Elizabeth Bay has had a very poor year for property investment returns compared to the rest of NSW, giving investors a capital gain of -1.64% to date .
A 53.69% growth in median value for property investors in Elizabeth Bay,2011 puts this suburb at number 421th in terms of best performing suburbs in NSW
LACK OF BUYER INTEREST may well be the reason that Elizabeth Bay is offering property investors an average of -4.45. This rate of discount on properties puts Suburb at number 155th in terms of most discounted suburbs in NSW
In the last year 178 properties changed hands in Elizabeth Bay, which puts it as the 67th most active market in NSW when comparing the number of sales per suburb.
A $520 per week rent on the median house gives suburb investors a gross yield of circa 3.61%, without taking into account capital value appreciation, which has been averaging out at 6.53%.
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.