Sydney CBD's 10 cheapest studio apartments starting from $255,000
Sydney studio apartments may prove tempting to investors and home buyers given both buying classes are being affected by rising rents across the city.
Property Observer has hit the listings sites to find the 10 cheapest studio apartments in Sydney’s CBD postcode 2000.
Buyers and investors should take note though, it may be hard to secure a fully funded loan when buying at the cheapest end of the market.
Apartments under 50 square metres typically require deposits of 20%, compared to the standard 10%. Some buying situations may need upwards of 30%.
And the same applies to studios off-the-plan.
So if buyers and investors can secure a loan then this is the list to see.
The apartments are spread all through the CBD. The very cheapest of the lot come from 8 Dixon Street near Chinatown.
#1
$255,000
The cheapest of the 10 is this 25 square metre apartment. It earns $410 a week and outgoings total $1253 per quarter for strata, council and water fees. It comes with air-conditioning, an internal laundry, a “spacious” bathroom and a kitchenette. It is small but it’s going to suit someone. It’s being sold by Alan Cheung from LJ Hooker Chinatown.
#2
$265,000
Number two is in the same building but ever so slightly bigger. It’s a 28 square metre studio on level three of the building. The property currently earns $14,502 per year in rent from Quest Apartments, which is set to increase to $15,082 next year. That works out to about $280 a week. Agent David Tsang from Friendly Properties says outgoings would total around $250 a quarter.
#3
$275,000
In the same building again here, but back down to 25 square metres. It’s a similar deal to the cheapest on the list but it earns slightly less rent at $400 a week. Total quarterly outgoings are $1,296. It’s being sold by Alan Cheung from LJ Hooker Chinatown who says the vendor for apartment 124 is just slightly more motivated.
#4
$285,000
This is in the Seasons Darling Harbour building, 500 metres north of the other offerings. For your money you can buy a 33 square metre studio that earns approximately $370 a week, guaranteed by building management. Management also pay all outgoings for the apartment. The studio is being sold by Jessica Chen from Domain Direct Real Estate Burwood.
#5
$310,000
This top floor studio earns approximately $400 a week with quarterly outgoings of $1,400. The north-facing apartment comes with high ceilings and large windows, both somewhat rare for a studio apartment. The room was recently renovated and has a new floor, bathroom, kitchen and paint-job. Alex Dharma from Citiwise Property is selling the property.
#6
$355,000
Back towards the same meridian as Quest building, but about 300 metres east is this 49 square metre apartment in 148 Elizabeth Street. The room comes with an east-facing balcony, a modern kitchen, built-in wardrobes, air-conditioning and an internal laundry. Outgoings total $2,141 per quarter and the apartment earns $430 per week.
#7
$355,000
Nearby is this offering in Pitt Street. The current tenants are paying $380-$400 a week, a figure likely to increase slightly. Outgoings for the apartment are around $1,000 a quarter. It’s 37 square metres which includes a 1.5 square metre balcony. Central Sydney Realty Ultimo has the listing.
#8
$359,000
An offering here right up the north of the city on Bridge Street. Agent Bryn Fowler from Sydney Cove Property says the building has one of the cheapest strata fees in the area. Total outgoings for the property are around $1,000 per quarter. The 29 square metre apartment is currently renting some below market value at $395 per week.
#9
$379,000
In the same building and offered by the same agent, this apartment is offering a higher rental at $485 a week. It’s currently set up as a short-term serviced apartment but that can be changed on sale. Total outgoings for the 30 square metres are around $1,100 per quarter.
#10
$392,000
And heading back down, almost to where we started, is this offering on Sussex Street. The 54 square metre studio earns $490 a week in rent with total outgoings of around $1,330 per quarter. The lounge area leads onto a balcony over Bathurst Street and the building comes with the usual amenities. Stephen Marshall from Oaks Property Sales has the listing.
For further investment advice about studio apartments download Property Observer's free eBook: Investing outside the square.