For around $579k you can currently get in Balmain, a one bed and bath apartment with car park. And below is what it looks like. In November 2011, a similar sized apartment in the block (#3) sold for $410k, and it didn't have a car park. (Sold $563k)
Yes, it is totally liveable for now, but going forward this is what I would do.
Firstly, I would open up the kitchen from the entrance which would give more room for the dining table. Then I would paint the bottom cupboards black and the tiles and top cupboards white. Also I would put some drop lights in.
For the living/dining, not much is needed, but maybe a fresh lick of paint, white on the ceiling and grey on the walls. I would give it a modern vibe with the furniture and a few punchy colours.
For the bedroom, I would adjust the curtain length to drop from the ceiling to the floor and bring in some lighter colours.
If the budget allowed, I would go modern and sleek with the bathroom and remove the bath.
Pictures all pinned here