In a sign of the ongoing shortage of inner Sydney dwellings and how this has driven up property prices, a real estate agent in Bondi Beach is selling a 16 square metre property for $270,000 – and believes he’ll get a buyer.
Sixteen square metres is more or less the size of four toilet cubicles in a public bathroom, and selling agent Kiel Glass told a new site that the apartment would be perfect for an investor “wishing to enter a sought-after beachside location.”
"I'm very confident it's going to sell," he said.
However, a local broker dampened spirits by claiming banks would be reluctant to fund such a small space.
"The general rule of thumb is anything under 50 square metres internally (not including the balcony or car spot of outdoor living areas) is hard to get finance for," Mortgage Choice Surry Hills broker Mark Sourintha told News.com.au.
"Some of the bigger banks have a credit risk appetite so they might take on smaller properties, but 16 square metres? That's ridiculously small," he said.
Bondi Beach is one of Australia’s most popular beachside locations. Its July median unit price was $665,000, according to RP Data.
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