Locals snap up Sydney’s new apartments

February 7, 2015

Buyers are continuing to show interest in new apartments across Sydney. Developers are buying up land in traditional residential areas like the upper north shore but are also redeveloping former light industry areas and undercapitalised land such as that at Wentworth Point on the Parramatta River.

They’ve noticed many of the buyers of their apartments are coming from the local area. They’ve either always lived in the area or they’ve been renting in the neighbourhood.

At Mascot, developers of a new residential complex, Esprit, have found a similar trend in their buyers. David Lee, director of sales and marketing for the Bridgehill Group says there are two main types of buyers for their Esprit apartments.

The first are local residents. “They’re either owners upgrading from older apartments in Mascot or local tenants entering the market,” Lee says. “They already know the area.”

The other group is from suburbs on the same train line. “Our buyers from last year’s initial launch of Esprit came from Wolli Creek, Kogarah and Hurstville. They wanted to be closer to CBD and Mascot is just two stations from Central.”

King Leung has bought an apartment in the Esprit development in Mascot.

Lee says these buyers are already aware of Mascot because they commute past on their way to work.

The SJB-designed Esprit development has three buildings. The last building, C, will launch later this month and construction will start soon after.

Lee says another attraction to buyers is the size of the apartments. “Botany Bay council has strict guidelines and demands larger than usual apartment sizes,” says Lee. “Our one-bedroom units start at 66 square metres and the two-bedders from 107 square metres. That’s a benefit to consumers.”

Originally published by Domain Group