Here is the 2.85-metre wide terrace in Sydney which nearly fetched $1 million at auction

Photo: Domain

A tiny terrace only 2.85 metres wide in Sydney’s Surry Hills sold on Saturday for $965,000.

The pint-sized property on Terry Street sits on just 38 square metres of land — packing two bedrooms upstairs with separate dining and living rooms downstairs.

Although expressions of interest sat in the mid-$700,000s, competitive bidding from three interested parties saw the price soar.

The winning bidder was Raymond Hung — an agent bidding on behalf of a client in China.

Despite not meeting the suburb’s median house price of around $1.5 million, the property offers a significant investment opportunity and has been advertised as having “an enormous amount of potential”.

“The affordable property is currently unrenovated, offers mixed use zoning and could easily be transformed to suit almost any requirement,” it read.

Real estate agent Annie Hodgson from First National Spencer and Servi said it had received “good interest” in the lead-up to the auction and would most likely sell to an investor.

“With minimum work done to it, I think it would get $600 to $650 per week, and then a better return with more work.”

Last month, Sydney’s property market set a new clearance rate record.

The property was last sold in 1981 for $54,000.

See more on the property and photos here.

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