Region: Sydney, Australia

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.

Read more:

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.

Read more:

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.

Read More.

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.

Read More.

Leading Australian developer Third.i Group, alongside joint venture partner Phoenix Property Investors, is thrilled to announce the successful launch of Stage 1 at Hume Place, named Elevate, which has garnered significant international and local interest since its debut.

With nearly 6,000 leads and over 300 appointments during the opening weekend, the demand for the apartments above the Crows Nest Metro station from both local and overseas buyers is unprecedented due to the unique location offering unparalleled connectivity to Sydney’s CBD. Elevate Hume Place has captured the attention of diverse buyer demographics. 

Notably, 25% of interested buyers from Asia 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-focused buyers, particularly from Singapore and Hong Kong, drawn to the project’s strong rental returns prospects. Following over 150 appointments with Asian buyers, the Asian roadshow has been extended with three additional events in Hong Kong and Singapore to accommodate the high demand.

In Australia, interest spans a diverse range of buyer demographics, including first-time homebuyers, seasoned investors, and downsizers. The variety of apartment offerings—from one and two-bedroom units to larger three-bedroom options—caters to various needs.

The appeal of the Crows Nest Metro station is a significant draw for both international and local buyers who appreciate the unrivalled connectivity it provides, with the recently opened City & Southwest Metro line placing Crows Nest only seven minutes from Sydney’s CBD and four minutes from Chatswood.

This strategic location not only facilitates seamless commuting but also promotes a vibrant community atmosphere, encouraging pedestrian activity and local engagement. The integration of the Metro system with Hume Place allows residents to enjoy the convenience of urban living while being well-connected to the broader city, making it an ideal choice for those seeking both lifestyle and accessibility.

“We have been overwhelmed with interest for Elevate Hume Place, with 6,000 leads so far and around 300 groups visiting the display suite on our opening weekend alone.”

“This remarkable interest underscores the demand for quality living spaces that offer exceptional connectivity, particularly with the Crows Nest Metro station providing direct access to the CBD in just seven minutes. The combination of stunning architecture and the convenience of urban living has truly resonated with both local and international buyers.” Said Luke Berry, Co-founder & Director of Third.i Group. 

Plans for Stage 2 to be delivered as a build-to-rent offering have been announced by Third.i and Phoenix Property Investors, with Cushman & Wakefield appointed to sell the completed build-to-rent asset which will comprise circa 476 apartments, including approximately 60 units designated as affordable housing for frontline and key essential healthcare workers. 

The turnkey build-to-rent asset is set to redefine build-to-rent living in Sydney by integrating wellness amenities and communal spaces designed for community connection. The amenities earmarked for Stage 2 include an innovative health & wellness centre, golf simulator, co-working space, cinema, rooftop bar, pool, music rooms, and much more. 

With a limited number of build-to-rent projects in the pipeline in Sydney, Stage 2 at Hume Place is already attracting significant interest from international institutional capital looking to acquire the completed asset. 

According to Josh Cullen, International Director & Head of Capital Markets, Australia and New Zealand at Cushman & Wakefield, the build-to-rent market is becoming increasingly recognised as a vital component in addressing housing shortages and evolving urban needs.

“As cities grow and populations increase, the demand for flexible, high-quality rental options has surged. Build-to-rent developments such as Stage 2 at Hume Place are designed to meet this demand by offering a diverse range of apartment sizes and layouts that cater to various demographics, from young professionals to families and essential workers.”

“Stage 2 at Hume Place is set to become a market-leading build-to-rent asset, generating significant interest both locally and internationally,” said Robert Huxley, Co-founder of Third.i Group.

“Crows Nest stands out as one of Sydney’s most connected locations, thanks to the new Metro station that places residents just seven minutes from the CBD. This exceptional connectivity, combined with the suburb’s affluent demographic and anticipated population
growth, creates a compelling case for a luxury build-to-rent offering. We are witnessing strong demand from investors who recognise the potential for high-quality rental options in this vibrant community.

“As we develop Stage 2, our focus will be on delivering not only stylish and sustainable living spaces but also amenities that foster a sense of community and well-being, ensuring that Hume Place meets the needs of modern urban dwellers,” Mr Huxley concluded.

Read More.

There will be 476 one-, two-, and three-bedroom apartments designed by Woods Bagot in the collaboration between the property developer, co-founded by Luke Berry, and Phoenix Property Investors, directly above the newly-opened Crows Nest Metro Station, 5km north of Sydney’s CBD. 

Cushman & Wakefield has been appointed to sell the completed Build to Rent (BTR) asset which will include approximately 60 units designated as affordable housing for frontline and key essential healthcare workers.  

It will integrate wellness amenities and communal spaces designed for community connection. The amenities earmarked for Stage 2 include an innovative health & wellness centre, golf simulator, co-working space, cinema, rooftop bar, pool, and music rooms. 

Third.i Group said Stage 2 at Hume Place is already attracting significant interest from international institutional capital looking to acquire the completed asset. 

Stage 1 Elevate, which is 130 residential apartments, drew nearly 6,000 leads and over 300 appointments during the opening weekend. The 25% of Australian passport-holders interested included downsizers and the marketing mentions “over 55s”. 25% interest was from Asia with the remaining 50% investment-focused buyers, particularly from Singapore and Hong Kong, drawn to the project’s strong rental returns prospects.

Read More.  

Prospective buyers at Elevate, the recently launched stage of Hume Place above Crows Nest Metro Station, will be able to secure an apartment in the exciting development with just a $10,000 deposit.

Third.i has partnered with NestDeposit to provide the low deposit option, making it accessible for everyone including first home buyers, investors, and downsizers.

The 130 one, two and three-bedroom apartments offer a unique proposition to any buyer given the rarity of such a development directly above Australia’s largest ever public transport project.

Luke Berry, Co-Founder of Third.i, said the team is always looking for innovative ways to help Australians achieve their property dreams.

“NestDeposit addresses the challenges of rising living costs, house prices, and the long savings periods needed for traditional deposits, making homeownership more accessible for buyers across the country,” Berry says.

“We’re excited to offer NestDeposit at Elevate Hume Place, giving more people the chance to secure a home in a prime location above the new Crows Nest Metro. At Elevate, residents will enjoy seamless connectivity, stunning homes, upscale communal amenities, and an area that beautifully combines urban convenience and community charm.”

Situated directly above the recently opened Crows Nest Metro Station, Elevate Hume Place has been designed by Woods Bagot. and are split into categories; The Urban Residences, Panoramic Residences, and Skyhomes.

The Urban Residences are made up of 76 one and two-bedroom apartments. They start on level seven and each feature a balcony or winter garden providing an extended alfresco living space. 

The Panoramic Residences offer one, two and three-bedroom apartments, higher up the building to offer extensive views stretching from the heads, across the Harbour, and to the city skyline. 

There are only 11 apartments in the Skyhomes collection, including a number of three-level penthouses that have their own rooftop terrace with a pool and outdoor kitchen. Each of the Skyhomes has three bedrooms, except for one oversized two-bed.

Third.i and joint venture partner Phoenix Property Investors are working towards a Q3 2027 completion date.

Read More.

Third.i is excited to be a part of industry-shaking initiative, NestDeposit, a solution that allows property purchasers of all categories to secure their home with just a $10,000 deposit. NestDeposit will be available at Third.i’s new residential project, Elevate Hume Place, set to launch at Crows Nest Fest on Sunday, 20 October 2024. Situated directly above the recently opened Crows Nest Metro Station, this exceptional development will offer 130 one, two- & three-bedroom contemporary apartments, thoughtfully crafted by Woods Bagot.

NestDeposit aims to break down traditional barriers to property ownership, helping a wide range of purchasers including first-home buyers, investors, and downsizers, find a pathway to homeownership at a critical time in Australia’s property market. This game-changing solution comes as public discourse around housing affordability and home ownership intensifies. Recent polling and research by Redbridge and Accent revealed that 85% of Australians believe young people cannot enter the property market without family assistance.

Additionally, the 2024 PropTrack Housing Affordability Report indicates that the average Australian household takes approximately 5.6 years to save a 20% deposit for a median-priced home. These findings highlight the need for solutions like NestDeposit, as emphasised by Luke Berry, Co-Founder of Third.i, to help bridge the gap to homeownership for potential buyers.

“At Third.i, we’re always looking for innovative ways to help Australians achieve their property dreams. NestDeposit addresses the challenges of rising living costs, house prices, and the long savings periods needed for traditional deposits, making homeownership more accessible for buyers across the country.

“We’re excited to offer NestDeposit at Elevate Hume Place, giving more people the chance to secure a home in a prime location above the new Crows Nest Metro. At Elevate, residents will enjoy seamless connectivity, stunning homes, upscale communal amenities, and an area that beautifully combines urban convenience and community charm,” said Mr Berry.

Using NestDeposit is straightforward. Buyers can register on the platform to view eligible properties like Elevate Hume Place. After pre-qualification they can secure a property with just $10,000, paying the remaining 10% deposit through monthly instalments.

Read More.