder overlooking Bondi Beach scored $2.86 million in February, setting a price record along the way.

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The agent for the Pirrama Road apartment, Robert Alfeldi of CBRE, said he’d had three buyers interested and described the sale as “bucking the trend” for Sydney.

The size and “20-odd square metres of deck” were selling points, he said, as well as the views and the location, which is within walking distance of the CBD.

“It’s quiet and exclusive, not like the other finger wharfs,” Mr Alfredi said. “There are very limited opportunities in there, there’s very high demand.”

The agent behind the $2.86 million sale in Bondi, Ron Bauer, of Ray White, said the lack of similar properties was a factor in the apartment’s sale price.

6/56a Pirrama Road, Pyrmont.
6/56a Pirrama Road, Pyrmont.

“That position on Bondi Beach, you can’t compare it to anything”,he said. “It makes it harder for the buyer to assess a price.”

“Position and view were really everything – the apartment hadn’t been renovated since 1984.” He said the parking space was a bonus.

He said there had been a lot of interest in the property, although the market had “probably shifted a little bit since then”.

The successful buyers were retirees, Mr Bauer said. “They knew what they wanted, and where they wanted it.”

6/56a Pirrama Road, Pyrmont.
6/56a Pirrama Road, Pyrmont.

John Carew, of Mayfield Property Buyers, agreed that for sales of that level, rarity and gun-barrel views were key.

“It’s obviously a very niche market – but for the right buyer type, the property could be very appealing”, he said.

Across the city, there has been a handful of one-bedroom properties selling above $2 million this year.

An oversized one-bedder in the IKON building at 301/81 Macleay Street, Potts Point, sold for $2.15 million in July.

And in April, another Bondi Beach apartment at 212/186 Campbell Parade sold for $2.026 million.

Meanwhile, in September last year, a Kirribilli one-bedder with panoramic harbour views and 65 square metres of space scored $2,005,000.

This story first appeared at Domain.

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