Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 18 March 2015

Small House

Sydney view

I'm clocking up a few air miles this week, back and forth to Sydney...well, the Cricket World Cup is on, after all.

Thought I'd go and check out the most expensive one bedroom property in Surry Hills.

This miniscule plot was until recent years just a lowly 44 square metre car space, in a fairly ordinary back laneway of Surry Hills.

The laneway is still ordinary, in fact.

The plot was previously sold for $230,000 in 2008.

After some nifty and award-winning architectural handiwork this unique five storey pad sold last year for some $1.88 million, or more than $42,500 per square metre.

The internal space is now actually 200 square metres.

In price per square metre terms this puts the one-time Surry Hills car space on a par with some of the world's prime location real estate.

Although I took a look around the awesome Butterfly House in Dover Heights a few years ago, I've never seen the interior of Small House. 

Luckily, someone else has done the internal photography here.

There is an obvious underlying point for property investors here, namely that while Australia has a lot of land - nearly 7.7 million square kilometres of it - the great  bulk of it is close to worthless. 

A few prime location spots, however, with a limited supply of land, will command exorbitant prices as the population grows around them.

Surry Hills is one such location, being a favoured destination for much Chinese-sourced capital.