21/19 Ithaca Road, Elizabeth Bay NSW 2011

north light over harbour views | 1960s strata with small balcony | no second bathroom limits future resale | one bath in a two-bedder in 2026 will cost you The one-bathroom layout introduces a known value penalty in this market—buyers in Elizabeth Bay increasingly expect a second bathroom for two-bedroom apartments, and that missing feature will shave roughly $50,000 to $80,000 off your exit price if you sell within five years. The upside sits in the north-facing aspect and uninterrupted harbour panorama, which are genuinely rare in this building and command a premium over equivalent eastern or southern exposures. This is a hold-to-renovate or hold-to-enjoy property, not a quick flip; the bath-to-shower upgrade and laundry addition could lift value by $30,000 to $50,000 net, but only if done before sale. The strongest buying case rests on the combination of direct harbour views from a north-facing master balcony and the walkability to Beare Park and the foreshore—features that few other two-bedders in The Reef deliver at this price point. That positioning suits a long-term owner-occupier who values natural light and proximity to water over maximum floor area or modern finishes. The 2019 sale at an off-market price of around $1.15 million to $1.2 million reflects a pre-boom low; the current estimated value of $1.4 million to $1.57 million implies a 20 to 35 percent uplift in six years, which is consistent with the broader Elizabeth Bay market recovery. The credible inference is that the view premium has widened while the single-bathroom discount has narrowed slightly due to rising overall prices. To validate this, compare recent trades in The Reef itself—sales data from late 2024 to early 2025 for similar two-bedder units with one bath ranged from $1.35 million to $1.48 million depending on floor and aspect. Your next step is to inspect the bathroom condition firsthand and budget for a modest renovation; if the reserve sits near $1.45 million, this unit offers sensible value for someone who intends to stay at least five years.