At number 793th in the list of Australian suburbs ordered by increase in median house value over the last year, Elizabeth Bay, 2011 is in the BOTTOM 50% with a property value increase of -2.80% recorded in median house prices.
A 55.08% growth in median value for property investors in Elizabeth Bay,2011 puts this suburb at number 512th in terms of best performing suburbs in NSW
Our latest figures would indicate that property sellers in Elizabeth Bay are currently offering property investors an average price cut of -5.93% below the asking price at the moment.
Residents and property investors in Elizabeth Bay have been waiting around 60.6042 days to sell a property.
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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.