Yahoo Finance Inside the record-breaking 1 bedroom apartment
This one bedroom apartment set a new record for the Sydney beach-side suburb of Maroubra in Sydney’s east.
While the price has not been made public, Yahoo Finance understands it sold for a record-breaking $1.2 million.
First Hand Property director Mitchell Farah said the property sold after just 10 days on the market.
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“This property is a one-bedroom, one-bathroom with a lockup garage in a waterfront position adjacent to Mahon Pool and cliff side parklands of North Maroubra,” Farah said.
“Part of an Art Deco block of eight, the interest was strong and the property was sold after only 10 days on market.”
According to realestate.com.au, the average price for a two bedroom in Maroubra is around $1.7 million and the average rent is around $710 per week.
Maroubra is a beach-side suburb in Sydney’s eastern suburbs located just 10 kilometres from the Sydney CBD.
With remote working now a common practice for office-based workers, the house's location is particularly attractive as the suburb is located near an array of restaurants, shops and cafes.
Farah said part of the appeal of the property was its beachside location and ocean views.
“Architecturally renovated, the property was attractive due to its peaceful location with never to be built out views and combination of character Art Deco features and contemporary style,” he said.
“This sale is another indication of current confidence in the property market for owner occupiers and investors alike.”
And the Sydney property market is showing no signs of slowing. Over the weekend another Sydney home that sold only five months ago went under the hammer again for a million dollars over its previous sold price.
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