Sydney’s love of a ‘pied-à-terre’

In a rather ironic twist, the property sale that first hinted at increasing buyer appetite for these tiny homes was one with a distinctly French, old-worldly flair, at 21 Little Riley Street, Surry Hills. You see, Sayman Ibrahim – an antique collector and restorer – found his 1920’s shoemaker-store-turned-home in the headlines when it sold for $1.5 million in February 2023 to an investor. It doesn’t sound particularly newsworthy, until you realise the terrace stood on just 25 square metres of land, meaning the sale price equated to approximately $60,000 per square metre.

Setting a suburb record at the time for such a property, “Sydney’s smallest house” piqued interest for its location, three-level floorplan, and quirky interiors and finishes (the latter thanks to Sayman’s extensive skillset in French polishing, antique furniture restoration and collection). The French connection gets somewhat uncannier when you learn that Sayman’s post-sale plans were to relocate to France and restore a chateau. Ideally something with 50 rooms to host events, weddings and so-forth, he said at the time.

The property is now for lease, with its Bronceado Sierra Elvira Marble floors, Olympia stone walls, and clever design offering an opportunity unlike many others. Selling agent Brigitte Blackman said part of its appeal on market in early 2023 was the lack of similar homes. “There were no comparables at all when we launched this property. We had 75 groups through, majority of whom were actually attracted to its size. They didn’t see it as a negative. It was a chance to own what felt like a little hideaway in the centre of Sydney, be it for a homeowner or an investor. There were also conversations around what a great Airbnb it would make. The fact that you felt like you were in Europe added to this.” 

A short trip to the Inner West and you’ll find 5 Avon Street Glebe – but only if you stop and look for it. At 41 square metres, it was the blink-and-you’ll-miss-it terrace that sold for $1.3 million and welcomed over 100 potential buyers through in just two short weeks. “We likened it to a dolls house. It had such a petite footprint, but when you made your way upstairs you were wowed by this incredible city view out of the bedroom window,” says selling agent Renae Dickey.

“Going into the campaign, we were conscious it wasn’t going to be right for everyone – there is no way around the fact that it was small. So, the focus was on finding the buyer who recognised the opportunity to own such a home over an apartment, and were after a low upkeep property that would complement their busy work and social lives. There were plenty of buyers who did so!” she adds. 

Also evidencing the trend is 7 Systrum Street Ultimo, just a few streets away. With a land size of 51 square metres set across three levels, the double-fronted laneway terrace also saw 100 buyers through its doors in a matter of weeks. It exchanged not long after for $1.45 million, edging just ahead of its Glebe compatriot on land size and price. 

The latest property to join the hypothetical pied-à-terre party is 84 Burton Street Darlinghurst, which is currently on the market for $1.3 million. Nestled in a row of character homes, it’s a proud and lovingly presented heritage terrace that covers a neat 65 square metres. Having welcomed over 60 buyers through already, time will tell what this home’s next chapter holds.

So perhaps the “Great Australian Dream” of home ownership is still alive. It could be that it’s just more petite, and perhaps more French, than we were expecting.