Crazy low price of apartment in Australia’s most expensive street

A beautifully renovated apartment in Australia’s most expensive street is set to go under the hammer next Tuesday and you won’t believe the price.

5B/78 Wolseley Rd, Point Piper has a price guide of $1m ahead of a November 12 auction.

When young developer David Avidan paid $720,000 — $220k over reserve — for a dilapidated “caretaker’s cottage” at the base of a waterfront unit block in Point Piper he could see the potential.

“Where else in Wolseley Rd — Australia’s most expensive street, right next door to billionaires — can you find a waterfront property at that price?” he said yesterday,

The apartment at 5B/78 Wolseley Rd was only tiny — just 30sqm — but it opens to a common area with a harbourside pool and private jetty.

There were plenty others keen on it as there were 29 registered at last December’s auction, but just five put in bids and Avidan won the day.

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”It’s like living in Venice,” says developer David Avidan.

The apartment has been gutted and completely renovated.

Now, nearly a year later, Avidan’s restoration of the studio is complete and it’s set to go under the hammer with a $1m guide next Tuesday via Ray White Double Bay’s Nathan Ryland and Adam Reichman.

“It’s very good value because it’s been beautifully done with a stone kitchen, V-Zug appliances and a designer bathroom,” says Avidan.

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“It would cost a fortune for regular people to have done this.

“I predict the owner-occupier, regional and interstate buyer will love this product, who wouldn’t want a waterfront lock up with views of the city and the bridge?

“And it’s like living in Venice — you can get in a boat and go anywhere.”

David is from the family owned Dare Property Group and co-founder and director of South Head Developments.

The kitchen features a stone benchtop, beautiful joinery and V-Zug appliances.

BEFORE: How it looked a year ago.

He’d made just one “killer bid” of $20k to secure the property.

The studio was the deceased estate of Patricia Fletcher, who owned it from 1982 until she died in 2019.

It had sat empty since then, with the agent that sold it last time having to empty out its dilapidated contents.

Originally published as Crazy low price of apartment in Australia’s most expensive street