Ensure you never miss an issue of the
real estate business bulletin
Huge apartment fails to attract buyer

Huge apartment fails to attract buyer

by Reporter 0 comments

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.

 

 

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Huge apartment fails to attract buyer
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?