Darlinghurst has been crowned the nation’s capital for Gen X and Y according to the Australian Bureau of Statistics and living in this locale is becoming pretty expensive.
Recently, a small patch of concrete on Palmer St, Darlinghurst, that measured 132 square metres sold for $1.91 million. With no house and no garden it seems like there’s not a lot going for this property – but as it is located in Sydney’s most desirable suburbs it’s certainly hot property.
The next thing really going for this property is that it has development approval for two modern terraces. Ivan Bresic of Bresic Whitney, who sold the property said, “The biggest thing for buyers looking at buying a block like this is just not knowing what they can do with it. So when there are plans with a site, it makes it very attractive.”
The approval will allow for one three bedroom terrace and a two bedroom plus study home and they should hit the market for anything above $2 Million.
Photo by Newtown Graffiti