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$68m of sales transact via Jason Boon in the 90 days to November in Sydney’s sought-after Potts Point.

Property Markets / Transactions

Australia / Potts Point

Nov 02 2018

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Whilst Australia’s residential property market sleeps, the vibrant and eclectic suburb on Sydney’s Fringe is alive with activity. The prestigious and tightly-held tree-lined streets of the harbour front suburbs of Potts Point and Elizabeth Bay quietly house some of Australia’s wealthy, eclectic and interesting people.

“The $3m and above market doesn’t seem to be affected by the APRA and Royal Commission banking and mortgage restrictions”, says R&W Potts Point Principal, Jason Boon, who according to online portal Realestate.com has 85% market share of the Potts Point, Elizabeth Bay area. “We have sold $67.7m worth of apartments in the last 90 days over 12 transactions”.

 “The primary buyer markets in the area are locals doing a lateral move and trading within the area, or wealthy downsizers selling a large house in areas like the lower North Shore and trading into an apartment for the SoHo lifestyle”.

The palatial Pommeroy apartment building at 14 Macleay Street, built by Gary Rothwell’s Winton Property Group and one of the prestigious addresses in the area, has experienced high sales volumes in the weeks to November, with three sales within the building; 

404/14 Macleay Street sold for $4.2m, so its owner could move within the building to apartment 302, which they acquired for $5.05m. Unit 101, a 4-bedroom penthouse, also sold by R&W Potts Point in June this year for $10,050m. Apartment 603 also traded in the building for an undisclosed price.

The highest price achieved for the period was for the $12.5m Villard Penthouse, which was acquired by a businessman who works in the finance industry, selling a large family house on the lower north shore. 

“There is choice here; brilliant bars and world-class restaurants at your doorstep, the CBD is a 10-minute stroll. Saturdays are alive with the bustle of the Kings Cross growers’ markets with stalls selling fresh organic food, flowers, and French purveyors. The quality of living is exceptional”, says Boon.

 

Other sales of note in the 90 days to November include 1403/81 Macleay Street in the renowned IKON building, a 3-bedroom 2 bathroom apartment with 2 car parks and uninterrupted harbour views, on the 14thfloor, sold for $5.2 million. Unit 1603 in the same building, a 3 bed 2 bath and 2 car space apartment on the 16thfloor sold for $4.850m

 

10/10 Wylde Street, a three bedroom, two bedroom apartment with 2 car spaces with Harbour and Bridge views sold for $3.55m, and a 60sqm 1 bedroom in the BKH-designed Rex building on Macleay Street, sold for $1.5. million.       

Earlier this year in June, 2/1A Wylde Street, a magnificent 3 bedroom, 3 bathroom 2 car park terrace sold off market for an undisclosed sum. The meticulously renovated 511sqm heritage-listed residence sits atop the tip of Potts Point headland, overlooking Woolloomooloo Bay with gun barrel Bridge views and palatial manicured gardens. 

 

Contact Jason Boon on 0418671494 and subscribe to Jason’s newsletter here.

 

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