Potts Point is an undeniably cool place to live.
It’s always been that way to those in the know, but changes in the area have helped in changing perceptions around the suburb. Here’s a look at the different dynamics currently in play, each of which is helping to drive the market in its own way.
1. First timers can actually afford to buy there
That’s right. Because of its unique mix of apartment stock, Potts Point is an increasingly popular choice for first home buyers. There are two reasons for this: Firstly, the sheer volume of great apartment stock in the suburb, and secondly, the lack of debilitating size restrictions inherent in newer suburbs.
Buyers, and banks, used to shy away from smaller living spaces, but now that the emphasis is on lifestyle and easy commuting (two things Potts Point overwhelmingly delivers on) that’s less of a consideration, with flexible financing options helping the change in attitude.
2. But the market is moving fast
Quieter streets (thanks to the lockout laws) and a newfound appreciation for apartment living has created demand from buyers, many of whom are flocking to the suburb. Median prices for units have jumped almost $200,000 in the last five years. That’s just units – buyers who are lucky to secure one of Potts Point’s tightly held terrace houses stand to make even more, should they choose to sell now, with the median house price sitting at $2.88 million.
3. It has the one thing city workers value above all else
It may well be the shortest train trip you ever take, but there’s no denying the convenience of Kings Cross Station. One train stop to the CBD, but less than 30 minutes to Australia’s most famous beach? That’s Potts Point. Owners and tenants enjoy the conveniences of living in a high-density village, with instant access to the laid back eastern suburbs lifestyle and the golden sands of Bondi. Perhaps that’s why rental listings never last long – online listings achieve around 749 visits per house, with the median rent currently sitting at $700 a week and yields above market average.
4. It’s becoming one of Sydney’s best addresses
It’s not just about a convenient location and Bijoux apartments. The European-like opulence of Potts Point, its leafy streets, small boutiques and magnificent architecture, is now being rediscovered – a process aided by the transformative influence of the state government’s lockout laws.
Be it grand old buildings like Manar, or newer penthouses like those in Ikon, the luxury housing market in Potts Point is of high interest to owner-occupiers – who are willing to pay handsomely for the privilege of living in one of Sydney’s best addresses, often with an incredible water view to boot. Many of these are downsizers – selling up in the eastern suburbs or north shore and relocating closer to the action.
5. And you’ll never be short of a caffeine fix (or something stronger)
Macleay Street or Victoria Street, or somewhere in-between, you’ll never be stuck for drink options. Speakeasys and footpath cafes line both, offering residents and visitors alike the ultimate social spot – day or night.
Fancy a bite to eat? The Potts Point dining scene has well and truly arrived, with a plethora of new age establishments. The presence of these institutions has helped solidify its reputation as a refined destination with high-end lifestyle living options.
With so much on offer from a lifestyle point of view, it’s no surprise that the Potts Point market is moving so fast.