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Special properties are on the menu for savvy buyers in Sydney’s Inner East

May 3, 2021

The recent sale of the Potts Point Backpackers HQ for circa $10 million has confirmed that unique properties in Sydney’s eclectic Inner East are the flavour of the months with savvy buyers.

Moreover, the agent responsible for the significant sale, Ms Jane Schumann, Director of Raine & Horne Potts Point/Elizabeth Bay, urges any vendors with a “special property” such as the iconic backpackers to go to the market now. 

Ms Schumann sold the Backpackers HQ, which consists of two four-storey terraces with 21 grandly proportioned bedrooms, 15 bathrooms and a sandstone basement at 172-174 Victoria Street, Potts Point, with fellow Raine & Horne Potts Point/Elizabeth Bay Director Mr Sam Schumann.

“The buyer will probably turn it back into a residential concern, which will be fantastic, fantastic for the area.

“The buyer does some building work and realised the opportunity this unique property presented,” says Ms Schumann, who has a long-standing reputation for building rapport with her buyers and vendors. 

The secrets to securing record sales

Ms Schumann believes having a robust relationship with her vendors and buyers is central to her success in the Inner East over the past 30 years, especially given most of her listings stem from repeat and referral business. 

“Buyers have to enjoy how they’ve been treated, and this is why they come back as vendors,” she said. 

“In relation to a sales transition, what has changed over the last few years is client management, which means being able to relate very quickly to your buyer. 

“This approach has helped Sam and myself produce major sales such as the Potts Point Backpackers transaction, as we always aim to make buyers comfortable.” 

She continues, “We’ve always been mindful of having the right intent, and our job is to get the highest price for vendors, but business dealings should be pleasant. Also, I do care about the result both for my reputation and for the owner. 

“What I am doing differently is undoubtedly having the strength to ask for more, and a lot of agents settle for less than they should.

“Also, we can usually spot our buyer, and once we know they’re there, then it’s all just a matter of how the deal is put together. Many people don’t even recognise when they have their buyer, so this is another factor that helps us win major listings and achieve record sales.”

Market outlook for the remainder of 2021

Like many markets around Australia, there is currently a lack of quality stock for sale in the Potts Point and Elizabeth Bay markets.

“Looking ahead, I don’t feel there’s a crystal ball, to be honest, but I would like to say the market will continue to perform pretty well,” said Ms Schumann. 

“While there is a market for the prominent, unique properties like the Backpackers, demand for apartments is starting to pick up some pace. 

“Last year, it was hard work to sell any apartments. However, this year apartments are back on people’s radar. 

“Today, there are a lot more upmarket, fabulous buildings with big apartments in this area than when I started 30 years ago. And these are the ones that mostly the downsizers choose to buy. They are primarily people from the North Shore or downsizers from the east.

“But certainly, in the east, the market is doing well, with some prices pushed up purely because of lack of stock and people thinking they’re not going to be able to get in,” Ms Schumann concluded. 

For all your residential sales and property management needs in Potts Point, Elizabeth Bay and surrounding suburbs, contact Raine & Horne Potts Point/Elizabeth Bay on 02 8067 1000.