Month: December 2024

Downsizers and rightsizers have dominated the new and off the plan apartment market in 2024.

The two camps, downsizers in particular, are the least impacted by the continued high interest rates compared to a first home buyer or investor, positioning them as a key target for developers. Most of the new apartment developments that have come to the market in 2024 have been large apartments that suit the size and budgets of a downsizer.

Many downsizers have built significant equity in their family homes over the years and are now looking to move into more manageable living spaces, while also securing funds for retirement.

But where are downsizers and rightsizers looking to buy? 

In this article, we’ve looked at the most popular suburbs in Sydney for both buyer demographics, highlighting some of the most popular developments in those areas.

Crows Nest

Crows Nest has attracted a wide range of apartment buyers over the past three months, especially following the launch of two of Sydney’s most in-demand developments near, and above, the newly opened Metro station.

Apartments in Elevate Hume Place, the apartment development by Third.i and joint venture partner Phoenix Property Investors above the Crows Nest Metro Station, have been snapped up since they hit the market.

Designed by Woods Bagot, Elevate will comprise 130 one, two and three and four-bedroom apartments, the larger apartments proving popular with the next home buyer demographic given the connectivity to the city and the growing lifestyle on offer locally.

 TWT Property Group also has recently revealed The Collective nearby, on the fringe of Crows Nest village and a short walk from the metro.

Locals have driven the sales in the first building of what will be a multi-stage precinct with extensive retail and hospitality spaces.

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Despite an interest rate cut not materializing in 2024 as many had anticipated at the start of the year, first home buyers appear content to enter the Sydney off the plan apartment market, somewhat reassured that rates are unlikely to rise in the short to medium term.

Data collected by MatterFact showed that first home buyers made up over 60 percent of enquiries in 2024 across New South Wales on Urban.com.au, driven by more affordable stock coming to market outside the city, particularly in and around suburbs along the recently opened Metro line.

Speaking with first home buyers across Sydney in 2024, the main driver of their purchase is the ability to afford the deposit, having saved up while living at home. However, many feel they are not yet ready to take on a mortgage. They are looking to enter the property market but aren’t prepared to begin repayments just yet, so they’re opting to buy into new developments at the earliest possible stage, knowing that the construction period will likely be at least two years, by which time they will be better positioned to begin repayments.

In this article, we explore the most popular suburbs in Sydney for first home buyers in 2024, highlighting some of the most sought-after developments in these areas.

Crows Nest 

Another suburb to benefit from the metro boom is Crows Nest.

Previously relying on heading to the neighbouring St Leonards for a train, Crows Nest is now just minutes from the centre of Sydney on the metro, which is drawing first home buyers.

One of the most popular projects for the year, and it only launched a few months ago, is Elevate Hume Place, the apartment development being delivered literally above the Crows Nest Metro Station.

Third.i, and joint venture partner Phoenix Property Investors, have seen a great response to the 130 one, two and three-bedroom apartments that have been designed by Woods Bagot.

One-bedroom apartments, which are under $1 million, are being seen as a great investment given the rarity of a TOD (Transit Oriented Development) so close to the city, one which isn’t easily repeatable.

Not just first home buyers, but any buyer at Elevate can buy an apartment with just a $10,000 deposit, rather than the standard 10 per cent.

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Time is ticking for homebuyers wanting to get their foot in the door of the Elevate Hume Place development, with multiple apartments sold at launch to both local and international buyers.

Positioned strategically above the newly opened Crows Nest Metro Station, Elevate Hume Place by developer Third.i Group, alongside joint venture partner Phoenix Property Investors, generated significant interest from both local and international buyers.

Designed by Woods Bagot, Elevate Hume Place features 130 one-, two-, and three-bedroom apartments that combine modern aesthetics with convenience providing residents with seamless access to Sydney’s CBD in just seven minutes and Chatswood in four minutes, making it one of the most connected addresses in Sydney.

Third.i co-founder Luke Berry said the project has received over 6,000 leads with over 400 appointments to date, with this unprecedented demand and strong interest not only reflecting the quality of the apartments but also the increasing demand for convenient, transit-oriented living in Sydney’s dynamic real estate market.

“We are thrilled with the strong sales results at launch for Elevate Hume Place, this achievement highlights the growing appetite for contemporary living that prioritises accessibility and connectivity,” Luke said. 

“The design, amenities, demographic, and prime location of Elevate Hume Place have attracted a diverse range of local and international buyers, from young professionals and first home buyers to investors and downsizers, all seeking the perfect blend of urban convenience and community charm.”

JLL’s head of residential project sales Australia Freya Watson said the development’s position to the Sydney Metro was a massive drawcard.

“Properties near metro stations often achieve a 20-30% price premium and attract high rental demand, which has contributed to the strong buyer interest,” Freya said.

Among the international buyers, 25% were seeking residences for their children studying in Sydney and another 25% comprising Australian passport holders or permanent residents looking for personal stays. The remaining 50% are investment-driven buyers, predominantly from Singapore and Hong Kong, drawn by the project’s strong rental returns potential.

“The Metro is a huge draw for buyers, especially those who value or are accustomed to the convenience of public transport, with its prime location and quick access to the CBD,” said Freya.

“The city views are also a major attraction, along with the abundance of schools and universities right on the doorstep.”

Elevate Hume Place buyers will experience a perfect blend of connectivity, community, and the vibrant lifestyle that Crows Nest offers.

“In addition to direct metro access, residents will benefit from being close to Crows Nest Village, which provides a variety of lifestyle amenities,” Luke said.

“The overwhelming interest underscores the demand for transit-oriented developments in Sydney, and we are proud to fulfil this need with Elevate Hume Place. 

“We encourage interested buyers to act swiftly.”

A limited number of residences remain available at Elevate Hume Place, with prices starting from $970,000 to $12 million.

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Elevate Hume Place, the new apartment development above Crows Nest Metro by developer Third.i and joint venture partner Phoenix Property Investors, has raced to 50 per cent sold.

Both local and international buyers have driven the sales of one of the most popular transit-oriented developments in Sydney, above the newly opened metro that will connect future Elevate residents to the rest of Sydney in minutes.

Designed by Woods Bagot, Elevate Hume Place comprises 130 one, two, and three-bedroom apartments.

Third.i Co-Founder Luke Berry said the project has received over 6,000 leads with over 400 appointments to date, with this unprecedented demand and strong interest not only reflecting the quality of the apartments but also the increasing demand for convenient, transit-oriented living in Sydney’s dynamic real estate market.

“With over 50 per cent of Elevate Hume Place sold, this achievement highlights the growing appetite for contemporary living that prioritises accessibility and connectivity,” Berry stated.

“The design, amenities, demographic, and prime location of Elevate Hume Place have attracted a diverse range of local and international buyers, from young professionals and first home buyers to investors and downsizers, all seeking the perfect blend of urban convenience and community charm.”

Freya Watson, JLL’s Head of Residential Project Sales Australia – the sales partner for Elevate Hume Place – shared insights into the diverse range of buyers the development has attracted.

“Elevate Hume Place sets a new standard for transit-oriented living, appealing to both owner-occupiers and investors. Properties near metro stations often achieve a 20-30 per cent price premium and attract high rental demand, which has contributed to the strong buyer interest. Buyers clearly recognise the long-term potential of this development.”

A significant portion of the buyer interest has come from Asia.

Among these international buyers, 25% are seeking residences for their children studying in Sydney, while another 25% are Australian passport holders or permanent residents looking for personal stays. The remaining 50% are investment-driven buyers, primarily from Singapore and Hong Kong, attracted by the project’s strong rental return potential.

“The Metro is a huge draw for buyers, especially those who value or are accustomed to the convenience of public transport, with its prime location and quick access to the CBD,” Watson added.

“The city views are also a major attraction, along with the abundance of schools and universities right on the doorstep.”

Berry says Elevate Hume Place buyers will experience a perfect blend of connectivity, community, and the vibrant lifestyle that Crows Nest offers.

“Elevate features shared spaces that promote community interaction, iconic Sydney views, and sustainable design elements. The thoughtfully designed apartments foster a meaningful connection to the natural surroundings while honouring the site’s rich history. In addition to direct metro access, residents will benefit from being close to Crows Nest Village, which provides a variety of lifestyle amenities.”

Prices at Elevate start from $970,000.

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