An inner city terrace in Sydney is up for sale for $700,000. The catch? It’s only 2.85-metres wide.
Considering the average arm span of a man is 1.75-metres, a 2.85-metre wide room only leaves 55 centrimetres of wiggle room on either side of a person should he yawn or stretch – not ideal.
But this is the reality of the housing market in Sydney.
With the average price of a home expected to tip to a million dollars by December this year, it’s not surprising that this 48-square metre, two bedroom apartment in Surry Hills can get away with the staggering price point.
First National Spencer and Servi have the property advertised as “far from being large” but with “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 reads.
A short walk to Central Station, the terrace is in prime location for those who work in the CBD, and offers a significant investment opportunity for those wanting to get into the local real estate market while it’s hot.
Real estate agent Annie x said the property had received “good interest” and felt it would be an investor who buys the property on the weekend.
“From talking to people it will be an investor,” she said.
“I would like to think they would do cosmetic work to it… and make it more presentable.
“With minimum work done to it, I think it would get $600 to $650 per week, and then a better return with more work.”
The property has been on the market for four weeks now, in which time she said many had been expressing an interest of mid-$700,000. But she anticpates that the final price will be more towards the $800,000 mark.
It goes to auction on site on Saturday afternoon.
While the sliver of a terrace is small, it’s not the smallest.
Last year a 14-square metre property in Darling Point was on the market for $189,000 – making it quite possibly Sydney’s smallest unit.
Here’s a look at the terrace slimmer than many peoples walk-in wardrobes.
On the market for $700,000, the terrace's price point is only just below the $725,000 average price of a unit in the area.
The Victorian-style terrace has an internal area of 48-square metres and an even smaller land area of 38-square metres.
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