A minuscule apartment in Bondi Beach has been snapped up at auction for a staggering $511,000, surpassing its reserve by more than $41,000.
Angus Gorrie, an agent with Ray White Eastern Beaches, shared that out of five registered bidders, four actively participated.
The winning bidder, an investor, joined the auction at the last moment.
“The man that bought it turned up right at the end of the auction as he couldn’t find a park,” Mr Gorrie told news.com.au.
“He quickly registered and came in at the $500,000 mark, with $1000 bids to the end. It was a cracker.”
This one-room unit, lacking even a balcony, has been the subject of much media attention, often referred to as a ‘shoebox’.
Despite its size, the primary appeal lies in its prime location and potential rental income of $600 per week.
The property, last purchased in 1996 for $96,000 by an investor, was previously rented out for $220 per week in 2009.
Its compact dimensions include a total area of 17sq m and a maximum wall width of 3.7 metres.
The space challenges extend to storage and kitchen facilities, with only essential appliances and limited furniture fitting into the unit.
Situated a mere 100m from Bondi Beach, the apartment’s location was a significant factor for interested buyers.
The listing highlighted its sunny aspect and large communal balcony, making it an ideal beach pad or investment.
“With a strong rental return and first class position this is an excellent opportunity to secure your slice of Bondi Beach real estate,” the listing stated.
Mr Gorrie remarked on the rarity of such a sale, especially for a property near Bondi Beach.
He also noted having sold smaller units in Darling Point for around $330,000.
The Bondi Beach apartment, part of a ’boutique’ security block constructed in 1960, is the latest in a series of high-priced sales in the area.
Just a week prior, a dilapidated penthouse on Wilga St fetched $7.1 million at auction, a whopping $3.1 million over its reserve.