Tiny Bondi Beach studio sells for $500,000 exposing the dire state of the city’s housing crisis

The 17-square-metre apartment attracted a lot of attention as frustrated Sydney renters winced at the state of the city’s overpriced housing market.

A tiny Bondi studio apartment has sold for more than $500,000, revealing just how far people will go for a tiny slice of the iconic beachfront.

The single room with an ensuite measures up to 17 square metres for the whole apartment, with the widest wall coming in at just 3.7 metres.

The apartment went to auction on Saturday with a price guide of $450,000 but sold for an additional $61,000 above the asking price.

Ray White real estate agent Angus Gorrie said when the property hit the market six weeks ago that its biggest drawcard was the location, being just 100 metres away from Bondi Beach.

The tiny studio apartment at 21/68 Gould Street, Bondi sold for $511,000. Picture: Ray White

The unit is 100 metres from the famous beachfront. Picture: Ray White

“A sunny aspect and large entertainer’s communal balcony makes this apartment the perfect beach pad or investment in one of Sydney’s most desired lifestyle locations,” the listing reads.

“With a strong rental return and first class position this is an excellent opportunity to secure your slice of Bondi Beach real estate.”

Mr Gorrie said that while the property was on the smaller side, it was “rare” to see a property sell for less than $500,000, let alone so close to Bondi Beach.

“I haven’t sold anything like that this year, and I’ve sold 90 properties,” he said.

He said a major point of appeal would be the location, where renters would likely pay up to $500 per week to rent a studio in such a coveted position.

Another apartment in the same Gould St building is currently advertised at $600 a week.

It boasts a bathroom and kitchen – including a dishwasher. Picture: Ray White

The buyer, or any future tenant, will have to figure out how to slim down their furniture to fit in the room, with little more than room for a bed and table in the unit.

Not only that, but any cooks looking to live in the unit would also be limited, with only a two burner stove and small oven to cook with.

Described as having “large shared bedroom/living space”, the apartment was also advertised as being in a “quiet position to the side of the building” in a “boutique security block”.

A communal rooftop terrace is open to tenants looking to get an escape from the cosy apartment.

Mr Gorrie was contacted for comment on the sale.