A 3-bedroom home in Sydney’s Manly has sold for a whopping $10.5 million at auction, $4.5 million above its reserve price, but despite the premium price tag this pricey piece of real estate is a bit of a tight squeeze as it's only about as wide as two shipping containers.
Located at 71 Stuart Street in Manly, the three-bedroom home is only around five-metres wide, but boasts panoramic views over Little Manly Beach towards the harbour and city skyline.
The beachside home went under the hammer on Saturday with a $6 million reserve. According to Domain, there were five registered bidders and the winning bid came from a local who was upgrading from an apartment.
The seller, who purchased the property for $2.2 million in November 2005, had lived at the property for 15 years and was looking to downsize.
Real estate agent Mark Skeens from Stone Real Estate Manly said the property stood out to buyers because of its location.
“In general, the market’s come off in the last 10 months, but the top end of Manly is still doing really, really well,” he told Domain.
The average price of houses in Manly is currently $4 million, according to realestate.com.au, based on 43 houses sold in the past 12 months. This is down 11.6 per cent over the past 12 months.
Sydney house prices rose 0.3 per cent in February, according to CoreLogic’s latest Home Value Index, to more than $1 million. Overall Aussie home prices dropped 0.14 per cent - the smallest monthly fall since May 2022 when the interest rate hikes first started.
It’s not the only skinny house to fetch a huge amount. In 2021, a six-metre wide home in Sydney’s Darling Point sold for a massive $15.5 million. The four-storey home also boasted amazing views, overlooking the Sydney Harbour.