13/04/2017 1:31 PM AEST | Updated 13/04/2017 4:54 PM AEST

Roof Space In Elizabeth Bay NSW Sells For $1million

It's 50 square metres. That's $20,000 a square metre.

Just when you thought Sydney property prices couldn't get any crazier, depressing or just plain bewildering, feast your eyes on an apartment that is really just roof space -- for $1 million.

You read correctly: Roof Space. Albeit roof space with a fabulous view across Elizabeth Bay. But still.

Real estate agent Charlie Mortimer from Ray White Double Bay has described the apartment as 'the most unusual rooftop property in Australia'.

The last time the rooftop space apartment was on the market was back in 2004 where it sold for $535,000. Since then it's been renovated by its architect owner and, since 2010, it's been leased for around $650 a week.

Ray White Double Bay
It's hard to believe this roof space/apartment went for $1 million. Then again, nothing is too crazy when it comes to Sydney real estate.

The apartment dates back to the 1930s, and also features a common terrace area. Yes, that's right, you have to share it with the other apartment block tenants keen to share the view from the roof.

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The view is great but you'll be living in roof space and you'll be sharing the terrace with everyone else.
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If you had a 'spare million' would you spend it on a roof space apartment with a shared terrace and a nice view? The architect did a nice job with his 'boat theme'.
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Here's the floor plan. If you've always fancied a place where you have to walk through the 'common terrace area' to get to the other side of your apartment, then, sadly for you, you've missed out because it has sold already. Better luck next time!
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The roof space of this Elizabeth Bay 1930s apartment block went for a cool $1million. Yep, 'roof space.'

To put the property craziness into perspective, the Australian Bureau of Statistics (ABS) released its regular property price index last month. It shows the average house price is now $656,800. In NSW, the average is $865,000, the highest price in the country, followed by Victoria at $690,000, then the ACT at $642,000 and Western Australia at $536,000. The cheapest option is down in Tasmania where the average price is $343,900.

This is what the market has become, particularly in Sydney. A tin shed in Glebe sold last year for a whopping $1.69million. The derelict industrial building boasted several rooms with metal walls, two toilets, two showers and several sinks throughout the shed. The four week sales campaign attracted several potential buyers.

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If you're after an industrial shed, then you are too late to snap up this property, which went for $1.69 million last year in Glebe.

This 'beauty' also had most people shaking their heads -- a rundown home in Redfern sold for a whopping $2.7 million.

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Glancing at these property shockers, it's no wonder Sydney 'wins' second place in the ranks of the world's most unaffordable property market. International housing affordability company Demographia recently released its 13th survey on house prices around the world, taking into account prices from the third quarter of 2016.

It revealed Sydney had the second most unaffordable major city housing in the world (after Hong Kong). Melbourne followed close behind, coming in at number six on the list.

If you want to make yourself cringe even more, take a look at the French homes that are cheaper than a rundown Sydney apartment. Take a look. And weep.