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HomeLifestyleTop suburb, low price: The one-bedroom houses selling for less

Top suburb, low price: The one-bedroom houses selling for less

A Woollahra cottage sold for $1.55 million a auction, well below the suburb media of $4.96 million.
A Woollahra cottage sold for $1.55 million a auction, well below the suburb media of $4.96 million. Credit: Supplied

But putting them on the list has paid off for three buyers who have bought into some of the country’s top suburbs by opting for one-bedroom houses.

We recently looked at how to get into a top suburb for millions less, and here we see how some have sold.

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Top tier suburb

First off the rank was a recently sold home in one of the countries wealthiest suburbs, Woollahra, in Sydney’s east.

A one-bedroom house, just moments away from the suburb’s Queen Street shopping strip, recently sold for $1.55 million.

That was even less than the $1.65 million guide for the cottage when it hit the market.

And a lot less than, $4.96 million, the median house price in Woollahra.

The prime position was the selling point for the home with listing agent Fraser Turvey of McGrath Paddington.

He pushed the fact that it is “ just minutes’ walk from Centennial Parklands and Paddington’s dining and retail offerings” and a “stroll to Edgecliff station”.

The seller also came away with a profit, having bought the home in 2015 for $1.07 million.

It’s also shown to have good investment potential.

This year it was advertised as a rental collecting $830 per week.

Bring your tools

This Birchgrove one-bedroom cottage had a price guide of $1.2 mllion but sold for $1.606 million at auction.
This Birchgrove one-bedroom cottage had a price guide of $1.2 mllion but sold for $1.606 million at auction. Credit: Supplied

Meanwhile in Sydney’s inner-west a run-down one-bedroom house has sold for $1.606 million, well above its $1.2 million guide.

The tiny home, with rundown kitchen and bathroom, was being sold for its potential rather than what was behind the front door today.

For example, there was the potential to go to another level as a neighbouring house had, subject to council approval.

The Birchgrove home has good bones but needs a bit update, including getting rid of tired carpets.
The Birchgrove home has good bones but needs a bit update, including getting rid of tired carpets. Credit: Supplied

A deep garden at the rear of the property also lent itself to further expansion of the home.

And then there was its position in the much sought after suburb of Birchgrove, which includes large waterfront homes, charmingly restored terraces and large parks.

“It’s really one of the most prestigious suburbs on the peninsular,” selling agent Rita Lopresti of Cobden Hayson said prior to the sale.

The $1.606 million price tag may seem hefty to many, however it does come in under the median suburb house price of $3.13 million.

Plenty of potential

Younger buyers were attracted to this one-bedroom house in Abbotsford, which sold before auction.
Younger buyers were attracted to this one-bedroom house in Abbotsford, which sold before auction. Credit: Supplued

In Melbourne, another one-bedroom house featured in Abbotsford was snapped up before auction.

Selling agent Jodie McCarthy of JellisCraig Richmond said the home was hotly contested and sold one day before auction for $835,000.

“It was all young couples and young singles who were looking at something they could renovate,” said Ms McCarthy.

The Abbotsford home is more than livable but could see its value improve with renovations.
The Abbotsford home is more than livable but could see its value improve with renovations. Credit: Supplied

While the property was in livable condition, the opportunity to increase its value through further renovation was seen with a similar fully renovated property selling for much more recently according to Ms McCarthy.

The fully-renovated home, which included a designer kitchen and direct access to the garden through a wall of bi-fold glass doors sold for $1.075 million in March this year according to CoreLogic.

Meanwhile a one-bedroom coastal home in an Australian beach town famous for having “the whitest sand in the world’ has so far failed to sell.

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