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Unique Sydney studio sells for $1.39m

Australia's most expensive suburb by square metre has just seen another eye-watering sale.

A rare free-standing Sydney studio, with a bed that pulls down into the middle of the main living area, has gone under the hammer in Sydney for $1.39 million.

In the days leading up to the auction, a buyer offered $1.2 million for the 56-square-metre property with a classic terrace facade on Goodhope Street in the affluent and highly coveted suburb of Paddington. The leafy suburb was named the most expensive in the country by square metre and block size earlier this year.

The final sale is higher than the median house price in Sydney which is currently $1,121,196, and more than double the $647,148 average cost of a unit in Australian capital cities, according to CoreLogic.

Real estate agent Ben Collier told Yahoo Finance there was opportunity to make more of the limited space, which internally would be less than the 56 squaremetres.

Inside the studio property, showing the pull-down bed and lounge room.
The property has undergone an extensive renovation. (Source: The Agency)
Floorplan of studio apartment
The studio last sold for $550,000 in 2003 (Source: The Agency) (picture alliance via Getty Image)

“To make it a one-bedroom, the path of least resistance would be to create a mezzanine level across the kitchen. The ceiling is very high and a mezzanine bedroom would retain the living space,” Collier said.

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The studio last sold for $550,000 in 2003.

There's no doubt the location plays into the price, given its proximity to the city and the beach.

The house has undergone an extensive renovation - now boasting polished concrete floors and a "bespoke island bench". Previously it was divided into a bedroom, kitchen and living space.

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The home is no dilapidated knockdown, like the four-bedder with a collapsed roof that sold for $1.35 million in Annandale, or the Enmore “hidden gem” with an overgrown roof and boarded-up windows that sold for $1.725 million.

Both houses were ramshackle to say the least but were set on 224 square metres and 227 square metres of land, respectively.

All of the top 10 most expensive suburbs by square metre are in Sydney, according to Domain.

Sydney’s desirability has been driven by strong career opportunities, education, lifestyle, climate and proximity to the beach “despite the high financial costs and often lengthy commutes”, the housing affordability report states.

Outside of Sydney, Albert Park in Melbourne ranked 26th with a value of $13,915 per square metre.

Property prices are racing toward a historic peak. The median price in Australia is $747,424.

However, SQM Research managing director Louis Christopher thinks Sydney will fall as much as 4 per cent next year. He’s predicted the same for Melbourne, while Perth and Brisbane are expected to continue growing in value.

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