New apartment sales remained strong in Sydney as a flood of off-the-plan homes hit the Sydney at the weekend ahead of the bumper spring season.
Major developers TWT, Iris Capital, Thirdi and Aqualand all opened their display suites to buyers with strong results.
TWT sold 70 per cent of its apartment project NewLife Bondi Junction in Sydney’s eastern suburbs to mainly local owner occupiers. NewLife Bondi Junction’s design is inspired by Oxford Street’s sophisticated street style.
Prices start at $774,000 for 47-square-metre studios, while 192-square-metre penthouses were selling for more than $4.5 million.
“There is a significant increase in participation by downsizers and upgraders as opposed to investors,” said Colliers International’s David Chittenden, who handled the TWT sales.
“They have mature money – that is they are less concerned with hikes in interest rates, or less impacted by change in laws, for example the timing of stamp duty payment,” he said.
“The market continues to be very strong particularly with long-term supply still very low.”
Mr Chittenden said these cashed-up buyers were also not just looking for new apartments but medium-density housing such as townhouses and terraces that act as the “missing middle” between their palatial mansions and boutique penthouses.
Thirdi’s strong sales of its Torrens title townhouses that is, strata-free units, at The Gentry, Alexandria, in inner-south Sydney, was an indication of that demand. Half of the 37 terraces sold over the weekend after 120 groups of buyers came to the launch on Saturday.
The Gentry, to be developed on former warehouse sites, will include designs from Alexandria’s industrial past. Each 185 sq m unit, priced between $2.175 million to $2.295 million, will have a private rooftop garden and an outdoor BBQ kitchen.
Iris Capital also sold 17 out of 39 apartments at its new $70 million development Grand Bondi Junction also in Sydney’s east.
The most popular apartments sold were two-bedroom units and the highest priced apartment was $2.5 million.
Aqualand also unveiled the display suite of its luxury project, the 129-apartment “Blue at Lavender Bay” in Milsons Point in Sydney’s north. Results of sales are still pending.
Completions of new stock are at an all time high but are expected to come off the boil in coming years, recent JLL research shows.
Source: Australian Financial Review