Recently we’ve seen a spike in interest when it comes to terraces and houses in the 2011 postcode, so let’s dig deeper into why that is and what is on offer for buyers.
Trends in the 2011 postcode: Elizabeth Bay, Potts Point & Woolloomooloo
In Potts Point, there’s little stock when it comes to houses, although with a median price of $2,450,076 and 28.95% price growth over the past 3 years, there’s no denying investing in a house is a solid investment.
For investors looking to rent their purchased house, you’ll be looking at rental returns of 3.18% ($838 per week on average) and 3.20% ($820 per week on average) in Potts Point and Woolloomooloo respectively.
The 2011 property mix
Apartments, from renovated urban crash pads to luxury penthouses, dominate the 2011 property market, largely due to the geography, history and architectural roots of the area.
Houses and semi-detached properties make up just 2% and 4% of Elizabeth Bay and Potts Point respectively, however in Woolloomooloo this jumps to 20%. The low turnover rate of homes indicates a small and competitive market, however with the right real estate partners, you’ll have an insider’s edge.
Ultimately, finding a property that suits you and your budget will play a part in the type of property you decide on. So, let’s dig a little deeper into the property mix of the area and show you what’s the latest on the market.
The revived terrace house
In recent years we’ve witnessed the resurgence of the terrace house, with many embracing their Victorian roots.
The appeal of terrace houses isn’t contained to their stunning architectural features. The combination of maintainable yet retreat-like gardens, space for families and desirable locations are driving home buyers to consider buying and renovating or purchasing a newly-renovated terrace. Take the recently sold 97 Victoria Street and 80 Victoria Street for example.
Also, terrace houses have proven to be a sound investment, with their value of increasing by up to 30-40% in recent years.
We’ve also recently had 51 Surrey Street and 13 Bourke Street on the market.
The state-of-the-art apartment
Making up on average 80-90% of properties in the 2011 postcode, apartments have been and will continue to be the key popular choice for buyers.
With a wealth of choice in terms of size, style and price, units are fast becoming a favourite for investors who benefit from the average gross rental yield of between 3.3-4.5%.
A perfect example of why the area is so popular for apartments is 22 Wylde Street, which showcases a tempting blend of contemporary, luxury amenities and an opportune location.
We’ve also recently sold 602/14 Macleay Street, 10/10 Wylde Street and 1403/81 Macleay Street is currently on the market.
The luxury house
As we mentioned previously, the housing stock in the 2011 isn’t substantial, but this is a case where quality, not quantity holds true.
Due to the limited number of house sales in the area, it’s best to partner with a team who has their finger on the pulse when it comes to breaking housing news. Check out the exclusive houses that we’ve transformed into people’s homes below.
Previous sales of houses also include 2/1A Wylde Street.
