Agents are being swamped by young first home buyers keen on a tiny “blank canvas” in Potts Point that has a view of the Harbour Bridge from its front door.
The deceased estate studio on the top floor at 49/8 Wylde St has an interior measuring just 27.8 sqm and given its condition, no wonder the ad specifies: “Talk to a builder and get an interior designer on the phone.”
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But with its price guide in the $450,000 to $500,000 range and the fact that it has a car space on title, it’s attracting a lot of attention.
And a harbour view like this is rare in this price range.
Going to auction on February 14, it could make a nice Valentine’s Day present.
“With an update, an investor could get between $395 and $415 a week rent,” Raine and Horne Double Bay’s Juan D’Arcy says,
“But hand on heart, I’m hoping a first homebuyer gets it, because it’s such a great option.”
He said the phone has been running hot with first-timers who have realised over Christmas that 2019 is a great time to take advantage of the softer market.
And they like the fact this one is an affordable home with a view that’s so close to the city.
“It wouldn’t take much to fix it up — even $5000 for a paint job, new kitchen and carpet,” Mr D’Arcy said.
And he thinks about $35,000 to reconfigure it to create an open-plan area opening to the balcony.
But Mr D’Arcy admits banks may require a “hefty” deposit given the fact it’s so tiny, though perhaps parents may help.
He shares the listing with his new colleague, veteran agent Peter Starr, who has moved from McGrath.
The apartment is an easy walk to the city, harbour and close to the Potts Point village.
It’s just minutes to restaurants such as Billy Kwong and Apollo eateries and Challis Ave cafes.