Potts Point or Nothing: A One-Suburb Search That Paid Off

The Client
A gentleman moving from the Lower North Shore in search of variety and a stronger social scene, who was keen to buy exclusively in Potts Point. This would be his home and likely the last property he would purchase as an owner-occupied residence.

What Was Important to the Client

• A minimum of two proper bedrooms — no 1-bed-plus-study layouts

• Car parking (anyone who’s tried to park in Potts Point will understand why)

• Privacy on the balcony and, if possible, a harbour view

• A low-maintenance property that could be easily locked up and left, given his frequent overseas travel — perfectly suited to apartment living

The Search
With a search zone of just a 1km radius, this was never going to be quick. The focus area was very small, and approximately 50% of two-bedroom apartments in the area don’t have parking — which significantly limited our pool of opportunities.

We initially focused on a recently renovated apartment at 2/39 Elizabeth Bay Road and completed all due diligence. Ultimately, we decided not to bid at auction. The lack of a second bathroom, combined with limited balcony privacy, meant it wasn’t the right fit.

After eight weeks of searching and carefully comparing available options against the brief, my client made the decision to sell an existing property to increase his budget. This would allow him to secure both a second bathroom and a harbour view.

The Property
With the increased budget, we reassessed the market at a higher price point, and an opportunity emerged in The Rex at 50 Macleay Street.

An iconic building in the heart of the action — yet this top-floor apartment was quiet and private. The split-level layout created a genuine sense of space, with bedrooms on one level and a large upstairs living area featuring floor-to-ceiling windows capturing the harbour.

Recently renovated, the apartment ticked every box.

The Outcome
The owners had high price expectations, so our strategy needed to ensure we entered at a level where we still saw value. We conducted multiple inspections to confirm everything was in order and completed a thorough review of the strata records. We also factored in a short-term increase in levies to fund upcoming works — always a tricky element in negotiations.

We submitted an offer the day before the scheduled auction and held firm. Six hours later, contracts were signed and the deposit paid.

When you’re working within a very small geographical area, seriously pursuing only two properties — and ultimately purchasing one of them — is exactly what you should expect. We maintained a wide view of the market, but remained clear on what we wanted and where it needed to be.