SOME are smaller than an average garage but, with each square metre of Sydney real estate now costing a premium, studio apartments are fetching huge prices.
Practically too small to swing a cat in, one Paddington studio is just 14sq m yet is seeking $220,000 - nearly $16,000 a square metre.
A slightly roomier 25sq m unit in a Potts Point hotel that has Harbour views is also on the market, with price expectations of $335,000.
This studio at 48 Sydney Rd, Manly is for sale for $295,000.
Although most Sydneysiders would rather park their car in such a tiny space, Laing + Simmons Potts Point agent Nuri Shik said demand for pint-sized property was far outstripping supply.
"There's just not enough of this stock on the market. The last two studios I listed each sold after the first inspection. They're not lasting," he said.
Mr Shik, who sells dozens of studios a month, said several buyers were even paying cash or buying through their superannuation funds.
This 23sq m studio at 65 Botany Rd, Alexandria has just sold for $255,000.
"And size doesn't matter. There are plenty of buyers, and tenants who love studios and love living near the city," he said.
"In areas like Potts Point, people choose the lifestyle, not the size of the apartment. They don't want to spend their time inside, they live out and about. You come in to sleep, have a place to hang your hat,'' he said.
"People don't even have breakfast in their apartments around here."
He said although an inner-city studio under $350,000 was ideal for struggling first-home buyers, they were mostly shut-out of the equation.
"Everyone wants to buy them, the only problem for some is the banks won't lend on studios," he said.
This studio at 6 Underwood St, Paddington is just 14sq m in size but is asking $220,000
Mortgage Choice's Jessica Darnbrough said, of the firm's 27 home loan providers, most shied away from lending to first-timers buying studios: "It also comes down to mortgage insurers who won't provide coverage on studios. Lenders are also concerned about the resale … they want to be able to retain their investment."