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



Birthday present: QCWA receives $1 million funding

The QCWA has received a welcome birthday present from the Palaszczuk Government, with $1 million to restore heritage halls across the state.


Get Set for Summer

Win One of Ten Prize Packs
Learn More

The world's best in things that roll embark on Rocky

AUSTRALIAN FIRST: Colin Cole from CQUniversity with Sebastian Stichell from KTH Royal Institute of Technology in Sweden at the 25th International Symposium on Dynamics of Vehicles on Roads and Tracks.

International symposium held in Australia for the first time

'ShuShu lets me get away with anything': former Rocky drag queen

ShuShu Funtanna aka David McKone will return to Rockhampton at the weekend in a homecoming performance of fabulous drag show, Bubblegum Candy Princess at Flamingo's on Quay.

WATCH: Drag queen's hilarious marriage equality message

Fun Fair and Open Day at Uni

CELEBRATION: CQUniversity’s Associate Vice-Chancellor (Rockhampton Region), Kim Harrington is looking forward to getting into the groove of 1967 in celebration of the institution’s 50th anniversary.

CQUNI'S turning 50 and everyone's invited to Fun Fair and Open Day.

Radio host Matt Okine leaps to small screen

Funnyman talks about the inspiration behind his show, The Other Guy.

Hollywood’s new highest paid actress

Jennifer Lawrence had to settle for third this year behind Emma Stone and Jennifer Aniston.

CAN you guess who has dethroned Jennifer Lawrence?

Movie trailer dubbed too racy for TV

Alicia Vikander stars in Tulip Fever.

THE trailer for Tulip Fever is so saucy some networks have banned it

Liz Hurley, 52, has never looked better

She’s definitely not shy to pose in a bikini.

Life in your 50s has never looked as good as it does on Liz Hurley.

Big Bang Theory star spills details about Season 11

Mayim Bialik plays Amy Farrah Fowler on The Big Bang Theory.

MAYIM Bialik has shared some details about what fans can expect.

The Bachelor Australia: Awful joke leaves Matty stunned

Sharlene’s mouth hangs agape after her car crash breakup.

I’m actually one of the bachelorettes — I’m not the external caterer

Samsung set for bigger, beach friendly Note 8

Samsung will be going bigger than ever to launch its Note 8 after this year's launch of the S8.

Water, dust, now sand-resistant?

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