Sydney studio apartment sold for half a million

A tiny studio apartment with no room for a bed has sold for half a million in one of Sydney’s eastern suburbs. 

The studio apartment in Paddington may be smaller than some people’s bedrooms, spanning just 21sqm.

That didn’t stop the keen new owner forking out $560,000 for the Oxford Street flat making it more than the average house price in Brisbane, Perth and Adelaide. 

The keen new owner forked out $560,00 for the Oxford Street flat making it more than the average house price in Brisbane, Perth and Adelaide (kitchen pictured)

The studio has a cosy kitchen and bathroom (pictured) which opens up to the apartment’s only room featuring the dining table, lounge room and bedroom all in one

The studio has a cosy kitchen and bathroom which opens up to the apartment’s only room featuring the dining table, lounge room and bedroom all in one.

While many studios have room for a bed, this charmer only has space for a sofa bed. 

The first floor apartment also has its own private balcony overlooking a garden, allowing for a bit of fresh air.

The flat, which was built in the 1960s, was being used as an AirBnB where it fetched $120 a night, according to RealEstate.com.au.

Last bought in 2004 for $178,750, the apartment was put on the market for $410,000. 

The new buyer told the publication she thought she may have overpaid but she ‘just wanted it’.

The flat, which was built in the 1960s, was being used as an AirBnB fetching $120 a night

The first floor apartment also has its own private balcony overlooking a garden, allowing for a bit of fresh air

The new buyer said she thought she may have overpaid but she ‘just wanted it’ (building pictured)

‘I’ve always wanted an apartment in this building,’ she said.    

Despite the half a million purchase, Sydney’s property prices are reportedly shrinking twice as fast as the nation’s state capital average. 

Latest data shows the Sydney market has dropped 0.4 per cent in late January.