There is good news to welcome us in to this new year and new decade. The property market, with the help of economic strength, has begun to pick up and is gaining momentum.
Come January 4th this year we began with four opens, a lot of people talking about property movement and investment and a sense that momentum in market gain is back on the rise. The rental market boost usually preceds a sales market boost, and we have seen this steady growth with the rental market already. Tenants we ready to go early January resulting in rental increases across the board ranging from $10 to $70 per week depending on property sizes and value.
Sales prices have not returned to the rising figures they were in the past but there is solid gain this year so far. In late December 2019 we had two solid sales. We sold 607/40 Macleay St, Potts Point for $745,000. This was the highest sale price for the building for apartments with similar square footage. 11/190 Victoria St, Potts Point sold for a $550,000. This property was a last minute sale and was achieved efficiently as a result of some quick thinking and setup from our Principal Agent, Trish.
The property market position has started strong in 2020 and we look forward to growth in this new year. If you are looking to sell, buy, lease your property, or become a tenant please contact us.
The SydneyLinks team
194 -196 Victoria Street Potts Point NSW 2011
02 8302 3000