First home buyers struggling to find affordable Sydney real estate now have the opportunity to purchase what is arguably the cheapest property on the market for around $200,000.
In an eastern Sydney suburb better known for high-end real estate, the Woolloomooloo studio apartment at 59/19 Forbes Street is on the market through Warren Ginsberg of Ray White Double Bay.
“I don’t know of a property in eastern Sydney that’s as affordable as this studio,” Mr Ginsberg said.
“To be frank - it’s been a very long time since prime Sydney real estate was in the vicinity of $200,000.
“For many years now, the Sydney property market has been synonymous with high expense and it’s quite refreshing to see a property in this price range enter the market. It gives entry level buyers hope that Sydney real estate isn’t completely unattainable after all,” he explains.
The studio apartment is located in the Astor Apartments with easy access to The Domain and Sydney Harbour.
“As you would expect, the apartment itself is basic. But it’s in great condition and completely livable.
“There’s a kitchenette area where you can prepare meals, the bathroom is clean and functional and the room itself has been updated,” Mr Ginsberg said.
Mr Ginsberg says the property would be an ideal investment for both first-time buyers and experienced investors.
“The location of the studio is a big draw card and will be attractive to renters. The successful buyer will have scope to update the apartment further and add value. It’s a sound investment and should be seriously considered by active buyers in the Sydney market.”
The property at 59/19 Forbes Street, Woolloomooloo is going to auction on 9 October with price expectations around the early $200,000 mark.
All enquiries to be directed to Warren Ginsberg on 0411 024 116
