The awkward reason 'great' Sydney apartment is selling for just $150,000

·Associate News Editor
·2-min read

It’s no secret Inner-Sydney living can cost you an arm and a leg, but if you’re willing to compromise a little, there are two newly-listed units in a prime location that will only set you back the cost of your average deposit.

Two compact studios on Rushcutters Bay’s Rosyln Street have hit the market this week with guide prices of just $150,000 and $170,000 – unimaginable prices for their location.

The median unit price last year in the affluent suburb was $871,500, according to realestate.com.au.

BresicWhitney agent Josh Fleming told Yahoo News Australia he has received “a lot” of enquiries regarding the two unique spaces.

Pictured is the one and only living space.
The studios offer inner-city living for likely cheaper than $200,000. Source: BresicWhitney
Pictured is the outside of the apartment complex.
The block is a stone's throw from both Potts Point and Elizabeth Bay. Source: Google Maps

“These would make for a great investment... people love the area and it’s just near Kings Cross station,” he said.

You may be asking what’s the catch?

Well there is one major flaw. The studios don’t have a private bathroom.

While there is DA approval for the studios to have private bathrooms added, they currently share bathrooms with the four other studios on the floor, however some units already have their own bathrooms, Mr Fleming said.

The kitchenettes are also basic, with a small sink, cupboards but no hob or oven.

The main – and only – living space measures 3.2m by 5.7m with double sash window at the end providing ample light.

One of the shared bathrooms the studios share.
The studios don’t have a private bathroom. Source: BresicWhitney

Yet Mr Fleming says the properties pose great opportunities and would be ideal for renting out on AirBnB and short-term lets.

He said it appeared the small studios were once accomodation for nuns for the church across the road.

The studios will go to auction on October 17.

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