Although the media are telling us we’re in a declining property market, this doesn’t reflect the full story of what’s happening in Sydney right now.
Not all areas of Sydney and not all types of property are experiencing the same market conditions.
Overall, the Potts Point property market has been resilient in 2018. And the luxury end of the Potts Point market has been positively booming.
Record-breaking sales for Potts Point
Properties over $3 million are in particular demand, with buyers seemingly less affected by the tighter lending requirements coming off the back of APRA regulations and the Banking Royal Commission.
Over the past two and a half months or so our team has sold close to $100 million worth of property (the precise figure is $97 million in 75 days). This came from 16 sales, including some truly fantastic results at this top end of the market.
These 16 sales included:
Two sales in ‘Villard’:
Four sales in ‘Pomeroy’:
- 101/14 Macleay St $10,050,000
- 602/14 Macleay St $5,850,000
- 302/14 Macleay St $5,500,000
- 404/14 Macleay St $4,200,000
5/1 Billyard Avenue $8,250,000
Two sales in ‘One Onslow’:
Two sales in the Ikon building:
‘Manar’ 10/42 Macleay St $4,100,000
10/10 Wylde St $3,550,000
27 Roslyn St $3,100,000
‘Wroxton’ 10/22 Roslyn Gdns $1,170,000
20/6A Greenknowe Ave $1,100,000
Entry-level and mid-range not as buoyant
It’s worth acknowledging that while we’ve done a large number of big sales, the market has been more subdued in 2018 than it was during the last five years of the boom.
In the entry-level and mid-range property markets, lending restrictions really are having an impact and uncertainty about what will happen out of the banking Royal Commission’s findings mean people are taking more of a “watch and wait” approach.
Where the buyers are coming from
Potts Point is a diverse area and one of the things I love about it is that so many demographics are represented in the local community.
Right now we’re seeing a lot of buyer interest from two key groups.
The first is locals who are already established in the area looking at doing a lateral move or trading up. In part, this is because market conditions make it a great time to upsize.
The second is continued strong interest from downsizers. These buyers are usually selling a large house in areas like the lower North Shore and trading into an apartment for the cosmopolitan Soho-like lifestyle.
What you need to know about the property market right now
Like the rest of Sydney, price growth hasn’t been as fast and furious in Potts Points over 2018 as it once was. Certain parts of the market are outperforming others and, generally, the higher up you go, the more resilient the market is proving.
But this is still a good market in general. There are buyers out there – plenty of them – and across all price points. The same is true for neighbouring suburbs such as Elizabeth Bay and Rushcutters Bay.
More than ever, each suburb has become a market is of its own. In fact, we’re even seeing markets within markets. So you need to talk to a good local agent to find out what’s going on where you live. They’ll also be able to market your property correctly so that it appeals to the buyers looking right now.
We still have a number of qualified buyers on our database who’ve missed out on properties and are ready to buy.
If you’re thinking of selling and would like to list your property in the New Year, or if you would like to discuss the market in general, please give me a call on 0418 671 494.