Who says you can’t bag a bargain in the Sydney real estate market? This inner city home buy says otherwise.
Who says you can’t bag a bargain in the Sydney real estate market?
A Sydney home in a central location close to plenty that the city has to offer has been snapped up for just $185,000.
But there is a catch.
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The home is centrally located at Broadway in the city.
The unit at 4070/185 Broadway, Ultimo was listed for sale with a price guide of $120,000 to $130,000 before a hot auction pushed it up to $185,000.
Positioned in the landmark heritage Grace Bros building, the loft-style home sits opposite the popular Broadway Shopping Centre, is a stone’s throw from the University of Sydney and a walk into the CBD, with easy access across much of the city via public transport.
The two-level unit with mezzanine-style sleeping accommodation and one bathroom sits in a security building.
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Room for study and relaxation.
The loft.
Understandably, sales agent John Zheng of LJ Hooker Pyrmont said the home was the subject of a very hot auction.
“It attracted nine registered bidders with an opening offer of $120,000,” Mr Zheng said.
“Initially, it went up by $5,000 increments and then it dropped down to $2,000 and then $1,000. Then at around $170,000 – there were just two people bidding and it went up in increments of $500.
So, there were a lot of backwards and forwards for $15,000 – there was a lot of competitive bidding to achieve an extra $15,000 – until the gavel fell at $185,000.”
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The bathroom.
The unit sits in the heritage listed Grace Bros building.
The home as marketed as “perfect for astute investors” and that’s how it turned out.
“It was purchased by an investor from Marrickville who was buying for their super fund,” Mr Zheng said.
“They thought it was a good investment for them as they plan to hold onto it for a long time.
“It has excellent returns for a small investment.
“This is one of the largest apartments in the complex at 38 sqm. The upstairs can accommodate two bedrooms, so two students can share. We sold one just six weeks ago, which was only 22 sqm for $131,500.”
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Mr Zheng said he expected the home could be rented for $550 to $600 a week.
The median unit rental price in Ultimo is $690 per week, according to PropTrack.
However as part of the building bylaws, whoever rents the unit must be studying, even part time at Sydney Uni.
“Sydney has a housing crisis, and people can’t afford to buy a million-dollar property, so this is a good alternative,” Mr Zheng said.
“As long as they have the student card and they study part-time they can rent it.”
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