COVID-19 may have caused serious economic disruption but so far that hasn’t had an impact on the property market in Potts Point and Sydney’s east.
In fact, we’ve been as busy as ever over the past quarter, with some solid sales continuing right up until June.
Where the property market is at in postcode 2011
Property prices have held up well during the COVID-19 crisis right across the Sydney market. CoreLogic reports that the city’s median property price rose 1.1% in the three months to 31 May 2020.
In all, the median price has grown a total of 14.3% over the past 12 months.
Realestate.com.au figures show that, at the end of April, the median unit price in Potts Point stood at $755,000 – up from $727,500 at the end of 2019. This confirms that the start of 2020 was a positive one for our local real estate market. To date, the economic impact of coronavirus hasn’t been enough to undo these gains.
Meanwhile, other median prices in our local area include:
- Median unit price Elizabeth Bay: $908,000
- Median unit price Woolloomooloo: $1,200,000
- Median unit price Rushcutters Bay: $865,000
- Median unit price Darlinghurst: $1,000,000
- Median house price Darlinghurst: $1,790,000
Record sales continue
During the last few months, we had to change the way we did business, and sold or showed properties. But far from slowing down, our office remains as busy as it has ever been. In fact, over four weeks during May 2020, we sold over $40 million of local property. This included strong sales across all price points from entry-level properties through to trophy penthouses and terraces.
Some of the highlights across the recent period include:
- 168/71 Victoria Street, Potts Point – confidential
- 2/61-63 McLachlan Avenue, Rushcutters Bay
- 19A Eastbourne Avenue, Darling Point
- 801/81 Macleay Street, Potts Point
- 901/50 Burton Street, Darlinghurst
- 1/16 Salisbury Road, Kensington
- 12/1 Greenknowe Avenue, Elizabeth Bay
- 1704/81 Macleay Street, Potts Point
- 34/95 Elizabeth Bay Road, Elizabeth Bay
- 20 Dangar Street, Randwick
What to expect over the next quarter
While some analysts predict Sydney property prices will start to fall, they generally don’t expect to see sharp declines unless a large number of owners are forced to sell – something not on the cards just yet.
Exactly how our local real estate market plays out over the next quarter will depend in part on how the broader economy fares. This, in turn, will depend on how quickly we can suppress the COVID-19 virus and have the economy return to some form of normal. So far, the signs seem to be good, at least on the health front.
Postcode 2011 is a great area, close to the city that has enjoyed strong demand over recent years. Stock levels remain relatively low and, as our recent sales show, buyer interest remains high. Our view is that this should help insulate the market, just as it has in recent market downturns.
If you’re looking to buy or sell in Potts Point contact my team today.