NSW has seen average median house prices change by 5.36% which means that Elizabeth Bay, 2011 has done well for property investors by showing a capital gain of 4.72% over the last year
Across a shorter period, Elizabeth Bay, 2011 has seen a median price increase of -1.40% over the last quarter.
The most recent median price for Elizabeth Bay is $843000, with sellers offering an average of -5.23% off the asking price.
With the median price for a house in Elizabeth Bay being $843000 and the advertised rent reaching $542.5 the gross rental yield for property investors calculates out to be 3.35%
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.