Would you be willing to pay $165,000 for a room in the heart of Adelaide?
One couple was, and they outbid eight other keen buyers to secure it.
The furnished studio apartment with a bathroom, a total of 25sqm, at 420/12-20 Bailey St sold for $165,700 – that’s just over $6600 per square metre.
Selling agent Daniel Seach, of Ray White Black Forest, said it was one of several studio apartments in its building, which was understood to have once been a pub.
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The Adelaide studio apartment at 420/12-20 Bailey St has sold for more than $165,000.
A couple who own another apartment in the building snapped it up.
“They’re basically one bedroom, one bathroom, almost like hotel rooms really,” he said.
The building has shared laundry facilities and is within walking distance of Chinatown, Rundle Mall, university campuses and public transport.
According to property records, the studio at 420 last sold in 2002 for $65,000.
Mr Seach said the seller rented it out as a holiday rental for a long time but since decided it was time to offload it.
It attracted strong interest in the short time it was on the market before a couple who owned another apartment in the building snapped it up, Mr Seach said.
“They bought it for their daughter to use for uni,” he said.
There were eight other buyers vying for the keys to the apartment.
Studio apartments in the city are popular as holiday rentals.
“We had nine offers in the end on this one, every single person was unconditional.”
Studio apartments like it are common across the city, with Mr Seach explaining many self-managed super fund buyers or those looking to get into the property market use them as short-term rentals.
“It’s primarily for the rental yield,” he said.
Mr Seach said prices for the apartments in the building had surged since the Covid pandemic.
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