Exclusivity, breathtaking views and impeccable quality abound at Kurraba Residences
23rd October, 2020
Kurraba Residences in a boutique collection of high-end residences in Kurraba Point, one of Sydney’s most exclusive harbourfront enclaves.
Comprising just 24 premium 2 and 3 bedroom apartments, Kurraba Residences is set to be a contemporary architectural treasure, overlooking the harbour from one of the most highly converted vantage points.
A joint venture between industry leaders Thirdi Group and Phoenix Property Investors, Kurraba Residences embraces the surrounding landscape, encouraging residents to immerse themselves in Sydney’s national treasures – Sydney Opera House, Sydney Harbour Bridge, Botanical Gardens, Fort Denison, emerging Barangaroo and the CBD skyline.
Designed by acclaimed SJB and Mathieson Architects, every home at Kurraba Residences has been thoughtfully considered to ensure that luxury, comfort, function and style abound in equal measure. Dangar Barin Smith has crafted the landscapes, creating a place of tranquility and beauty in one of Sydney’s most vibrant locales.
Large balconies and semi-circular windows define the distinctive facade – featuring curved brick, reminiscent of the most striking art deco architectural masterpieces. This first impression sets the scene for the grandeur within, and is encircled by lush landscaping on all 3 sides, with the fourth opening up to take in the breathtaking 180-degree views across the harbour.
Artfully curated interiors are crafted by Mathieson, a firm known for their ability to create spaces of immense quality, character, and timeless sophistication. House-like dimensions ensure that each residence is abundant in space, with floor-to-ceiling windows welcoming in streams of natural light. Embedded in solid limestone and marble, privacy and exclusivity permeates the atmosphere at Kurraba Residences. Kitchens boast high-end Wolf and Sub Zero appliances, featuring luxurious expanses of solid Grigio Argento marble for functional glamour. Bespoke cabinetry, crafted from dark stained American Oak, exudes a sense of elegance and quality, creating homes that are an entertainers dream.
Bathrooms have carved marble basins, Danish Vola tapware, custom stone baths and magnificent bronze fittings, showcasing the ultimate combination of contemporary design and elegant timelessness. Secure, garaged residential parking with lift access provides residents with the height of convenience, highlighting the effort placed on creating the best possible lifestyle for every resident at Kurraba Residences.
This stunning collection of homes is a once in a generation opportunity to live on Sydney’s harbourfront at Kurraba Point – perfectly set within a boutique collection of residences echoing the majesty of Sydney’s grand waterfront estates.
Construction has commenced, with completion scheduled for 2022 – making now the ideal time to enquire.
When we think of some of the world’s greatest cities, certain images spring to mind.
Paris’s Eiffel Tower, the New York skyline and Sydney Harbour, to name a few. For some of these cities’ lucky inhabitants, these iconic views can be glimpsed from their own window.
Here are five of the world’s most iconic city apartment views.
Paris, France
In the city of lights, a clear view of the Eiffel Tower is just about as good as it gets.
Along the banks of the Seine, the wrought-iron lattice tower soars 326m high with outlooks that stretch for 70km.
Its height provides many vantage points across the city’s 20 arrondissements, where it’s possible the top half will make for an iconic background in your living room.
Height restrictions on inner city Paris apartments make a glimpse of the Eiffel Tower possible for many locals. Picture: Getty
Whether you own a private mansion, apartment on the Elyse or a penthouse with a terrace, if you’re lucky enough to lay eyes on the Iron Lady, you have one of the best city views in the world.
New York, USA
For the city that never sleeps, there’s no shortage of in-demand views. And the better the aspect, the bigger the price tag.
In the heart of New York, Central Park provides a front row seat for the cheek-by-jowl apartment buildings that line its perimeter. If you face the park, you’ll enjoy green vistas from every window – and they’ll never be built out.
This stunning view across Central Park will set you back a cool US$75 million. Picture: realtor.com
Many buildings also offer glimpses of landmarks like the Empire State Building or Chrysler Building. If your living room is high up enough in your building, you could enjoy an eye-level aspect too.
But for water views, you can’t beat overlooking the Statue of Liberty. She’s far away enough positioned out on the harbour, but there’s no mistaking her distinctive shape.
Rio de Janeiro, Brazil
Rio de Janeiro is one of the most picturesque cities in the world. In every direction you have world-famous sights.
As one of the New Seven Wonders of the World, Brazil’s Christ the Redeemer is a sight to behold. Perched high atop Mount Corcovado, the landmark offers 360-degree panoramic vistas overlooking Rio and out to the Atlantic Ocean.
But if you live on Rio’s famous coastlines, you might also have perfect views of the city’s legendary harbour and the surrounding Sugarloaf or Two Brothers Mountains. And for even bigger bragging rights, a penthouse on Copacabana beach will provide the best viewing seat in the city.
Copacabana Beach is arguably the most famous stretch of sand in the world. Picture: Unsplash
Tokyo, Japan
As the largest metropolis in the world, Tokyo has an urban skyline that stretches for miles in every direction.
If you’re hundreds of metres up high in a neon-lit skyscraper, you could have floor-to-ceiling glass windows facing landmarks including Tokyo Skytree, Roppongi Hills, Tokyo Tower and the Imperial Palace grounds.
But on a clear day, the best vistas are saved for Japan’s tallest mountain – Mount Fuji.
Even from a distance, the shape of Mt Fuji is unmistakable. Picture: Unsplash
It may be off in the distance, but an aspect of Japan’s highest peak is an enviable asset especially if you’re in Shinjuku, where you can catch a glimpse behind the prefecture’s skyscrapers.
Sydney, Australia
Every Sydneysider, and many others around the world, dreams of a place right next to the water.
And when you can see from your window the globally recognised symbols of Sydney, including the Sydney Opera House and the Sydney Harbour Bridge, you’ll have the best of both worlds.
The new $170m boutique development Kurraba Residences offers spectacular harbour views. Picture: Thirdi Group
In apartments at Kurraba Residences, on Sydney’s lower north shore, residents will be able to do just that as well as outlooks over the Botanical Gardens, Fort Denison and the famous CBD skyline.
“Harbourside living is a once-in-a-generation opportunity,” says the development’s director of sales and marketing, Luke Berry, from Thirdi Group.
“It’s incredibly rare to enjoy these views today. And at Kurraba Residences, the beauty and cultural landmarks of Sydney will become an everyday pleasure and seamless extension of your life.”
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Inside the Exclusive World of Ultra High-End Real Estate
19th October, 2020
Sydney’s property market has a secret. Some of the most lavish homes in the harbour city are traded in a parallel real estate universe, using measures to ensure the utmost privacy for buyers and sellers.
In the ultra-prestige sector, open homes and splashy advertising campaigns are often discarded. In their place, backroom wheeling and dealing is conducted by highly connected agents and, in many cases, buyer’s agents who can help find the right property at the right price away from the public gaze.
Simon Cohen is one such buyer’s agent. The chief executive of Cohen Handler says the biggest difference between the prestige sector and the general residential market is the ratio of supply versus demand.
“There are a lot less properties in the prestige sector and still a lot of buyers, so it makes finding opportunities a lot harder,” Handler says. “Most deals happen off market, so it’s not your typical auction campaign scenario you see in the everyday marketplace.”
Location and price are the most obvious markers of prestige.
An off-market sale refers to a transaction where an owner agrees to sell to a purchaser without promoting the fact the home is on the market. Benefits include speed, privacy and a less intense process. Publicity-shy vendors are often prepared to accept a discounted sale price to avoid a traditional campaign.
Buyers can fly under the radar too, at least until settlement occurs and their name – or that of an associated entity – appears on the title deed.
Cohen estimates 70 per cent of his firm’s deals are off-market or pre-market. Catalysts include divorce or if the vendor has bought another home and wants to sell quickly to avoid holding two properties.
Buyer’s agent Will Roberts is managing director of Alsaker. He says in off-market sales for ultra-prestige properties, the selling agent contacts buyer’s agents and select clients for private appointments, often driving straight into garages or carparks to avoid being noticed on the street.
A render of a living room in the luxury Kurraba Residences project.
Parties might be asked to sign non-disclosure agreements to keep the details under wraps for as long as possible.
“The buyer’s agent has an important role as they can obtain requested information and search without the identity of the client being known,” Roberts says. “And they can protect the client’s privacy during the process until the property has settled.”
So which homes are in high demand among high net-worth Sydney buyers?
“The prestige market tends to be more targeted, refined and unapologetic with its offering,” Roberts says.
Location and price are the most obvious markers of prestige but they are far from the only elements. Size, water frontage, harbour views, the quality of finishes and additional features such as extra garaging or big-name designers set the very best homes apart from the rest of the pack.
“So it’s not postcode equals high price,” Roberts says. “There is actually an element of value that is tangible.”
A render of the exterior of the new Kurraba Residences, a collection of luxury two and three-bedroom apartments.
This year’s COVID-19-related restrictions have driven a surge in demand for sprawling estate-style properties. A longer-term trend has been the emergence of affluent downsizers seeking oversized luxury apartments, ideally with harbour views and easy access to lifestyle drawcards.
A rare new development in the sought-after lower north shore suburb of Kurraba Point is attracting attention from buyers with a taste for super-premium real estate.
Kurraba Residences by developers Thirdi and Phoenix Property Investors is an elegant collection of two and three-bedroom apartments, including a penthouse and sub-penthouse piquing the interest of luxury downsizers and trophy-home hunters.
With architecture by SJB, interiors by Mathieson Architects and landscape design by Dangar Barin Smith, the project boasts A-list design credentials. Its upmarket finishes, generous layouts, subterranean wine cellar, concierge and elevated harbour views, taking in the Opera House and Harbour Bridge, place the homes in the upper echelons of the off-the-plan apartment market.
Luke Berry, sales and marketing director for Thirdi, says he’s confident the combination of location, design, amenities and never-to-be-built-out harbour views will resonate with ultra-prestige buyers.
“We’ve got all the ingredients to create an iconic project,” Berry says.
Kurraba Residences: A new opportunity to purchase in Sydney’s exclusive Kurraba Point at 24 luxury apartments
Like the plush velvet seats in the front row of a glittering theatre, the majestic properties lining the waterfront of Sydney Harbour are the VIPs of the real estate market.
Some of the most spectacular vantage points – the A-reserve tickets of the Emerald City – are to be found on the lower north shore, from where the iconic landmarks of the Harbour Bridge and Opera House take centre stage beyond the rippling water.
Kurraba Point is one such exclusive enclave. With a population of 1521, the slender finger of land juts into the harbour between Kirribilli Point and Cremorne Point, directly across the water from the Royal Botanic Garden and Potts Point.
Statuesque trophy homes with tennis courts, boat sheds and jetties can be seen from the ferries that criss-cross the harbour. Interwar apartment blocks, including art deco beauties with curvaceous facades, also figure prominently along the high-profile stretch of Sydney.
Kurraba Residences will have sweeping city views.
Into this world-famous sliver of real estate, a new apartment development is taking shape, promising A-list architecture and interior design, lavish resident amenities and some of the most incredible views the city has to offer.
Kurraba Residences from developers Thirdi and Phoenix Property Investors is a $170 million residential project comprising 24 luxury apartments – including a four-bedroom penthouse with a private rooftop garden billed as one of the largest in Sydney.
The sales and marketing director for Thirdi, Luke Berry, says it took three years to gain council approval for the project, which will replace three red-brick walk-up blocks that housed 26 apartments in total.
“The buildings were a typical representation of the post-war boom, where there were a lot of buildings built but not a lot of thought put into the long-term amenities,” Berry says.
Residents will have access to a subterranean wine cellar room.
“[We wanted to] replace them with something that was in line with this iconic location. It deserves something to represent the very best of what Kurraba Point is.”
In the process of securing development approval, intriguing lessons were learnt. There are rules, for example, governing the colour of the materials that can be used on buildings that face the harbour.
In order to ensure new structures don’t steal the spotlight from the Opera House or Kirribilli House, pale facades such as light sandstone are prohibited.
SJB instead took inspiration from the masonry fabric of the neighbourhood to design a building that pays homage to the lower north shore’s elegant 1920s apartment buildings, pairing curved brickwork with semi-circular windows and balconies. The shapely form of Studio KO’s award-winning Musee Yves Saint Laurent in the Moroccan city of Marrakech also informed the design.
Kitchens feature expanses of Grigio Argento marble.
“[Architect] Adam Haddow and his team at SJB have expertly created a tapestry of bricks of different settings to create this architectural masterpiece on the point,” Berry says. “I think what we’re delivering is almost an architectural piece of art that the local community can celebrate. When people are going past in a boat, they’re going to look up at this building and be in awe.”
The residences are spread over five storeys, including three ground-floor apartments with spacious private gardens. Each apartment comes with its own underground car space. Parking has also been set aside for visitors.
Mathieson Architects, led by Philip Mathieson, designed the interiors. “He demonstrated that he could seamlessly connect inside and outside,” Berry says.
The sophisticated palette of solid limestone, marble, bronze and oak might just as easily be found in a high-end free-standing home. Kitchens feature Wolf and Sub Zero appliances, with expanses of Grigio Argento marble. Towering pivot doors in timber and bronze can be left open or closed to hide the kitchen and living areas to create an intimate space when required.
Carved marble basins and custom stone baths will make for luxurious bathrooms.
Fluted marble detailing, generous storage crafted from dark stained American oak, carved marble basins, custom stone baths and lustrous bronze bathroom finishes convey a contemporary yet timeless glamour.
Terraces are positioned to take full advantage of the harbour views.
The five-storey building is surrounded by layered gardens at ground level and a shared rooftop garden by acclaimed landscape design firm Dangar Barin Smith. Kurraba Residences occupies an elevated position on the headland, above the sprawling foreshore Kurraba Reserve park, with its mature fig trees, Depression-era stonework, boat ramp and grassy spaces.
Residents will also have access to a subterranean wine cellar room and lounge. For the first five years, a concierge service will be provided. After that period, residents will be able to decide whether to continue the service. Home automation features are incorporated into the design.
147 Kurraba Road, Kurraba Point, NSW 2089
Previous projects from Thirdi include The Gentry Alexandria, Paragon of Pyrmont and Iconic Waterloo.
The address is five minutes’ walk from Kurraba Point ferry wharf, offering easy access to the entertainment and dining highlights of Circular Quay and the CBD.
There’s a sprinkling of cafes in Kurraba Point and it’s about 20 minutes’ walk to Neutral Bay village.
The developer expects north shore downsizers to purchase most of the apartments. Enquiries have also come from international trophy home hunters, with robust interest from buyers based in Hong Kong and Singapore.
Some buyers have expressed an interest in merging two apartments to create vast harbourside residences. Berry says he suspects this year’s restrictions have brought forward many downsizers’ timeframes, as they’ve had more time to consider their long-term real estate plans.
Each apartment comes with its own underground car space.
When the alternative is spending years maintaining older-style houses, there’s a certain appeal to an ultra-convenient lifestyle in a new designer home on the harbour.
Whoever ends up living at Kurraba Residences, they can be assured of a view that will never be built out in a suburb that is one of the shiniest jewels of the lower north shore.
“To be able to sit on your deck and have that interface with Sydney Harbour, to literally hear the rigging of the yachts’ masts slapping, to hear the birdlife on the reserve, to taste the salt air – it’s hard to put a value on that.”
Robb Report | Property Of The Week: Kurraba Residences, Kurraba Point, Sydney
A new architectural icon on Sydney harbour.
Put simply, Kurraba Residences redefines luxury harbourside living.
Set to become a notable architectural icon, the new Sydney project offers a front row seat to the action – 180-degree views that wander across the CBD, Opera House, Bridge and beyond, and which form a heady entree to what is a once in a generation build.
A powerful alignment of nature, architecture and interiors, Kurraba Residences rests between Neutral Bay and Shell Cove, encompassing just 24 designer addresses spanning 2- and 3- bedrooms inclusive of an ultimate 4-bedroom, 2.5 bath penthouse.
Brought together by a tantalising trio – SJB architects, Mathieson Architects and landscapers Dangar Barin Smith – the exclusive Thirdi Group project proves a curved wonder that sits within the ’20s narrative of nearby properties, a tasteful nod to heritage as seen in the exterior use of shapely brickwork.
Each residence boasts a sense of style, space and elevated living, with finishes that include solid limestone and marble, alongside touches of bronze and fine ash timbers, with design that seamlessly melds the indoors to alfresco terraces.
Kitchens are fitted with Wolf and Sub-Zero appliances, with Grigio Argento marble workspaces boasting fluted detailing and custom fireplaces that align in the use of the finish.
Bedrooms feature commodious and functional wardrobes (with the option of customised cabinetry), while bathrooms and ensuites have carved marble basins, Vola tapware and custom stone baths alongside bronze adornments.
Luscious private gardens come grafted to several apartments, while others offer the use of a shared rooftop garden with views across the harbour. Elsewhere, landscaped grounds spill to the neighbouring Kurraba Reserve which borders the water’s edge and where heritage figs and slender palms line the shore.
View from the penthouse master suite.
The literal crown of Kurraba Residences is the 430sqm, two-storey penthouse. Serviced by private lift, the interiors echo the themes of other residences while limestone floors, coffered ceilings and skylights lighten the second story that’s accessed via a bespoke, stonework staircase.
The penthouse also boasts custom wine cellar, expansive garden terrace – the outdoor area measuring 250sqm – and private infinity pool framed by spectacular city and harbour views.
The main bathroom also takes in the aforementioned vistas and includes circular marble vanities and carved marble baths that complement an oculus skylight. Further, a second living area and private study forms a removed and private sanctuary.
Each residence has private parking and access to a temperature and humidity-controlled cellar as well as a communal lounge space and concierge services.
Kurraba Residences sit 10 minutes from the Sydney CBD by car (or ferry from nearby Kurraba Point Wharf). The acclaimed Royal Sydney Yacht Squadron, Neutral Bay shopping precinct and Balmoral Beach are all within nearby and easy access.
The project will officially launch on November 7, with building to be completed in Q4 2022.
Sales and enquiries via CBRE Residential on 1800 656 874.
Penthouse in new $170m development is tipped to shatter north shore sales record
24th September, 2020
Penthouse in new $170m development is tipped to shatter north shore sales record
Amanda Sheppeard
24 Sep 2020
An artist’s impression of the $170m Kurraba Residences development.
Buyer’s agents for the rich and famous are already circling around a luxury boutique development at Kurraba Point.
The $170 million harbourfront Kurraba Residences project is set to be launched in early November, and will comprise 24 apartments set over six levels.
It is being developed by the Thirdi Group and Phoenix Property Investors, at 147-153 Kurraba Rd.
The developers have enlisted SJB and Mathieson Architects and landscape architects Dangar Barin Smith to create an architecturally striking design that Thirdi director Luke Berry said had never been seen before on the harbourfront.
Curved brickwork with semicircular windows and balconies make the most of the spectacular 180-degreee view.
The view is truly spectacular – an artist’s impression of the soon-to-be-released Kurraba Residences 147 Kurraba Rd, Kurraba Point.
The penthouse will be the crowning glory of the development and will have every luxury imaginable, including private pool, steam room, wine cellar, private gym and six-car garage.
Industry sources believe it will blow the lower north shore’s apartment sales record out of the water when it sells. Mr Berry would not speculate on the price guide for the penthouse as it was still to be finalised, but said the apartment would be in a class of its own.
“I pinch myself to think that my company is creating it,” he said.
He did reveal that the developer has received some 200 inquiries from potential buyers, including “buyer’s agents that represent the rich and famous”.
He said one had up to $40 million to spend, while others were interested in combining apartments into one massive home.
“There has been nothing like this for 50 years, so there is a lot of interest,” he said.
Launch date is set for November 7 with a VIP launch planned for November 14. Construction has already started with completion expected in the fourth quarter of 2022. CBRE is marketing the project.
Thirdi Lands Approval for $300m North Sydney Office
05th August, 2020
Thirdi Lands Approval for $300m North Sydney Office
Sydney developer Thirdi Group and joint venture partner Phoenix Property Investors have received approval for a $300 million office project in North Sydney.
The 10-level office building, located on an amalgamated site between 2-4 Blue Street and 1-5 William Street, will replace existing residential apartments across five buildings.
Thirdi consolidated the site into a premium mixed-use development site, lodging a development application for the site in October.
The developer has now seen its application for the 2,326sq m site approved in just under five months.
Thirdi’s Robert Huxley said despite the potential for the Covid-19 crisis to negatively impact planning, the fast-tracked approval had been reached after concise collaboration with the Sydney North Planning Panel.
“If there is a silver lining to the ‘Corona Cloud’ I believe the crisis has allowed all of us to work together and create an even better building,” Huxley said.
“We used the global pandemic to learn from the challenges that traditional office spaces were facing and ensure our building was designed in a way to deal with a similar crisis in the future.”
▲ Thirdi received approval for the scheme in 4.5 months. Image: Woods Bagot
Thirdi sales and marketing director Luke Berry told The Urban Developer that the company would considers its options throughout construction and delivery of the Woods Bagot-designed complex, keeping a close eye on the unfolding Covid-19 crisis.
“In terms of holding onto the asset, or selling it, we will explore all options in the future,” Berry said.
“Our focus right now is to confirm our building partners, secure a tenant and start demolition by the end of 2020 so we can stick to our delivery program.
“After we achieve these milestones we are happy to explore potential fund throughs or other offers on the site.”
The proposal is set to produce upwards of 3,000 new construction and operational jobs in in the North Sydney and sits within close proximity to public transport consistent with the North District Plan.
Thirdi and Phoenix plan to start construction of the office project in early 2021 and aim to finish and lease it by early 2023.
▲ The $330 million office project will on completion hold views of the city skyline, Harbour Bridge and Barangaroo. Image: Woods Bagot
The new A-grade office will yield about 15,000sq m of net lettable area.
Thirdi said the building’s key location near North Sydney’s bus and rail interchange, as well as the future Victoria Cross metro station, has drawn the attention of several CBD based media, healthcare and technology companies.
The office building will join other new office developments, the Nine-anchored tower at 1 Denison Street by Winten Property Group and Dexus’ new 100 Mount Street block.
Projects such as CBRE Global Investors’s 118 Mount Street project have now completed construction while Lendlease’s $1.2 billion Victoria Cross Tower over the Metro Station recently received approval.
Fund manager Investa, with joint venture partner Oxford Properties Group, is also pushing ahead with plans for a major a $500 million commercial tower between 105 to 151 Miller Street.
Other groups such as Mirvac have also used the strata renewal strategy to access commercial sites in North Sydney.
Last year, the country’s biggest residential housing developer Stockland picked up 118 Walker Street and 122 Walker Street, adjacent to its existing office building at 110 Walker Street, for a combined price of $121 million.
Record approval time for Thirdi’s $300 million office project
28th July, 2020
Joint venture partners Sydney developer Thirdi Group and private equity firm Phoenix Property Investors secured development approval from the Sydney North Planning Panel for their North Sydney project in record time.Thirdi and Phoenix plan to start construction of the $300 million office project in early 2021 and aim to finish and lease it by early 2023.
Thirdi and Phoenix plan to start building their 10-storey office tower in North Sydney early next year.
The 10-floor office building will be built at 2-4 Blue Street and 1-5 William Street after the existing 40 residential apartments across five buildings were demolished.
Thirdi sales and marketing director Luke Berry says the building is well-positioned to deal with the fallout of the COVID-19 crisis.
“We were designing the office building in the midst of the pandemic, so we were able to see the weakness unfolding in the office sector, which gave us the ability to change tack and incorporate some features that would make the building as safe as we can for future crises,” Mr Berry said.
“The building will feature cross-through natural ventilation, where tenants can open the windows and not rely on air conditioning and getting recycled air through the building, which is going to be a massive drawcard for a corporate tenancy.”
“So we’re building an A-grade office, with a fantastic view of the harbour that’s around $300 per square metre cheaper than an office in the CBD.”
Mr Berry said Sydney-CBD based media, healthcare and technology companies have already expressed a strong interest in leasing space in the building.
“We’re in advanced discussion with several potential tenants to secure multiple levels within the building and are currently doing ‘test-fits’ for a number of large tenancies with the goal to announce an agreement for lease as early as September,” he said.
“While there is short-term anxiety about going into the office to work, I don’t see it as a long-term problem. I think for businesses, there will be a flight to quality office assets like this in the future.”
Developers and builders have fielded a wave of renewed interest from home buyers motivated by the federal government’s HomeBuilder scheme.
The $25,000 grants come as a welcome shot to the arm for the new homes industry, which was suffering a dramatic drop in sales during the COVID-19 pandemic.
The grant applies to new homes of up to $750,000 with contracts signed between June 4 and December 31 this year, where construction is due to commence within three months of the contract date. Buyers must also meet income tests.
The scheme comes in sync with the first signs of a rebound for the industry, says Patrick Cooney, sales and marketing director at Melbourne developer Milieu.
“With HomeBuilder and improved market sentiment, a combination of both really, we’ve had a lot more people inquiring at the just under $750,000 mark,” he said.
Cooney said inquiries about the company’s developments had quadrupled in the past week.
An artist’s impression of Pace at Sunshine North, a new development in Melbourne. Photo: Supplied
“It’s really given people an incentive to go out and purchase,” he said. “It’s a huge amount of money – if you’re looking at a $500,000 apartment, it’s 5 per cent of the purchase price.
“It’s an extra kick that has really given people an earlier avenue to be able to make a purchase, rather than having to wait another year to save that 5 per cent.”
In the three months to May, new home sales fell by 20.3 per cent compared to the previous three months, Housing Industry Association figures show. Project cancellations also hit 26 per cent, compared to the typical range of 7 to 9 per cent.
Developers and builders in the new home industry are hoping HomeBuilder will fend off any further market decline.
“It’s certainly a big help and, given its quick implementation, will go a long way to smoothing out the significant drop that was looming,” said Ash Bramich, director of sales and marketing at development firm Pace.
“The limited window that the grant is available will serve as additional motivation for those buyers who were already planning to buy in 2020.”
Bramich said inquiries had risen by an average of 30 per cent across all of Pace’s projects since the scheme was announced on June 3.
HomeBuilder is expected to be more successful in cities such as Brisbane and Adelaide where the median house price is $584,778 and $542,418 respectively, compared to Sydney at $1.168 million and Melbourne at $918,000.
The Orchards Norwest by Sekisui House. Photo: Artist’s impression
David Laner, general manager of Stockland’s 11 residential projects in Queensland, said the scheme complemented the Queensland government’s first home owner’s grant of $15,000.
“At our Aura community on the Sunshine Coast for example, this could see a $380,000 three-bed, two-bath, one-car free-standing home cost the customer approximately $340,000, with the potential for further concessions for those eligible,” he said.
Queensland’s Daniel Hirst, residential director at Colliers International, said he expected the popularity of HomeBuilder would stimulate other sections of the property market.
“It will feed into the resale of existing homes and into the sale of apartments as well because that’s what traditionally happens when one segment of the market becomes buoyant, the others will come along for the ride,” he said.
However, Hirst said there was still a measure of confusion around the scheme’s fine print.
“There’s a few questions unanswered yet such as how do the mum and dads get the money, when is it paid to them?” he said.
“The banks don’t know that, we don’t know that, so hopefully the government can quickly answer that at such a point in time that it doesn’t stop the momentum that’s started.”
Luke Berry, co-founder of Sydney-based developer Thirdi Group, said buyers of his apartments wouldn’t qualify for the grants because construction wasn’t commencing before the cut-off date.
“It’s good and positive that the government is creating this incentive for the home buyers and the house-and-land companies, I just hope the government realises that our sector is a major employer of trades, architects and designers,” he said.
“I’m waiting with interest to see what they’re going to do to help activate off-the-plan, medium and high density part of our industry.”
Scott Rudgley, marketing manager at Sekisui House, said the developer was running out of stock, largely as a result of first home-buyers motivated by HomeBuilder.
“It has renewed interest, particularly at that lower end of the market obviously because of the price point,” he said.
“Generally speaking, it’s the first-home buyer who has been sitting on the fence for the past six months or thereabouts who are ready to transact now.”
Q&A with Katie Rea from Property Developer: Thirdi Group
02nd June, 2020
Industry news / Q&A with Katie Rea from Property Developer: Thirdi Group
Q&A with Katie Rea from Property Developer: Thirdi Group
Urban.com.au caught up with Katie Rea from Thirdi Group for a Q&A session to discuss how developers are navigating the current crisis.
1. How are you going about things at Thirdi in 2020?
Thirdi finished 2019 in an incredibly strong position having bolstered the development pipeline for years to come. To date, the first half of 2020 hasn’t come without its challenges though as we navigate and pivot into new ways of working, my honest belief is that from these challenges growth and opportunities start to arise. For Thirdi it has been a firm belief that it is “business as usual’ albeit with a twist. Friday drinks are morphed into zoom cocktail hours, coffee catchups are done virtually, and sales inspections have unfortunately been carried out without a friendly handshake. Whilst we are all facing adversity our commitment to ‘innovative brilliance’, embracing change, adopting new technologies and assuming the Australian spirit of ‘having a crack’ are the traits in which will ensure Thirdi can and will deliver on its value proposition for years to come.
In 2020 we are seeing digital take over even more so than the previous 3-5 years. Video calls have allowed us to sell our high-end stock to clients who are currently overseas without them having to physically turn up. We are seeing clients spend more time on our App, looking at views, studying floor plans and watching video content to familiarise themselves with the product before they purchase. With some good luck and good management over the past 6 months, Thirdi is sitting in a good position to slingshot out of this on the other side.
2. How has COVID 19 changed the landscape of marketing for higher-priced stock?
COVID with all its surprises and unpleasantries has come with its silver linings. As financial markets around the world retreated, pandemonium set in and governments gathered to formulate strategies, savvy investors/owners looked to park capital in high quality, safe haven, asset classes. Over the past 12 weeks Thirdi has exchanged on large volumes of stock in high-quality areas across Sydney and Newcastle. I honestly believe that over this period of time people who knew what they wanted and were in a position to purchase still put their hat in the ring.
Marketing in general over the past 12 weeks has been difficult and has given everyone the opportunity to think outside the box. We were lucky at Thirdi that in the lead up to the shutdown we had some great momentum on our live projects. With completion dates nearing closer it pushed us through the challenging new world that we found ourselves in. Additional learning from COVID is that everyone has had to find more innovative ways to serve their clients and this has opened up a lot of communication between all teams involved throughout the development process.
COVID-19 has provided the industry with an opportunity to pivot, embrace new technologies, scrutinise internal practices, self-analyse, peer review and over-service clients. No industry has been immune to COVID 19 though I firmly believe, post-crisis these best practises will evolve and be implemented. Whether in person or not our lessons learnt have paved the way to give our clients the best experience in purchasing property. Video content is going to be essential in all marketing campaigns and that needs to be supported with digital access to views, digital floor plans, 3D floor plans.
Tech is evolving so fast, it’s going to be amazing to see what comes out of COVID. At Thirdi, we have now rationalised a Chatbot on website and listings so that clients can get an immediate answer while they’re at home. This is active to take clients on the journey start to finish and then be contacted within business hours.
At Thirdi our approach has been to control what we can control. Our best in class marketing practices help to celebrate the extraordinary enlightened developments that we have brought to cities around Australia.
3. Do you see a difference in the lead to sale ratio in the higher-priced stock?
What I have seen over the past 6-12 weeks is that people who are enquiring are more qualified. Leads have dropped over this period however the leads that we are receiving, and I speak for Thirdi, are purchasing and this is resulting in a shorter time to exchange on a property.
