Giving property investors a a stable capital gain of 5.62% for the last year, Potts Point, 2011 is the 680th highest performer in Australia in this respect.
Across a shorter period, Potts Point, 2011 has seen a median price increase of -0.53% over the last quarter.
Our latest figures would indicate that property sellers in Potts Point are currently offering property investors an average price cut of -4.42% below the asking price at the moment.
Potts Point, 2011’s gross rental yield is 4.15%
Potts Point’s main attraction is its affordability. Units here are a steal compared to its neighbours such as Rushcutters Bay, Elizabeth Bay or Woolloomooloo.Full summary
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Potts Point’s main attraction is its affordability. Units here are a steal compared to its neighbours such as Rushcutters Bay, Elizabeth Bay or Woolloomooloo.
While Potts Point is only about 2km from the Sydney CBD, being in close proximity to Kings Cross – which is dominated by bars, adult shops and night clubs – has made the suburb less desirable than its more affluent and family-friendly neighbours such as Rushcutters Bay or Elizabeth Bay.
“Potts Point is an excellent area for investment,” says www.propertybuyer.com.au CEO Rich Harvey. “It’s adjacent to Kings Cross, so it comes across as seedy, but it has changed its character and its reputation is improving. Properties here are very tightly held. They’ve consistently attracted high demand so, if you can afford it, it’s a good area to invest in.”
Residents of Potts Point enjoy excellent amenities, from retail to entertainment and transport, being so close to the Sydney CBD. The suburb has the Kings Cross train station as well as multiple bus services. Being right next to the CBD also means many residents can simply walk to their workplace.
More than two thirds (62%) of Potts Points residents are renters, which helps to explain the consistently strong rental yields being achieved in the suburb. Residents are also quite affluent, earning $2,603 per week on average – compared to $1,367 across NSW – according to SQM Research. This combination of high incomes and relatively affordable property prices contributes to property owners only having to spend an average of 20% of their monthly income on repaying their mortgages. Population growth has been steadily rising by 1%pa over recent years.
Best streets: Macleay and Darlinghurst St
Where to avoid: Properties located near the bars and nightclubs along Kings Cross