A one-bedroom apartment in need of a facelift has sold without parking for $2.22 million at auction.
The 85sqm unit in the “Macleay Regis” building in Potts Point had gone to market with a price guide of $1.7 million, sales records showed.
It was originally due to go to auction next week but the sale was pulled forward on account of strong demand.
Selling agent Emily Davidson of BresicWhitney could not disclose the reserve but said the price was significantly higher than expected.
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“It was a great result,” she said. “Apartments like this don’t come up for sale often.”
The art-deco style unit has views of Elizabeth Bay and a walk-in wardrobe. The bathroom and kitchen were in good condition but dated.
Saturday’s sale trumps the $1.9 million paid for an adjacent unit in an off market sale a few years ago. The last one-bedroom unit sold in the building traded for $1.875 million in spring.
Four bidders registered for the auction and bidding started at $1.65 million.
Long-time neighbour Nuri Shik watched the auction and was surprised at the intensity of bidding.
Mr Shik, a local real estate agent with rival agency Laing and Simmons, said it was a great result even for a building considered among the best in the area.
“Any quality apartment in the area is selling well but the price surprised me. It was a lot higher than expected,” he said. “You probably would have still needed to spend a bit more money on it to freshen it up.”
The inner city unit market has been one of the few areas of weakness in the Sydney housing market.
Prices for apartments have not grown even close to the rate of detached housing values and investors, historically the prime market for city units, have only recently begun to trickle back into the market.
Mr Davidson said all the prospective buyers who came through the open homes for the Macleay Regis apartment were owner occupiers. “They were mostly young professionals”, she said.
The buyer is understood to be planning to stay in the apartment long-term.