Size doesn’t mat­ter for sin­gle girls

The Sunday Telegraph (Sydney) - - NEWS - REAL ES­TATE EDI­TOR

THE young sin­gle women of Syd­ney are at the fore­front of a first home­buyer boom in the in­ner city, tak­ing ad­van­tage of gov­ern­ment in­cen­tives and fewer in­vestors to buy tiny apart­ments as small as 28sqm.

De­spite there be­ing barely enough room to swing a cat, the smart and savvy pro­fes­sional women see the small spa­ces of­ten in art deco blocks as their only way into the city’s still pricey though cool­ing mar­ket.

And they have it all over their male coun­ter­parts, agents say.

“I’m see­ing no young men — they’re all young women,” Ray White Padding­ton agent An­drew Cary said of a 35sqm unit at 21/66 Bayswa­ter Rd, Potts Point. “The women seem a lot more will­ing to talk to their par­ents about get­ting some sup­port to buy, for the men it’s not so front of mind.”

The Bayswa­ter Rd pad passed in for $505,000 at auc­tion last week­end and is now priced at $550,000, mean­ing a first home­buyer qual­i­fies for the full stamp duty ex­emp­tion.

An­other agent has re­cently sold four old-style stu­dios rang­ing in size from 28sqm to 35sqm — two of them de­ceased es­tates owned by the ven­dors for decades — to sin­gle women for prices as low as $376,000.

“They don’t care how small it is, they just want to get into the mar­ket,” Laing+Simmons Potts Pont agent Nuri Shik said.

Ally Rigg, 28, an emer­gency trainee doc­tor at RPA, said she was “su­per ex­cited” to have picked up her first home at auc­tion last Satur­day, pay­ing $666,000 for a 37sqm pad in one of Surry Hills’ best streets.

The sunny top-floor space in the 1960s three-storey walk-up was a bit smaller than what she’d hoped for. “But the prices are ridicu­lous — you have to make sac­ri­fices, such as get­ting a small place like this,” Ms Rigg said.

“I’ll be able to cull a lot of clut­ter and be smart with the de­sign.”

She felt her­self lucky to have some parental fi­nan­cial sup­port, which the Ray White Surry Hills agent Jack McGhee said was the case with the other two first home­buyer women vy­ing for the prop­erty.

“The un­der­bid­der was an in­vestor, but he saw the mums there with the chequebook and he thought ‘they’ve got more money than me’.”

Pic­ture: Sam Rut­tyn

Ally Rigg in­side the tiny one-bed­room Surry Hills apart­ment she has just bought.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.