Right now, the Potts Point real estate market looks different from earlier this year.
Here are four trends that we’ve picked up on over the past couple of months.
1. The number of people attending open homes has doubled
We’ve been getting a lot of people turning up at open homes – so many, in fact, that our numbers have doubled from where they were earlier this year. Even though Potts Point held up well during Sydney’s flat property market, this shows there’s a new enthusiasm for real estate. And when you get a lot of people at an open home, you can really build a buzz.
People are more interested in looking at property than they have been in some time and when that happens, good sales tend to follow.
I’ve already written about the confidence in the market right now and what I believe is driving it, including the federal election result and recent interest rate cuts, as well as more positive media reports. But the sheer volume of people prepared to give up their Saturdays to look through Potts Point property shows property around here is in a healthy place.
2. A lot of people want to live in terraces
My team has had so many enquiries from people wanting to buy a terrace in Potts Point lately. And it’s easy to see why, terraces provide so many of the benefits of a freestanding home, including space and privacy. As more families want to remain in Potts Point, even as the kids get older, these are in high demand.
The challenge is that there simply aren’t a lot of terraces in Potts Point. In fact, Census data from 2016 shows that there are just 365 semi-detached, row or terrace houses in the whole suburb. For the record, Elizabeth Bay has just six and Rushcutter’s Bay has only five.
That’s why I always recommend people who are interested in Potts Point terraces cast their net a little wider to look at neighbouring suburbs, such as Woolloomooloo or Darlinghurst. These suburbs offer many of the same benefits that living in Potts Point does and they also have some great stock, often with more space – such as 149 Forbes Street, Woolloomooloo, a four-bedroom luxuriously-renovated terrace with two parking spaces.
3. First home buyers have returned to the property market
A lot of people I’ve been fielding enquiries from and talking to at open homes have been first home buyers. This is exciting because it shows that housing has become relatively more affordable, especially in light of interest rate cuts. I think it also shows banks are more prepared to lend than they were.
Potts Point is a great area for almost anyone looking to get onto the property ladder and a very sound investment in your future. It’s close to the city, beach, airport and major transport links and it has everything you could need. That means property here tends to hold its value well, even when the property market is flat, as was the case between 2017 and 2019 – when the value of Potts Points units was barely impacted, despite substantial falls elsewhere.
4. Downsizers can’t get enough of Potts Point
The trend of downsizers moving into Potts Point continues. These buyers have usually sold the family home in an area further from town and are looking for quality two-or-three bedroom apartments that will give them an urban, easy-maintenance lifestyle.
Again, there’s not a lot of stock to suit these buyers, and they can be quite discerning in what they’re looking for. They want to be in good buildings, preferably with a view. And they want privacy and space.
If you have a property that meets these criteria, the good news is that downsizers are often cash buyers who are prepared to pay good money to secure the right home.
If you’re looking to buy or sell in Potts Point contact my team today.