An "urban hideaway" in the Inner Sydney suburb of Paddington has been sold for $1.075 million through 1st City Real Estate.

Situated on 57 Oatley Road, the updated three-bedroom terrace is in walking distance to Oxford street shops, cafes, Sydney Cricket Ground and football stadiums, as well as the Entertainment Quarter and Centennial Parklands. 

Features of the property include open plan living and dining areas, two double size bedrooms, a third bedroom/office in the attic, modern kitchen with gas stove, updated bathroom, and scope to renovate.

The property was initially guided at $1.2 million, before being changed to $1.1 million, at which an offer of $1.07 million was accepted.

Mr Minogue said buyers could feel as though they were in charge in the Sydney market.

"People will buy something if they feel it is good buy, or if they are able to knock the agent down," he said.

"At the same time, good properties always sell, irrespective of the market.

"Whether the hard stuff sells is a good gauge of any market."

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