We began 2018 with a more subdued, but still healthy, property market.
The extreme heat and intensity of 2017 may have come out of the market. However, there’s still a lot going on.
It’s true that there are not as many buyers around but sellers are still getting good prices all the same. And both buyers and sellers are in a good position to make a move in this more stable market.
We’ve observed a lot of movement between properties in the local area. People want a change, but they also don’t want to leave Potts Point, so they’re moving around laterally in the area.
We’ve seen particularly strong interest in terraces, with a lot of people hoping to upgrade from nearby apartments.
In short good property is still selling well.
Some sales highlights from 2018
In 60 days over March and April our team completed 25 sales with a total value of $63m. Some of the highlights in the first half of 2018 included:
1403/81 Macleay St Ikon $5m
4/152 Brighton Blvd North Bondi $2.28m
503/1a Tusculum St Rockwall Gardens $2.55
9/1 Greenknowe Ave Kingsclere $4.2m
14/97-99 Macleay St Byron Hall $1.76m
1703/81 Macleay St Ikon $6.1m
906/81 Macleay St Ikon $4.15m
77 Bourke St $1.85m
What the prices say about Potts Point property
According to Corelogic, the median sales price of units in Potts Point has remained relatively stable at $620,000, compared with an overall Sydney median unit price of $860,000.
Smaller units have been popular with first home buyers, who we’ve seen in slightly greater numbers this year than in 2017. First home buyers receive a stamp duty exemption for properties under $650,000, and a sliding scale of stamp duty concessions up to $800,000.
The same apartments have also proven popular with those looking to buy a crash pad close to the CBD, beaches and harbour and all the lifestyle benefits of Potts Point.
That said, the real action in 2011 postcode this year has been at the top end, where we’ve seen great demand for high-spec penthouses and luxury apartments. The market above $4 million is strong, and prices in the area continue to rise as residential real estate gains from the lockout laws.
At this price point, we’re talking about luxury units popular with downsizers, as well as terraces. The limited number of terraces in Potts Point tend to be tightly held, meaning when they do go on the market competition can be fierce.
The 2011 Postcode
We’ve also observed strong interest in both terrace houses and apartments in Woolloomooloo, and it’s a great time to get into the market with apartments in Elizabeth Bay and Rushcutters Bay. Here’s what the median sales price now looks like at the end of May 2018 for each of the suburbs with the 2011 postcode.
Median sales price units $910,000
Median Sales price houses $1,671,500
Median sales price units $676,000
Median sales price units $850,000
If you’re looking to buy or sell in Potts Point, Woolloomooloo, Elizabeth Bay or Rushcutters Bay, get in touch with our team today.