The property market has performed strongly over 2023.

The latest CoreLogic data reveals that Sydney home values rose by an average of 9% in the 12 months to October this year.

Here, in the 2011 postcode, some segments of the property market have performed exceptionally well. We look at some of our local hotspots in Sydney’s inner eastern suburbs.

Hotspot: Potts Point apartments for reliable growth

PropTrack data reveals that buyer demand for Potts Point apartments grew 10% year-on-year to October 2023. This helped drive the median value of Potts Point apartments up by 9.1% over the past 12 months to $925,000.

Drilling down further into the specific types of apartments sold, the picture gets more interesting.

While the trend during COVID was for more space, it seems small has become fashionable again.

The median price of entry-level one-bedroom apartments increased 25.4% over the past year, while two-bedroom apartments plateaued (-1.1%). Meanwhile, three-bedroom apartments saw a modest price rise of 2.2%.

But these are just medians, which some segments have far outperformed. For instance, we’ve noticed many prestige apartments have been in high demand. We recently sold a three-bedroom apartment in Ikon, 1403/81 Macleay Street, for $8.5 million. It was previously sold in August 2022 for $7.3 million, a price gain of $1.2 million in just over a year.

Hotspot: Elizabeth Bay apartments for price increases

It has been a good 12 months for apartment values in Elizabeth Bay. The median price for one-bedroom apartments increased 7.6%. Meanwhile, two-bedroom apartments saw a 6.5% increase, while the value of three-bedroom apartments in Elizabeth Bay lifted 5.8%.

Investors take note: rents are up 15.7% across all Elizabeth Bay property types, with three-bedroom apartments experiencing a staggering rise of 44% in median weekly rent, according to

As we wrote last week, we recently broke the Eastern Suburbs record for a single apartment sale with the off-the-plan penthouse in the new Billyard Ave.

We also sold a two-bedroom apartment at 49/8 Greenknowe Avenue for $7.2 million and a fabulous three-bedroom apartment in the Encore Building at 1406/21 Elizabeth Bay Road for $4.45 million.

Hotspot: Potts Point houses for buyer demand

In Potts Point, 2023 has brought unprecedented demand for houses.

While this continues to be a trend we first highlighted six years ago, in 2017, it has definitely gathered pace recently.

According to, there have been around 422 buyers interested in the four homes that have come to market in Potts Point in the last month, while just eight have sold in the last year. Over 2023, we’ve already sold:

99 Victoria Street for $6 million
152 Victoria Street for $10.6 million
20 Rockwall Crescent for $6.8 million

We currently have some Potts Point houses on the market, including:

55 Victoria Street, an updated four-bedroom, four-level home with stunning views and heritage features.
163 Victoria Street, an original Victorian terrace containing three individual renovated apartments that will be sold in one line.
9 McDonald Street, a meticulously restored Victorian terrace that boasts five bedrooms, a study, four bathrooms and off-street parking for two cars.

Hotspot: Woolloomooloo for strong investor returns

Investors should take note of Woolloomooloo. The median house rent here has risen by more than 25% in the past 12 months, while the median apartment rent has lifted by 15% over the same period.

Rental properties here go fast, spending an average of less than 20 days on the market, and yields are also healthy, as this data from shows:

Median weekly rent for houses: $930
Houses rental yield: 3.1%

Median weekly rent for apartments: $750
Apartment rental yield: 3.9%

We have several excellent apartments for sale in the Riley Apartments, including the New York loft-style Apartment 501. And we recently sold a fabulous mixed-use terrace at 20 Crown Street.

Hotspot: Rushcutters Bay for investor yields

While sales prices have remained fairly static in Rushcutters Bay over the past year, median weekly rents have risen between 16% and 24% (depending on the property type). This has pushed apartment yields to 4.2% – a solid figure for the Sydney property market.

According to data from PropTrack, Rushcutters Bay apartments have seen a 21% year-on-year increase in buyer demand, with nine enquiries per listing. This suggests there could be room for strong capital growth going forward, too.

Want more?

If you’re interested in buying or selling in Potts Point and the eastern suburbs, contact my team today.

Article by Jason Boon

In a real estate market that is the focus of Australian, and indeed worldwide attention, Jason Boon's results in the Sydney scene make him a highly significant figure within the industry. A long-term specialist in the Potts Point and inner eastern suburbs area, he is uniquely placed to leverage his skills and local knowledge as the area undergoes significant change and diversification. Jason ha…