If you've been dreaming of owning property in a luxurious Sydney neighbourhood without going broke, you may want to take a look at this gem in the city's ritzy eastern suburbs.

The sunny studio apartment, priced an astonishing four times lower than the median price, is for sale for a mere $225,000—an absolute steal in such a desirable and expensive area.

But, unfortunately, owning this beautiful property comes with a catch.

The apartment boasts wide windows, polished timber floors, and a living and sleeping area with a built-in wardrobe.

It's located between the harbourside Rushcutters Bay area and Potts Point's hip cosmopolitan café culture, making it the perfect spot for those dreaming of a weekend city pad just a stone’s throw away from the city’s hustle and bustle.

A property in Sydney is on the market four times lower than its median price, but there is a catch. Credit: Ray White Elizabeth Bay

Sounds too good to be true? We’re afraid that it might be.

Despite the awesome price tag and alluring features, there’s a major catch—the studio apartment doesn’t have a bathroom.

When prospective buyers see the price for the first time, Ray White real estate agent Nuri Shik told a news source, they’re often incredibly excited—until they’re made aware of the property’s lack of a bathroom.

‘They just see the price, and they ring me up, and I say, "Look, it's a four-level walk up. And please be aware, there are two shared bathrooms on each floor,"’ he said.

‘And they go, "Oh, no”.’

The studio apartment has a gallery-style kitchenette, high ceilings and wide windows. Credit: Ray White Elizabeth Bay

Instead of a toilet and shower in the unit, the residents will have to use the two bathrooms on each floor of the four-storey Art Deco building. These bathrooms are shared by all 23 units in the building.

It’s also worth noting that because banks may be reluctant to lend money to prospective buyers for a property without a bathroom, those looking to purchase the apartment may need to pay cash upfront.

‘If somebody was interested, they really need cash because the banks are reluctant to lend on properties without a bathroom,’ Mr Shik said.

So why doesn’t the property have a toilet and shower inside it? Well, the most likely theory is that the building was once used by the nuns of the neighbouring St Canice’s Church, which was constructed in 1889.

The real estate agent revealed that in his years selling properties, this was the first time he encountered one with only shared toilets.

But the situation did not deter some buyers, with two similar units in the building sold in July this year. Mr Shik said that both of them sold for cash.

Some owners use the space as a short-term rental, while others from out of town use it as their ‘city pad’.

Considering that the average price for a 1-bedroom apartment in Sydney is $790,000, it’s hard to argue against the fact that it’s still an amazing deal. Even parking space in nearby areas often costs more than the asking price of $225,000 to $247,000.

For example, Mr Shik revealed that an apartment nearby with two bedrooms and a bathroom sold for $983,000.

You can view the listing here:

​

Key Takeaways

• An apartment in Sydney's eastern suburbs is listed for sale at $225,000, which is significantly less than the median price due to the absence of a bathroom.
  
• Buyers must know that banks could be less likely to lend money for this property, so cash payment upfront may be required.
  
• The absence of a private bathroom is due to the building’s history, as it was likely used as accommodation for nuns from the neighbouring St Canice's Church.
  
• Despite lacking a bathroom, the apartment has other attractive features, such as high ceilings, wide windows and polished timber flooring.
  

What do you think of the price of this apartment, members? Do you think it’s a good deal? Share your thoughts in the comments below!

 

[AlanQ]

is it not just a room in a shared block? I does sounds like a converted accommodation set up, either convent or for boarders. No mention of parking, not much use without allocated parking if you're an 'out of towner'.

 

[novezar]

make sure you take plenty of protection to place on the toilet seat to do No.2, but for females it creates 2 probs. Might need some spray as well before entering the loo.

 

[ToniaKisliakov]

If you've been dreaming of owning property in a luxurious Sydney neighbourhood without going broke, you may want to take a look at this gem in the city's ritzy eastern suburbs.

The sunny studio apartment, priced an astonishing four times lower than the median price, is for sale for a mere $225,000—an absolute steal in such a desirable and expensive area.

But, unfortunately, owning this beautiful property comes with a catch.

The apartment boasts wide windows, polished timber floors, and a living and sleeping area with a built-in wardrobe.

It's located between the harbourside Rushcutters Bay area and Potts Point's hip cosmopolitan café culture, making it the perfect spot for those dreaming of a weekend city pad just a stone’s throw away from the city’s hustle and bustle.

View attachment 32451

A property in Sydney is on the market four times lower than its median price, but there is a catch. Credit: Ray White Elizabeth Bay

Sounds too good to be true? We’re afraid that it might be.

Despite the awesome price tag and alluring features, there’s a major catch—the studio apartment doesn’t have a bathroom.

When prospective buyers see the price for the first time, Ray White real estate agent Nuri Shik told a news source, they’re often incredibly excited—until they’re made aware of the property’s lack of a bathroom.

‘They just see the price, and they ring me up, and I say, "Look, it's a four-level walk up. And please be aware, there are two shared bathrooms on each floor,"’ he said.

‘And they go, "Oh, no”.’

View attachment 32450

The studio apartment has a gallery-style kitchenette, high ceilings and wide windows. Credit: Ray White Elizabeth Bay

Instead of a toilet and shower in the unit, the residents will have to use the two bathrooms on each floor of the four-storey Art Deco building. These bathrooms are shared by all 23 units in the building.

It’s also worth noting that because banks may be reluctant to lend money to prospective buyers for a property without a bathroom, those looking to purchase the apartment may need to pay cash upfront.

‘If somebody was interested, they really need cash because the banks are reluctant to lend on properties without a bathroom,’ Mr Shik said.

So why doesn’t the property have a toilet and shower inside it? Well, the most likely theory is that the building was once used by the nuns of the neighbouring St Canice’s Church, which was constructed in 1889.

The real estate agent revealed that in his years selling properties, this was the first time he encountered one with only shared toilets.

But the situation did not deter some buyers, with two similar units in the building sold in July this year. Mr Shik said that both of them sold for cash.

Some owners use the space as a short-term rental, while others from out of town use it as their ‘city pad’.

Considering that the average price for a 1-bedroom apartment in Sydney is $790,000, it’s hard to argue against the fact that it’s still an amazing deal. Even parking space in nearby areas often costs more than the asking price of $225,000 to $247,000.

For example, Mr Shik revealed that an apartment nearby with two bedrooms and a bathroom sold for $983,000.

You can view the listing here:

​

Key Takeaways

• An apartment in Sydney's eastern suburbs is listed for sale at $225,000, which is significantly less than the median price due to the absence of a bathroom.
• Buyers must know that banks could be less likely to lend money for this property, so cash payment upfront may be required.
• The absence of a private bathroom is due to the building’s history, as it was likely used as accommodation for nuns from the neighbouring St Canice's Church.
• Despite lacking a bathroom, the apartment has other attractive features, such as high ceilings, wide windows and polished timber flooring.

What do you think of the price of this apartment, members? Do you think it’s a good deal? Share your thoughts in the comments below!

 

[ToniaKisliakov]

Must be nuts to like apartments

 

[Sloopy]

Porta Potti!

 

[mylittletibbies]

Not for me I'm afraid. My own bathroom and toilet are one creature comfort I definitely don't want to do without.

 

[Babbie]

Not for me I'm afraid. My own bathroom and toilet are one creature comfort I definitely don't want to do without.

I agree, not for me!

 

[Mindygirl12022]

If you've been dreaming of owning property in a luxurious Sydney neighbourhood without going broke, you may want to take a look at this gem in the city's ritzy eastern suburbs.

The sunny studio apartment, priced an astonishing four times lower than the median price, is for sale for a mere $225,000—an absolute steal in such a desirable and expensive area.

But, unfortunately, owning this beautiful property comes with a catch.

The apartment boasts wide windows, polished timber floors, and a living and sleeping area with a built-in wardrobe.

It's located between the harbourside Rushcutters Bay area and Potts Point's hip cosmopolitan café culture, making it the perfect spot for those dreaming of a weekend city pad just a stone’s throw away from the city’s hustle and bustle.

View attachment 32451

A property in Sydney is on the market four times lower than its median price, but there is a catch. Credit: Ray White Elizabeth Bay

Sounds too good to be true? We’re afraid that it might be.

Despite the awesome price tag and alluring features, there’s a major catch—the studio apartment doesn’t have a bathroom.

When prospective buyers see the price for the first time, Ray White real estate agent Nuri Shik told a news source, they’re often incredibly excited—until they’re made aware of the property’s lack of a bathroom.

‘They just see the price, and they ring me up, and I say, "Look, it's a four-level walk up. And please be aware, there are two shared bathrooms on each floor,"’ he said.

‘And they go, "Oh, no”.’

View attachment 32450

The studio apartment has a gallery-style kitchenette, high ceilings and wide windows. Credit: Ray White Elizabeth Bay

Instead of a toilet and shower in the unit, the residents will have to use the two bathrooms on each floor of the four-storey Art Deco building. These bathrooms are shared by all 23 units in the building.

It’s also worth noting that because banks may be reluctant to lend money to prospective buyers for a property without a bathroom, those looking to purchase the apartment may need to pay cash upfront.

‘If somebody was interested, they really need cash because the banks are reluctant to lend on properties without a bathroom,’ Mr Shik said.

So why doesn’t the property have a toilet and shower inside it? Well, the most likely theory is that the building was once used by the nuns of the neighbouring St Canice’s Church, which was constructed in 1889.

The real estate agent revealed that in his years selling properties, this was the first time he encountered one with only shared toilets.

But the situation did not deter some buyers, with two similar units in the building sold in July this year. Mr Shik said that both of them sold for cash.

Some owners use the space as a short-term rental, while others from out of town use it as their ‘city pad’.

Considering that the average price for a 1-bedroom apartment in Sydney is $790,000, it’s hard to argue against the fact that it’s still an amazing deal. Even parking space in nearby areas often costs more than the asking price of $225,000 to $247,000.

For example, Mr Shik revealed that an apartment nearby with two bedrooms and a bathroom sold for $983,000.

You can view the listing here:

​

Key Takeaways

• An apartment in Sydney's eastern suburbs is listed for sale at $225,000, which is significantly less than the median price due to the absence of a bathroom.
• Buyers must know that banks could be less likely to lend money for this property, so cash payment upfront may be required.
• The absence of a private bathroom is due to the building’s history, as it was likely used as accommodation for nuns from the neighbouring St Canice's Church.
• Despite lacking a bathroom, the apartment has other attractive features, such as high ceilings, wide windows and polished timber flooring.

What do you think of the price of this apartment, members? Do you think it’s a good deal? Share your thoughts in the comments below!

Well, if you were just using this apartment as a place to stay for short periods like weekends etc. then just bring some sanitisers and cloths and this should be fine. Unfortunate that there isn't obviously enough room to put a toilet in but this is a bargain.

 

[marni]

Well, if you were just using this apartment as a place to stay for short periods like weekends etc. then just bring some sanitisers and cloths and this should be fine. Unfortunate that there isn't obviously enough room to put a toilet in but this is a bargain.

some caravans do not have a toilet - but a discreet prota potty in a cupboard would work.

 

[Ezzy]

A big NO for me!

23 units on 4 floors would equate to 6 units / floor. Three units sharing each of the 2 bathrooms / floor.
Does that mean you would need a Roster System for bathing? Not sure how they would work their ablutions though. (I suppose they could take a chance & try another floor if those bathrooms on their floor were occupied). (Running through the jungle got a belly ache, gotta get to a toilet. Oops, too late!!!).

 

[Manukka]

Wow, that's quite the deal for a property in Sydney's posh eastern suburbs! But yikes, no bathroom?

 

[marni]

Not a problem. There are several camping toilets on the market and personal wipes good enough for short term stays.

 

[Ezzy]

The advertising slogan is, "WE'RE NOT FANCY, BUT WE ARE CHEAP".

 

[Manukka]

Wow, that's quite the deal for a property in Sydney's posh eastern suburbs! But yikes, no bathroom? That's definitely a major catch. Sharing bathrooms on each floor might not be everyone's cup of tea, but hey, for the right price, some folks might be willing to make it work. Plus, the history of the building being used by nuns adds a unique twist to the story. Still, cash upfront and potential lending issues could be a hurdle. It's a bit of a gamble, but hey, if it suits your lifestyle and budget, why not? As for investing, Armani Beach Residences sounds intriguing, too.