Is this Sydney harbourside property the most affordable home on Australia’s most expensive street?

Among the towering mansions of Sydney’s famed Wolseley Road, Point Piper a hidden gem has recently stolen the spotlight: a small but ultra-stylish Art Deco apartment that sold under the hammer at auction for $1,111,500, setting a record for the sale of square metres on the exclusive road.

This compact residence, situated within the Wolseley Gardens complex, does not come with sprawling square footage, but it’s a harbourside stunner offering a rare and slightly more affordable entry point ont o one of Australia’s most expensive streets.

The ultra-exclusive eastern suburb enclave might only cover 38ha, but it’s packed with some of Australia’s most high-profile residents.

Former Prime Minister and investment banker Malcolm Turnbull calls this area home, along with tech billionaire Scott Farquhar, co-founder of Atlassian, who’s ranked 18th on the rich list, and his wife, investment banker Kim Jackson.

Real estate mogul Robert Magid and Huang Bingwen, a powerhouse in China’s paper packaging industry, also have addresses here.

This neighbourhood isn’t just exclusive-it’s where business titans and cultural icons rub shoulders.

The buyer, an Australian based in Dubai, purchased the apartment sight unseen, sealing the deal over a series of intense phone bids with agent Nathan Ryland of Ray White Double Bay.

While the price tag may seem modest compared to its multimillion-dollar neighbours - 142 Wolseley Road, Point Piper sold in March 2024 for $51.5 million - the apartment doesn’t skimp on style.

Records show the property was last sold in November 2023 for an undisclosed sum and has had a complete renovation. It was advertised as being “a blank canvas awaiting the imprint of your own style.”

With leaky taps, a barely functional kitchen sink and a bathroom with cracked walls and a grubby bath, the apartment was in some serious disrepair.

Sydney-based design firm Studio_Sit took on the challenge of transforming the 32sqm space into a sleek, minimalist retreat that feels both contemporary and comfortable. The design prioritises serenity and functionality, blending high-end materials and clever design elements to create a sense of spaciousness.

“The design ethos was about crafting a retreat in harmony with its surroundings, creating a private sanctuary,” Interior designer and Studio Sit’s founder Sophie Turnbull

The apartment’s custom curtains, for instance, double as room dividers, providing flexibility in a compact setting by allowing the layout to adapt based on the occasion.

Travertine countertops in the kitchen and bathroom complement the warm tones of the nearby harbour sands, bringing a touch of nature indoors. In the sleek kitchen, integrated high-end appliances are hidden within the clean lines of the cabinetry, ensuring nothing detracts from the apartment’s quiet elegance.

Ryland said of the apartment: “It’s really beautiful and it feels like a luxury hotel stay. The interior design really works well with the space.”

The perks of living in this harbourside complex extend far beyond the apartment itself. The Wolseley Gardens development includes meticulously landscaped grounds, a waterfront pool, barbecue facilities, and even a private pontoon.

These communal features offer residents unique access to the stunning harbourfront, which includes some of the best views in the city, including the Harbour Bridge, Opera House, and the Sydney skyline.

While Wolseley Road has long been known for its sprawling estates and extravagant price points, this sale reflects a growing trend among buyers to seek out compact, luxury properties that don’t require the upkeep of a larger home but still offer top-tier amenities and exclusive locations.

For many, the appeal lies in blending a high-end lifestyle with the practicality of smaller, more manageable spaces, especially in Sydney’s most desirable neighbourhoods.

With its high-end finishes, seamless indoor-outdoor feel, and access to waterfront amenities, the property offers a lifestyle that many dream of, complete with direct access to Sydney’s harbourside highlights and a minimal maintenance commitment.

This apartment shows that sometimes size doesn’t matter when it’s all about smart design, thoughtful details, and an unbeatable setting.