5005/500 Pacific Highway, St Leonards NSW 2065

Northeast corner residence | wraparound 232sqm balcony | resort building with concierge | 196sqm internal space | 3 bed 3 bath configuration This property occupies a rare configuration: a full-corner apartment with a wraparound balcony larger than the internal floorplan, which effectively doubles the usable living area and creates a private outdoor room that most apartments in the suburb cannot offer. The northeast orientation captures morning sun and district views toward North Head, a position that commands a premium among buyers seeking light and privacy over communal amenity. The floorplan suits downsizers from detached houses who need three bedrooms and a study, or professionals who value a lock-and-leave home with resort facilities but want the spatial generosity of a house. The primary risk is the current market decline of 8.2% for three-bedroom units in St Leonards, combined with an auction clearance rate of 49% and an average 84 days on market , sellers are not achieving premium pricing quickly. The property last sold for $3.36m in 2022, and current estimates sit between $3.08m and $3.94m, suggesting a potential discount if the vendor is motivated after only five to six days on market. The opportunity lies in negotiating below the mid-estimate of $3.51m, especially given the lack of open inspections and limited buyer traffic. Hold this property for the long term: the configuration is irreplaceable in this building, and the suburb’s proximity to Metro, hospital employment, and dining will support demand when the cycle turns.