That little hole in the wall in McMahons Point is popular with both renters and buyers. Number 8, a top floor, rear-facing two-bedder, has just sold for a record-breaking one million dollars. That's $20,000 a square metre! Here's the advert:
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 Poised on the top floor of a boutique Art Deco block of 8, this renovated apartment boasts an airy open layout with a breathtaking elevated outlook across to Lavender Bay and the Harbour Bridge. Highly convenient, it is steps to vibrant Blues Point Road restaurants, cafes and shops and is a short walk to ferries, trains and the harbour foreshore, with buses at the door.
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It didn't even go to auction but sold several weeks before auction date:
Back in 1985, when the block had just been strata-titled, the two one-bedders facing the front sold for $65,000, and the three facing the rear for $71,000. The three two-bedders, all facing the rear, sold for just a few thousand dollars more. Look what's happened to their prices since:
- 1-bed Apr 2005 $290,000
- 2-bed Aug 1986 $71,000; Jul 84 (?) 390,000
- 1-bed May 1986 65,000; Jan 1999 $210,000; May 2006 $345,000
- 1-bed Sep 1985 $67,000; Apr 1993 $164,000; May 2012 $415,000
- 2-bed Apr 1990 $175,000; Jan 1995 $25,375 (?); Aug 1999 $345,000; Jul 2009 $499,500; May 2018 $1 mill
- 1-bed Nov 1985 $65,000
- 1-bed Jul 1985 $72,000; Dec 1989 $155,000; May 2008 $430,000
- 2-bed Apr 2002 $411,000; Jul 2009 $540,000; Oct 2017 $1 mill
Wanting to see the passing traffic, I picked the front-facing Number 6. A few months later, I was through with Sydney and prepared to drop a few thousand just to get rid of the place again. A Chinese woman offered me $50,000. I told her to come back with the money and it'd be hers.
Lucky for me she never did because when I asked my agent what my unit would be worth today, he said "$700,000 to 750,000". Add a tiny second bedroom and water glimpses, and it could've been a million!
