NSW has seen average median house prices change by -0.92% which means that Potts Point, 2011 has not done well for property investors by showing a capital gain of 6.16% over the last year
The five-year average increase in median property values for Potts Point,2011 has given property investors a potential capital gain of 42.20% across each of those five years.
Vendor discounting in Potts Point is giving property investors an average Vendor Discount of around -7.39%. This puts suburb at number 63th in NSW when ranking the most discounted suburbs.
Using the current median advertised rental of $550 and the average annual increase in value of a median property of 8.55%, investors should hope to achieve an overall return of 3.69%
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Little Manhattan is a great market
Median unit price: $640,000
Three-year growth: 20.8%
Rental yield: 4.5%
Potts Point has been called a “little Manhattan” due to the many cafes, bars and restaurants in the suburb. It also enjoys close proximity to the CBD, being just 3km away. This advantage has been highlighted through the ease of transport to the city via Kings Cross railway station and through State Transit buses. Residents can even just walk to the neighbouring suburb of Woolloomooloo via several sets of stairs, including Hills Stairs, McElhone Stairs and Hordern’s Stairs.
The unit market was shaken slightly in the year to July 2018, with prices dropping by 4.2%. However, it bounced back in the July 2018 quarter, with values inching up again by 3.2% to hit a median of $640,000. Demand is also evident in how apartments spend less than two months on the market before being snapped up.