Ask anyone what they know about the history of Potts Point and no doubt they’ll mention its connection with the creative arts.
Artists such as William Dobell and Sali Herman, poets such as Kenneth Slessor and Christopher Brennan, and writers such as Dame Mary Gilmore have all lived here and contributed to the wonderful Bohemian history of our local area.
Of course, they were all attracted to Potts Point and Kings Cross for one reason alone – this is where the action is and always has been. Nowhere in Sydney has ever been able to match our local area for vibrancy. From Les Girls to The Bourbon and Beefsteak and from the Sebel Town House to the Roosevelt Nightclub, this has always been where Sydneysiders and visitors come to let their hair down and enjoy themselves.
A new sophistication
In recent years, Potts Point’s entertainment venues have taken on a new sophistication. Lockout laws changed the way we socialise (and it’s unlikely to go back even now they’re repealed). Today, our area is home to quality late-night eating holes, cosmopolitan drinking establishments and even boutique hotels. It’s fair to say that – for better or worse – Kings Cross is no longer as rowdy as it once was.
Like the inner city areas of other great cities, Potts Point has taken on a new life – one that draws on its long history of creativity and mixes it with modern tastes.
Rising property prices
The shift in Potts Point has been accompanied by a shift in residents and the people who buy into this suburb.
2011 remains one of the youngest postcodes in the country, with an average of just 32, according to the latest census data. However, it’s now becoming increasingly popular with downsizers who love its vibrant lifestyle and proximity to everything our city has to offer. It’s also becoming more family-friendly.
As Potts Point’s popularity as a residential area grows, property prices are rising. According to realestate.com.au data, the median Potts Point apartment value lifted more than 11% between August 2020 and March 2021 so that it stood at $800,000.
In the next few years, we expect prices to outperform many other parts of Sydney and Australia, as more and more buyers are drawn to Potts Point’s undeniable appeal.
New developments to accompany the change
We also expect to see a range of new property developments to suit the buyers looking to call Potts Point home. These are likely to focus on luxury properties for downsizers, professionals and growing families who want to be in the centre of the action.
We already have some fantastic apartment blocks. For instance, Ikon opened way back in 2004 and blended contemporary living with old school charm. Around the same time, the Sebel Townhouse was turned into the Encore building.
More recently, we’ve seen our skyline transformed by sleek new developments such as The Hensley, Omnia and IDA Potts Point.
Each of them attempts in its own way to preserve what we love about Potts Point, while providing everything buyers need in a modern lifestyle.
Potts Point has changed markedly over the years – and over the past decade or so the pace has quickened still. But it remains at its heart the same creative and artistic area it has always been.
It’s the reason why locals love it so much and also the reason why it will remain Sydney’s SoHo for some time yet.
If you’d like to know more about the current market, get in touch today.