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Huge apartment fails to attract buyer

By Staff Reporter
11 November 2009 | 1 minute read

Sydney’s biggest apartment – now on the market for four months –  is struggling to attract any real interest.

Covering 950 square meters and boasting eight bedrooms, eight bathrooms and a nine car garage, the property is seven times the size of an average Australian unit, according to the Australian Bureau of Statistics.

But despite its size and acceptable $9 million price tag, the property is yet to attract any serious interest.

The unit’s location, overlooking Chinamans Beach on Middle Harbour, could be the one factor holding the property back from being sold.

Last year, Australia's most expensive unit sold off the plan for $20 million.

At 500sqm and with four bedrooms, it was just half the size of the Chinamans Beach unit, but its prime inner-city location opposite Hyde Park gave it the edge.

Raine and Horne Mosman selling agent Brendan Warner told the Daily Telegraph he hoped interest for the palatial unit would increase as investors start to trickle back into the market.

“The best thing about this property is it can be divided into three properties if the buyer so wishes,” he said.

 

 

Huge apartment fails to attract buyer
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Enter your email to receive the latest real estate advice and tools to help you sell.