Australia

Cheap inner Sydney units hit the market for as low as $150,000 – but there’s a big catch

PHOTO: Sydney, Australia

  • Sydney median price for one bedroom units was $737,500 for 2020
  • Dozens of units for sale in inner Sydney for between $170,000 and $300,000
  • Internal sizes vary between 17 square metres up to 40 square metres
  • A standard single garage is around 20 square metres, and a double is 36sqm
  • Many require the owner to be the full-time student or rent to a student
  • Agents claim very small units are difficult to get a home loan for
  • Many also have a shared kitchen and laundry and are in need of renovation

Units have gone on sale in inner Sydney for as little as $150,000, blowing away the impression that you need to be a millionaire to own property in Australia’s biggest city.

Several agents have dozens of micro units, usually very modest studios, for sale near the CBD for under $300,000 – a pricetag that seems like it comes from the distant past.

However the micro-apartments were very much outliers in the Sydney property market, as the 2020 median price of a one-bedroom unit in the city was $737,500 according to realestate.com.au.

The fine print also shows that many of the apartments are in buildings, such as 185 Broadway, which are restricted to students.

That meant the only possible buyers are full-time students or private investors who rent the units to students.

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