The residential market in Sydney’s inner suburbs has bucked the trend with several new apartment developments being sold in quick concession.
Australand has announced the sale of 102 apartments at the group’s Discovery Point Wolli Creek development site, with over 80 per cent of the total sales result achieved in 24 hours of release.
The group’s executive general manager – residential, Rod Fehring, said the recent sales highlight the importance of suitable pricing in today’s market.
“With so much negative commentary about the residential market this result reconfirms the importance of ensuring that new products are developed with specific market segments in mind and with price points that meet consumer value expectations,” Mr Fehring.
“The bulk of the new housing is priced at or below $600,000, which represents the volume market in Sydney, with larger three bedroom homes also sold at prices up to $840,000 suggesting that we got the mix of dwelling types just about right.”