Outdoor space is one of the most sought-after features in our area, but how much value does good outdoor space really add?
Inner-city Sydney is one of the highest-density real estate markets in Australia, which means outdoor space is in demand. Balconies, courtyards, and even rooftop gardens always attract buyer attention and go some way to ensuring properties sell for a premium.
As we recently noted, realestate.com.au data lists ‘balcony’ as the second most searched keyword for apartment buyers throughout NSW and ‘outdoor space’ comes in at number three (for the record, only ‘swimming pool’ ranked higher).
Because there is such a demand for outdoor space, an apartment with a great one can go for a lot more than it otherwise would.
In fact, one study found a balcony added 11.7% to a property’s ultimate sale price.
But we think even that is underselling just how much outdoor space can be worth here in the inner city – our guess is that a significant outdoor space can add 20% or more to a property’s value.
How the pandemic took outdoor space to the top of the list
While outdoor space has always been a priority for local buyers, during the pandemic it went to the top of the list for many – with room to move becoming the number one priority for a lot of local buyers.
After all, more people were spending a lot more time from home, so having somewhere outside to escape to, and relax in, became a property search ‘must have’ for a lot of people looking to live in Sydney’s inner city.
Not only does having a balcony, terrace, or garden offer somewhere to relax and entertain, but it can also provide that much-needed ‘escape’ when there are a lot of people sharing a property.
For these reasons, we’ve also found that a growing number of families looking to call Potts Point and surrounds home also often prioritise outdoor space.
The limits of outdoor space in Potts Point
In 2021, the New York Times described outdoor space as the ‘must have luxury necessity’ in New York – noting that prestige developments were making it their priority. In many ways it became the same here in Sydney’s inner city (there’s a reason our area is often called ‘Sydney’s Soho’), with newer upmarket developments often incorporating generous outdoor spaces.
Unfortunately, however, outdoor space can be hard to find in some of the older apartment blocks in Potts Point and Sydney’s inner city. Most Art Deco and earlier apartments, for instance, focused on indoor living rather than the outdoors.
That means scarcity value can add serious value to any Art Deco apartment that also includes outdoor space.
Some of the best outdoor spaces in Potts Point
We’re lucky enough to sell apartments with some of the best outdoor space in inner city Sydney.
Nestled within the prestigious Pomeroy, one of Potts Point’s most coveted addresses, G03/14 Macleay St is a four-bedroom residence reimagined from the ground up by architect George Livissianis and garden designer Scott Williams. This lavish home contains an incredible 412 sqm on title, including an east-facing outdoor terrace, which takes in stunning harbour views.
Meanwhile, we recently sold 1802/21 Elizabeth Bay Road, an expansive 2-level penthouse located atop the iconic Encore building that featured both a vast upper-level terrace with panoramic harbour views and a generously-sized sunlit main balcony.
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