Tiny studio sells for more than double price guide

Buyers queued up in the rain at the open home to cram into this 35 sqm flat, which has sold for an extraordinary price.

6/77 Ramsgate Ave, North Bondi is just 50m from the sand.

A tiny 35sqm flat has sold for a whopping $2.32m, more than $1.3m above the initial guide.

But it’s no ordinary studio space — 6/77 Ramsgate Ave, North Bondi is just 50m from Australia’s most famous beach and there’s an incredible view of the sand from the lounge room.

“We had more than 60 people through one of the open homes, in just 35sqm it was difficult to get them all through in half an hour,” says Raine and Horne Double Bay’s Christophe Serrao, who shares the listing with principal Ric Serrao.

MORE:

$370k richer: Insane property hack revealed

The late owner bought it more than 70 years ago in the 1950s.

Back then, no-one wanted to live at Bondi Beach.

“We initially guided $1m, but then increased it to $1.1m and then $1.3m due to early interest.

“Expressions of interest offers close at 3pm on Friday the 31st and offers that were submitted started at $1.1m, then $1.4m, $$1.6m, $1.7m, $1.8m, $2.2m with the winning offer $2.32m.”

The hot listing attracted more than 600 inquiries and 250 people inspected it in two weeks.

“We had 42 people at the first open, and it was bucketing rain,” Christophe said.

He attributes its popularity to the location, view and its rarity — there are just 18 apartments in the company title block and they rarely come up for sale.

It’s a very different story now.

This one was owned by the late Anthony Bonnici, who bought it when it was built in the 1950s for an unknown sum — but not very much because no-one wanted to live at Bondi Beach in those days.

This time round, there were seven Bondi local buyers fighting over it at the end and the agent isn’t saying who the purchaser is.

But given there’s no car space and the extraordinary price, you’d have to suspect it was a neighbour within the building looking to increase the size of their apartment.

Originally published as Tiny studio sells for more than double price guide