Property investors who have had real estate in Elizabeth Bay, 2011 should be relatively unhappy with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 0.33%
While Elizabeth Bay,2011 ranked number 374th in NSW for increase in median house value (annualised) increase, it is ranked 117th over the last 5 years.
Property investors looking for a bargain in Elizabeth Bay should be aiming for at least -4.24% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $525 mark per week – giving a return of 3.58% based on the median price in Suburb
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.