If the market’s cooling, you wouldn’t know it on Sydney’s upper north shore where a new development above Coles has achieved $100m in sales in just three days.
“It’s unbelievable,” says CBRE managing director David Milton of his sales in the Balfour Place project on a 7091sqm site surrounded by gardens at 1 Lindfield St, Lindfield.
“All we’ve got left is one 68 sqm one bedroom apartment for $945,000.
“Buyers walked in and said ‘This is what we want, these are well-designed with a good sized balcony’ and being above Coles was a big factor ….. they loved that convenience!”
The agents received more than 1500 inquiries in the $102m development ahead of last weekend’s VIP launch and sold 58 of the 59 units in the Third.i and Phoenix Property Investors (PPI) project.
The one-bedders (ranging in size between 59sqm and 80sqm including balconies) sold for between $850,000 and $1.1m; two bedders (87sqm to 104sqm) for $1.3m to $1.75m and three-bedders (123sqm to 22sqm) for $2.6m to $3.4m.
Two four-bedroom penthouses (244sqm plus 130sqm terraces) went for $4.5m and $4.95m.
There were a mix of buyers.
Most of the two and three-bedroom apartments sold to local owner occupiers, including young people who can’t afford a freestanding home.
“The one-bedders sold to a mix of investors and owner occupiers and we saw a lot of first home buyers,” Milton said.
The two four-bedroom penthouses sold to upper north shore downsizers.
Demand was so strong that there were more than 30 would-be buyers who missed out at the VIP launch that have paid deposits in the hope that some of the sales of the two and three-bedroom apartments don’t proceed.
Third.i’s Co-Founder and Director of Sales and Marketing, Luke Berry, said the sales result is indicative of Lindfield’s much needed revitalization, off the back of skyrocketing interest for larger apartment living.
“We are just absolutely ecstatic with the sales result our team procured over the weekend,” he said.
“It’s a true testament to the quality of the project, the calibre of our consultants and we couldn’t be happier.”
Construction of the DA-approved site is well underway with the second stage of construction due to start in July or August this year.