Milsons Point unit prices boom higher than other Sydney suburb

November 28, 2014

APARTMENT prices in Milsons Point have skyrocketed 80.5 per cent over the last three years, higher than any other suburb in Sydney.

Prices in the harbourside suburb have been on the rise for some time, increasing 35.2 per cent in just the last 12 months, and 15.6 per cent in the last three months, according to the latest data from CoreLogic RP Data.

By comparison, the second highest price increase for units on the lower north shore for the last three months was Waverton at 7.2 per cent, less than half of what Milsons Point achieved.

While it’s always enjoyed a prime location right on the harbour and just minutes from the city, the area is undergoing somewhat of a cultural change, which is what is increasingly attracting buyers and pushing up prices, said McGrath selling agent Nigel Mukhi, who specialises in the suburb.

The Peppermill Cafe is one of many cafes in the area, which is experiencing a change in culture.

“It is becoming more like a Melbourne inner city hub with wine bars opening, people tending to take public transport, older buildings being refurbished and painted more modern colours,” he said.

Much of the recent growth can also be attributed to a surge in activity in the area thanks to the release of a new building and an increase in investor interest, Mr Mukhi said.

“There has been a consistent supply of brand new dwellings in this suburb offered over the past 10 years, which of course has fed the demand of the market,” he said.

“We also in the past 12 months must take into account the release of the new building ‘Bridgehill’, which the majority of apartments sold out within just hours of being released. This was heavily driven by the overseas market as well as local market.”

Originally published by Daily Telegraph