We’ve reported buyers were chasing certain standout fundamentals from our apartment listings since April. In our May update we again noted more terrace buyers were crossing into the apartment space after being priced out of house options in their preferred suburbs.

Now those patterns have been reflected in figures from Domain. Data shows the apartment market jumped by six figures in three months.

That put Sydney apartments close to record highs, after jumping 3.2% to a median of $786,175 last quarter, a tiny 0.5% below their 2017 price peak.

Median unit prices already hit record highs in some neighbourhoods, with the Eastern Suburbs lifting $100,000 to a median of almost $1.29 million, up 8.4% quarter-on-quarter or 12.7% year-on-year. Meanwhile, Inner West apartments jumped to a median $800,888 up 5.4% and 6.8% for the same period.

At BresicWhitney, downsizers are pushing many apartment sales to higher price brackets. 4/42 Macleay Street, Potts Point was one example, an undeveloped 2-bedroom apartment that sold for $5.05 million.

A landmark recent result was 6/93 Elizabeth Bay Road, sold at auction for $8.5 million, well above market expectations and eclipsing the previous building record by around $3.5 million.

Agent Romany Brooks said it showed the market’s appetite for luxury apartments of increased size and lifestyle options.

“This isn’t unique to Sydney but more of a global trend for large floorpans or single-level apartments in tightly-held locations that offer lifestyle perks, such as Elizabeth Bay and Potts Point, Romany said.

“Throughout the campaign at Elizabeth Bay Road, I met an overwhelming amount of buyers in the $8 million to $15 million range, and have been working every day to try and secure them something in the area.”

“We introduced the direct underbidder to another apartment in the same complex, while other sellers have also jumped on similar opportunities to secure a premium price from this current market dynamic.”

This waterfront 2-bedroom apartment at 6/4 Billyard Avenue, Elizabeth Bay sold for $4.5 million, or $47,000/sqm, establishing another premium benchmark for this type of property.

At 309/200 Campbell Street, Surry Hills, initial discussions were around $1.7 million before 15 off-market viewings were booked for one Saturday. With 3 buyers making unconditional offers the same day, it sold for $2.15 million.

1203/1 Francis Street, Darlinghurst sold prior to auction for $1.58 million. More than 4 buyers showed interest in competing around the same price.

And with multiple agents introducing buyers, 21/440 Darling Street, Balmain sold for $2.01 million.

At 1/63 Enmore Road, Newtown, bidders came from Bellevue Hill to as far away as Perth. The home sold for $989,000, setting a new price record for a 1-bedroom apartment in the Newtown/Enmore area.

With people wanting more space and work-from-home options in an apartment package, buyers pushed 5/23-27 George Street, Redfern to $1.611 million. Plenty of home hunters inspected after missing out on entry-level houses.