Change has been a constant in Kings Cross, but since the introduction of the lockout laws we’ve witnessed a consistent uplift in Kings Cross real estate.
Kings Cross was up until recently synonymous with revellers spilling out onto the streets, no matter what the hour.
The introduction of the Sydney lockout laws from February 2014 signaled a new era for the area that was once compared to Amsterdam’s Red Light district. Colourful chaos has given way to a unique cafe culture and laidback lifestyle, and with it a new wave of life in the Sydney real estate market.
But Kings Cross is no stranger to change
The bohemian history of Kings Cross has witnessed many twists and turns. During World War II, the sudden influx of American soldiers at Garden Island naval base drove brothels and bars to the forefront of business demand.
Before this, Kings Cross became the first area of Sydney to become densely populated with flats in the 1920’s and 30’s. In 1939 Building magazine suggested that a flat resident viewed their home as nothing “but a place to hang the hat and that living should be done in the restaurant and theater.”
This out-and-about culture has long defined Kings Cross, and continues to do so today.
Now, the real estate market is the real winner
Regardless of the raging debate over the effect of the Kings Cross lockout laws, one thing is for certain – this new era of Kings Cross has seen a resurgence in its real estate market.
In the six months following lockout laws’ introduction, Potts Point saw a 25% boost in the price of units sold and neighboring Elizabeth Bay prices also jumped by 17%. This upward trend continued in the following years, with the first real steadying seen at the start of 2018 as the median unit price averaged at $670,000 according to CoreLogic data.
New developments, such as the landmark Omnia and Ikon buildings, add fresh options to the real estate mix. Geared towards buyers who enjoy the best of both worlds, these developments allow residents to dip into the hustle and bustle of the inner city and sit back to enjoy the stunning views and laid-back lifestyle.
The time is right for investors and first-home buyers
The types properties available in Kings Cross are attracting a young demographic and are perfect for first home buyers – in fact, 87.7% of the dwellings available are units and almost 62% of them are one-bedroom or smaller studio style apartments.
Kings Cross’ location naturally lends itself lends itself to buyers who want a foothold in the market without sacrificing the excitement of an inner-city lifestyle.
The Potts Point auction clearance rate in recent months hit 73.5%, which is 3.5% above average when compared to the broader city area.
Yet during this real estate resurgence, the heart and culture of Kings Cross has been retained, embodied by the people and small businesses who stay true to the Cross’ character. And this will no doubt ensure that the allure of Kings Cross as a real estate hotspot continues to grow in years to come.
Want to know more about the future of Potts Point’s property market? Read our 2018 Potts Point Property Market Predictions.
