Investment property in Elizabeth Bay has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -0.66%
A 57.07% growth in median value for property investors in Elizabeth Bay,2011 puts this suburb at number 491th in terms of best performing suburbs in NSW
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Elizabeth Bay, 2011. Typically our figures indicate that -4.17% is being offered, which puts this NSW suburb at 1046th most discounted overall in Australia.
Using the current median advertised rental of $520 and the average annual increase in value of a median property of 6.50%, investors should hope to achieve an overall return of 3.61%
A harbourside location in Sydney's Eastern suburbs, Elizabeth Bay has shown above-average growth over the last year, but previous price corrections could mean there are opportunities to buy under market value.Full summary
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A harbourside location in Sydney's Eastern suburbs, Elizabeth Bay is approximately 3km from the CBD. It’s shown above-average growth over the last year, but recent price corrections could mean there are opportunities to buy in under market value.
“In the sub-$750,000 market units would appeal to an investor with a variety available to suit a number of budgets,” says Herron Todd White’s NSW residential director, Kim White. “Elizabeth Bay has a variety of architecture styles with units predominately from the art deco period of the 1930s to 1970's multi level developments.”
Quick adds that the suburb has a strong rental base with the character of the area and location the major attractions. Local amenities are excellent, with plenty of bars, restaurants, cafes and shops within Elizabeth Bay, and the facilities of the CBD within walking distance.
“Obviously those with harbour views or high-profile developments will fall outside the $750,000 range,” says Quick. “One and two bedroom unit prices will vary dependent on building, floor level, aspect and level of internal fitout, although carpark on title is doubtful in this price range.”
Studios are also available for under $450,000, but Quick cautions that lenders may have mortgage restrictions for units with limited floorspace.