Size doesn’t matter for single girls
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’.”
Ally Rigg inside the tiny one-bedroom Surry Hills apartment she has just bought.