One bedroom Potts Point unit sold for $500,000 more after just 11 months

Publish date: 2024-05-07

In a clear sign the city fringe smaller apartment market has made its return to favour since the pandemic, a one-bedroom unit in Potts Point has sold for around $500,000 more than it fetched just 11 months ago.

The newly renovated 76sq m unit at 702/12 Macleay St commanded strong interest during its campaign, despite having no parking and a restrictive company title.

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Located in the coveted Macleay Regis building – the one-time home of high profile Australians including Gretel Packer, winemaker Sir James Hardy, as well as actors David Wenham and Craig McLachlan

In 2022 the same apartment sold for $1.3m, and this week the newly renovated pad sold for more than $500,000 more after a short campaign with agent Angelo Bouras of Richardson & Wrench Potts Point.

“It was popular among buyers who wanted it as a city crash pad. Being company title, it was restricted from use as an investment or short term rental, but the quick sale just goes to show that the demand is out there for a well-presented city-fringe apartment,” said Bouras.

According to PropTrack the median unit price in Potts Point is $906,500, up 2.7 per cent over the past 12 months.

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Originally published as One bedroom Potts Point unit sold for $500,000 more after just 11 months

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