CONVEYANCING IN POTTS POINT
Amongst Sydney’s eastern suburbs, Potts Point was once the grandest, with luxurious mansions circling the harbour.
Some of the first flats in Sydney were also built here because of the desire of the post-World-War-I generation to escape the strictures of family life and the then-new phenomenon of young women in the workforce. These buildings were operated as companies, with apartment owners buying shares. This gave rise to the phenomenon of company title, with its own set of conveyancing problems.
Like many inner suburban areas of Sydney, Potts Point faced the possibility of demolition and redevelopment in the 1960’s. However, the builders’ union placed ‘green bans’ on the demolition orders. Though the mansions were already gone, many of the terraces were saved and a great number of Sydney’s company title apartments still exist in the area.
Some people are resistant to buying into company title buildings, but we at JFM Property Lawyers specialise in company title conveyancing, and have not only a good grasp of the principles involved, but first hand knowledge of many of the individual buildings
The median price for a house in Potts Point in mid-2014 was around $1,700,000, though no such figure can take into account the enormous variation in location, size and the state of the property. The median would be for a very modestly sized house in reasonable condition.
The median price for a 1-bedroom strata apartment was around $600,000, once again subject to location and the building involved.
Sales Snapshot of properties sold in July 2014
The snapshot can only show the prices of what was available, and not give a complete picture of the market. Notice also that no houses were sold during this period.
|17/71 Victoria St||$962,000||2||1||1|
|18/9 Wylde St||$603,000||1||1||–|
|15/67 McLeay St||$318,000||Studio||1||–|
|6/38 Kings Cross Rd||$495,000||1||1||–|
|46/12 Wylde St||$585,000||1||1||–|
|11/57 Darlinghurst Rd||$550,000||1||1||–|
|202/145 Victoria St||$750,000||1||1||1|
|2/19 Kellett St||$349,000||1||1||–|