Price Guide $1,480,000

This 2-bedroom, 1-bathroom apartment with 1 parking space at 4002/343 Pitt Street, Sydney, is priced at $1,480,000. Compared to the provided comparable properties, its price sits above the median ($1,330,000) but below the average ($1,922,000) for the broader Sydney CBD apartment market. Specifically, when looking at 2-bedroom apartments with parking, comparable 2-bed, 2-bath, 1-car properties range from $1.88M to $2.285M, while a 2-bed, 1-bath, 0-car property sold for $1.2M. The subject property's price point seems reasonable given it has 2 beds and 1 car space, distinguishing it from smaller 1-bed units and larger, more expensive 2-bed, 2-bath options. Therefore, the Undervalued Score is moderate, suggesting it's priced fairly within its segment, perhaps slightly below the premium 2-bed, 2-bath market.

Based on comparable rentals, a 2-bedroom apartment with parking in Sydney CBD can command strong rent. Comparable property #12 (2-bed, 1-bath, 0-car) has an estimated rent of $950/week, while #3 (2-bed, 2-bath, 1-car) is $1350/week and #9 (2-bed, 2-bath, 1-car) is $1450/week. Given the subject property has 2 bedrooms and 1 parking space, but only 1 bathroom, an estimated weekly rental income of $1050 is a realistic and conservative estimate. This estimate considers the value of the parking space but acknowledges the single bathroom compared to the higher-rent 2-bathroom comparables. This estimate has a moderate to high confidence level due to the specific comparables provided.

At a purchase price of $1,480,000 and an estimated weekly rent of $1050, the gross annual rental yield would be approximately 3.69% ($1050 * 52 / $1,480,000 * 100). This yield is respectable for the Sydney CBD market, which is typically known for capital growth rather than high yields, hence a moderate Rental Yield Score.

Key investment strengths include the prime Sydney CBD location, the inclusion of a parking space which is highly valued, and the robust demand for rental properties in the area. The property type (apartment) in a high-density area like Sydney CBD generally offers good liquidity. The Flip Potential Score is strong because a 1-bathroom configuration in a 2-bedroom apartment could be upgraded to a 2-bathroom layout (if feasible within the strata rules and floorplan), significantly increasing its value and rental appeal, aligning it more closely with the higher-priced 2-bed, 2-bath comparables. Potential risks include high strata fees common in CBD buildings, potential for further interest rate rises impacting borrowing capacity, and the general volatility of the premium apartment market. The recommendation is to investigate the feasibility and cost of adding a second bathroom to unlock significant value and rental upside, making this a strong candidate for a value-add investment.