Tight fit, but getting into inner city market possible ( admin posted on June 13th, 2018 )

Sold … 10/48 Surrey Street Darlinghurst.EVERYONE grumbles about inner-city property prices but it is still possible to find something to live in for less than $450,000 – just.

McGrath agent Richard Bonouvrie sold 10/48 Surrey Street, Darlinghurst, close to Rushcutters Bay Park, for $445,000 on Saturday, the last big auction day of the year.

Ads had described the space in the apartment as ”generous”. In fact, it was just 36 square metres. Banks often have problems with anything less than 50 square metres.

Yet that did not stop four registering to bid, with three active after the auction kicked off with a vendor bid of $375,000. The reserve was $440,000.

”The buyer bought it for his son to live in,” Mr Bonouvrie said.

”I thought it would sell in the low fours, but there was a lot of interest in it.”

Surrey Street is one of the best streets in Darlinghurst and the fact that it was in a small block of 14 would have enthused many.

”That lower end of the market is doing pretty well and, given the time of year as well as low interest rates, people were keen to pick it up,” Mr Bonouvrie said.

The other apartment he had scheduled for auction on Saturday – 53/15 Boundary Street, Rushcutters Bay – was a slightly more ”generous” 43 square metres. Offering more space and a car spot meant its sale price crept over the half-million mark to $525,000.

That one sold on Friday. ”The buyer put an offer in and we had another one that was umming and ahing,” he said.

”We just took the bird in the hand … I’d sold another one in there for $524,000, so that was market value.”

There were more than 500 auctions held on Saturday, which was the last big auction day of the year. There are 55 scheduled for next Saturday.

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