Everyone’s talking about the falling property market in Sydney, but it’s not all doom and gloom over here in the Eastern Suburbs.
Some of our suburbs are bucking the trend of declining growth and low demand, none more so than Elizabeth Bay. Let’s look at what’s happening for units in Elizabeth Bay and why you can expect long-term growth in this area.
Strong growth for apartments in Elizabeth Bay
Elizabeth Bay is currently a standout in a sea of price decline in Sydney. While the rest of the city is facing overall price drops of around 7.8% (or more, depending on which stats you read), annual growth is still in the double digits for apartments in this harbourside suburb, holding firm at 13.7%. And let’s not forget that this figure would be fantastic at any time, but it’s truly exceptional in the current market conditions.
According to this recent write-up from the Australian Financial Review, at a time when Elizabeth Bay’s growth was sitting at 12.5%, the suburb was firmly in the top 3 for capital growth in Sydney for units, behind Kirrawee (15.5%) and Crows Nest (12.9%), and number 1 in the hugely popular Eastern Suburbs. REA Group data now has Elizabeth Bay growth up to 13.7%.
The median price for an Elizabeth Bay apartment is $1.1 million, which is pretty reasonable for such a fantastic part of our great city, especially when you’ve got such strong returns to look forward to.
What’s behind Elizabeth Bay’s capital growth?
It takes something special to withstand a tough market and locals know that Elizabeth Bay is just that kind of place. It has truly stunning views, whether from your living room or as you walk about the bay, as well as proximity to the water and some of Sydney’s best parks.
It has great cafes and restaurants – like newly opened Shuk. Plus, Potts Point, Double Bay and the CBD are only minutes away, so it’s really the perfect place for dining, entertainment and commuting as well. What’s not to love?
The opportunity to buy in Elizabeth Bay
A staggering 98.6% of housing stock in Elizabeth Bay is apartments, according to 2016 Census data. There’s a good chance that figure is even higher after some new developments in the past few years, but either way, it’s easily one of the highest proportions of apartments in the city, if not the country.
Elizabeth Bay is home to landmark apartment buildings like Kincoppal and Encore, but the high number of apartments overall means that there are opportunities for all types of buyers – so the great capital growth we’re seeing now isn’t just limited to those who have bigger budgets. I’ve seen great properties on the market for right on the median price, such as this two-bedroom, but I’ve also seen some incredible premium apartments with sweeping views, like this three-bedroom that sold for $8.25 million.
No matter what you’re looking for, there’s an opportunity for you to take advantage of this growth in Elizabeth Bay now.
Get in touch with me today to discuss your opportunity to buy an apartment in Elizabeth Bay.