While Sydney’s property market may very well be at its peak, it appears there are still those willing to buy in the harbour city no matter the cost.

Last week saw the city set a sale record, with a Potts Point terrace house selling for $13m, setting a new Australian price record for the sale of terrace house.

According to a report in Fairfax media outlets, the four-bedroom, five bathroom terrace achieved the record price thanks to an extensive renovation and the changes the Potts Point and Kings Cross area have undergone due to the New South Wales government’s controversial lockout laws.

“Since the lockout laws, the value of terraces have probably gone up 20% because it really is becoming Sydney’s Soho,” Selling agent Jason Booth from Richardson and Welch told Fairfax.

“And with this house, it’s achieved the Australian record price for a terrace because there’s simply nothing like it in the area … it’s simply a beautifully renovated terrace … there’s not many in Potts Point that are this good,” Booth told Fairfax.

The $13m sale price for the property price represents an $8m windfall for the vendors, who purchased the property in 2014.

The previous Australian record price for a terrace house was set in 2014, when a terrace in Melbourne’s Albert Park sold for $12m.

The previous record Sydney terrace price was $7.3m, when Designer Collette Dinnigan sold a Paddington terrace in 2011.