Investors drawn to lifestyle locations as Bondi unit block comes to market

A beautifully appointed interwar block of apartments in one of Bondi’s most popular locations is set to offer investors an exciting proposition after coming to market.

The deceased estate at 47 Imperial Avenue offers five spacious apartments on a large land area of 492sqm with onsite parking, while also boasting a gross income of $169,000 per annum.

The tried and tested Eastern suburbs market has long been a safe haven for investors seeking a reliable long-term investment, with this block the perfect example of a prime opportunity.

The property is set to go to auction on the 24th of October through the Colliers team of Matt Pontey and Miron Solomons with price expectations of over $5.5 million.

“Bondi has continued to outperform with investors identifying the long-term value proposition and the difficulty in providing further housing supply to this in-demand market. This has led to upward pressure on rents as people continue to flock to the beaches for the lifestyle, the Bondi Bubble an eco-system unto itself,” Mr. Pontey said.

“Once more, renters find themselves making decisions about the kind of homes they live in. Additionally, they are increasingly opting for shared living arrangements to split rent costs, a trend that began before the pandemic and is expected to persist due to a lack of new rental properties,” Mr. Solomons added.

According to a recent state of the market Charter Keck Cramer report, Sydney’s post-COVID low vacancy rate is currently sitting at 1.7 per cent, which is one of the major contributors to rents growing by 25 per cent over the past 12 months.

Shortages of new dwelling supply especially in Sydney’s exclusive Eastern Suburbs where land is so constrained is expected to keep vacancy rates very low, as well as the increasing population and demand for premium offerings.