Bizarre detail in tiny Sydney apartment

1 month ago 23

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At the same price as a comfortable-sized house this inner Sydney apartment contains a detail that will definitely raise some eyebrows.

If there ever was a sign that Sydney was one of the most unaffordable cities to buy in then this inner city apartment may be it.

With a buyer’s guide of $469,000, this studio apartment in the suburb of Potts Point is described as having “elegant charm” in its real estate ad.

Photos show a cosy apartment with a small albeit renovated living area with a “sleeping nook” by way of a bedroom next to the kitchen.

But photos of the bathroom reveal an unusual set-up that might raise the eyebrows of any prospective buyers, with the toilet located inside the shower.

Selling agent Silvia Vitale from Belle Property defended the quirky bathroom arrangement, saying she had seen a similar set up in another Potts Point studio apartment.

“Someone told me they do that in boats as well. It’s space saving. It could be a part of the tiny homes movement,” she told Daily Mail Australia.

“It really doesn’t matter if the toilet gets wet. It probably cleans the toilet at the same time.”

The 17 sqm apartment, which does include access to the building’s rooftop terrace, is currently being rented out at $450 per week.

Australia’s housing market has soared 17.6 per cent over the first nine months of 2021, with the nation’s annual growth accelerating at rates not seen since June 1989.

New statistics from Oceania property database CoreLogic revealed the national home value index rose by another 1.5 per cent in September alone, putting Sydney comfortably inside the world’s top three list of most unaffordable cities for real estate.

Sydney’s median house price has jumped almost $300,000 over the past year to surpass $1.3 million for the first time.

The new milestone puts the average house price over 14 times higher than the nation’s average full-time salary ($90,300).

“With housing values rising substantially faster than household incomes, raising a deposit has become more challenging for most cohorts of the market, especially first home buyers,” CoreLogic’s research director Tim Lawless said last month.

“Sydney is a prime example where the median house value is now just over $1.3 million. In order to raise a 20 per cent deposit, the typical Sydney house buyer would need around $262,300.

“Existing homeowners looking to upgrade, downsize or move home may be less impacted as they have had the benefit of equity that has accrued as housing values surged.”

But on Thursday, SQM Research released its Christopher’s Housing Boom and Bust report which forecast that midway through 2022, prices across most capital cities will drop.

That’s a less conservative estimate than other forecasts, with 2023 slated as the year when the market would start slowing down, according to the big banks.

In the past year, the Covid-19 pandemic has turbocharged the real estate market by more than 20 per cent, the strongest growth since the late-1980s boom.

But Sydney and Melbourne, which have long been the country’s largest hubs for property, are on track to drop by up to three and four per cent if cash rates rise and regulations tighten.

Brisbane is set to defy the trend, with the Queensland capital set to grow by up to 14 per cent next year.

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